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After Market: TCS, HUL slide; 56 stocks enter oversold zone

TCS shares fell on a gloomy revenue forecast for 2019 by Cognizant and a stronger rupee.

May 03, 2019, 05.04 PM IST
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Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 74 counters on BSE.
NEW DELHI: Winding up the week on a negative note, equity indices Sensex and Nifty finished lower on Friday, dragged by losses in IT, FMCG and financial shares.

The market succumbed to fag-end selling. After opening in the green, equity barometer Sensex traded with decent gains till the penultimate hour of the session, but a poor show by select heavyweights like TCS, HUL and Infosys played spoilsport.

Most IT stocks fell, tracking Cognizant’s weaker 2019 revenue forecast. Softer crude oil prices and slightly stronger rupee cushioned the blow.

Sensex finished 18 points down at 38,963 while Nifty shut shop 13 points lower at 11,712. For the week, Sensex slipped 104 points, or 0.3 per cent, while Nifty retreated 42 points or 0.4 per cent.

We walk you through key highlights of Friday's session:

Investors lose Rs 1.5 lakh cr in 3 days
In the last three sessions that this past week had, the cumulative market capitalisation of BSE-listed firm slipped to Rs 1,51,62,013 crore from Rs 1,53,08,828 crore last Friday, making investors poorer by Rs 1,46,815 crore.

TCS top loser in Sensex pack
Shares of the IT behemoth closed 3.70 per cent down at Rs 2,132, leading the losers in the Sensex pack. Hurt by a gloomy revenue forecast for 2019 by Cognizant and a stronger rupee, the scrip extended losses into the second successive session, giving up 5.43 per cent of its market value in two days.

HUL shares down 2% ahead of Q4 nos
Shares of Hindustan Unilever (HUL) finished 2.04 per cent lower at Rs 1,692.80 ahead of its March quarter earnings. Post market hours, the company reported a 14 per cent YoY rise in net profit at Rs 1,538 crore, which was below a Rs 1,617 crore profit estimate that analysts had projected in an ETNow poll.

Bombay Dyeing jumps 5%
Shares of Bombay Dyeing closed 5.33 per cent higher at Rs 126.50 after the company on Thursday reported multi-fold jump in March quarter profit at Rs 1,253.33 crore, boosted by real estate activities.

IRCON International climbs 2%
Shares of IRCON International climbed 2.14 per cent to Rs 408.05 after the railway construction company bagged a Rs 635 crore order in Sri Lanka for upgradation of the Maho-Omanthai Northern Railway line.

GCPL shares decline 2%
Shares of GCPL settled 1.62 per cent lower at Rs 642.15. The FMCG player reported a 207 per cent increase in March quarter profit helped by higher tax credit. However, excluding tax impact, profit rose 1 per cent during the quarter.

L&T Infotech shares fall 3%
Shares of Larsen & Toubro Infotech closed 2.70 per cent down at Rs 1,675 even as it reported a net profit of Rs 378.5 crore for March quarter, up 30.8 per cent over the corresponding period last year.

74 stocks give bearish signal
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 74 counters on BSE, indicating that these stocks may suffer losses in the coming sessions. The stocks included Adani Green Energy, United Spirits, Bata India, Hexaware Technologies, 8K Miles Software and Havells India. On the other hand, Sterlite Technologies, Reliance Naval, InterGlobe Aviation and Radico Khaitan were among 43 stocks that showed bullish crossovers.

56 stocks in the oversold zone
Momentum oscillator Relative Strength Index, or RSI, showed 56 stocks, including Britannia, Eveready Industries, DB Realty and Dolat Investments, in the oversold zone on BSE. On the other hand, Roto Pumps, UTL Industries, Source Natural Foods, Shukra Pharma and Steelco Gujarat were among the 30 stocks that appeared in the overbought zone.
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