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After Market: Telecom shares bleed, Zee rallies; 57 stocks hit 52-week lows

Shares of debt-laden DHFL recovered in late trade and closed nearly 5 per cent higher.

Updated: Nov 21, 2019, 05.58 PM IST
Stocks fell in line with weakness in global peers after US legislation on Hong Kong raised investor apprehension.
Mumbai: The domestic stock market ended flat on Thursday, but stock-specific movements kept the traders busy throughout the day. While telecom stocks such as Vodafone Idea and Bharti Airtel plunged despite some government relief, Zee Entertainment spiked on stake sale by the promoters.

Stocks fell in line with weakness in global peers after US legislation on Hong Kong raised investor apprehension that a US-China trade deal would not be sealed anytime soon.

Sensex closed 0.19 per cent or 76.47 points lower at 40,575.17, while the 50-share Nifty dropped 0.26 per cent or 30.70 points lower at 11,968.40.

“The consolidation phase below 12,000 continued. The region around previous all-time high of 12,100 is witnessing some profit booking. It is not at all unexpected to witness some retracement near all-time highs. Broader structure continues to remain positive and the uptrend is intact. Near term corrections towards the support zone should be utilized to build long positions,” said Manav Chopra, Head Research - Equity, Indiabulls Ventures.

Here are the top things you should know about Thursday’s market:

Telecom stocks dropped
Vodafone Idea and Bharti Airtel fell 6.08 per cent and 2.52 per cent, respectively, even as the Cabinet approved the recommendation of the Committee of Secretaries (CoS) on the relief to the stressed telecom sector, and allowed telcos a two-year moratorium on spectrum-related due

DHFL recovers in late trade
Shares of debt-laden Dewan Housing Finance Corporation recovered in late trade and closed nearly 5 per cent higher, after plunging in early trade. Late on Wednesday, the Reserve Bank of India placed the beleaguered NBFC under an administrator and said the resolution process will begin shortly. The central bank also superseded the board of the third largest pureplay mortgage lender.

Zee Entertainment rallied
Shares of Zee Entertainment rallied 12.40 per cent after reports said 14.52 crore shares of the company changed hands in a block deal on NSE.

Bears remained in control
Market breadth again leaned in favour of the bears, with losers beating gainers in the ratio of 1.3:1 on BSE. The ratio was worse for the frontline stocks as 19 of 30 Sensex stocks closed lower.

Who moved my Sensex
Cigarettes-to-hotels conglomerate ITC at 40.52 points was the top contributor to the Sensex’s losses with a 1.96 per cent decline. Energy-to-telecom group Reliance Industries (30.11 points) followed next with a 0.63 per cent decline.

Broader market weak
BSE 500 index fell 0.33 per cent, while BSE midcap and BSE smallcap indices fell 0.73 per cent and 0.43 per cent respectively.

57 stocks hit 52-week lows
A total of 57 stocks touched 52-week lows on the NSE. These include Blue Dart Express, Chennai Petroleum Corporation, La Opala RG, and Stampede Capital.

Metals index top sectoral loser
Among sectoral indices, BSE Metals fell the most at 2.23 per cent, followed by BSE Oil & Gas index which fell 2.14 per cent.

17 stocks touched 52-week highs

As many as 17 stocks scaled 52-week highs on the NSE. These included Bharat Petroleum Corporation, Aavas Financiers, HDFC AMC and HDFC Bank.

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