After Market: Wipro’s best day in 5 years; Maruti on reverse gear & crack in FMCG
As many as 45 counters showed bearish crossovers on the NSE on Monday.
The market opened in the green, riding the optimism of strong GDP number and a rise in the rupee against the US dollar. However, weak gl obal cues weighed on the sentiments and a fresh bout of profit booking hurt major counters.
Major global markets extended their fall as simmering trade tension kept investors depressed. Globally, stock markets fell for the third straight day, hurt by worries over an escalation in trade disputes between US and China and a deepening selloff across emerging market currencies, Reuters reported.
The rupee erased its early gains and touched the 71-mark again. It was trading 3 paise lower at 71.03 at the time of writing of this report.
The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) showed growth in India’s manufacturing sector moderated in August as domestic demand softened. The Nikkei India Manufacturing PMI stood at 51.7 in August against 52.3 in July.
The Nifty closed the day at 11,582 with a loss of 98.15 points, or 0.84 per cent, with 17 stocks ending in the green and 33 in the red. BSE Midcap and smallcap indices fell 0.45 per cent and 0.17 per cent, respectively.
Let’s walk you through the key highlights of the session:
Who moved my Sensex
Hindustan Unilever (HUL) (down 4.58 per cent), PowerGrid (2.92 per cent), Axis Bank (2.69 per cent), ICICI Bank (2.51 per cent) and ITC (2.01 per cent) were the top five losers in the Sensex pack. Wipro (up 2.49 per cent), Bajaj Auto (0.68 per cent), HDFC Bank (0.58 per cent), Sun Pharma (0.57 per cent) and Coal India (0.47 per cent) emerged among the top five gainers.
Wipro sees biggest intraday gains in 5 years
Jumping 8.74 per cent, shares of Wipro posted biggest intraday gain in over five years. The stock, however, cooled off later and settled just 2.49 per cent higher at Rs 309.15. The stock surged after the company struck a deal worth of over $1.5 billion with Alight Solutions, its biggest so far. The software company won an over $1.5 billion engagement from Alight Solutions. Under the 10-year deal, Wipro will provide a comprehensive suite of solutions and services to the Illinois-based Alight Solutions that provides technology-enabled health, wealth, HR and finance solutions.
Maruti Suzuki took a hit
Stock of Maruti Suzuki hit a road bump on Monday as India's largest carmaker reported 3.4 per cent decline in total sales for August at 158,189 units against 1,63,701 units reported for the same month last year. The stock closed the day 1.90 per cent lower at Rs 8,924.
FMCG stocks crumble
With a loss of 2.14 per cent, the BSE FMCG closed the day as the top loser among the sectoral indices. Out of 80 components in the index, 41 suffered losses. The losers’ pack included Radico Khaitan, HUL, Nestle India, Britannia, Dabur, Godrej Consumer Products, Marico, UBL and ITC.
Spurt in open interest
Adani Enterprises witnessed a 50.01 per cent spurt in open interest, followed by Wipro (49.25 per cent), Balkrishna Industries (42.43 per cent) and Escorts (26.03 per cent).
52-week highs & lows
As many as 54 stocks, including DHFL, Sun Pharma, Infosys, ITC, Mindtree and Tech Mahindra hit 52-week highs on NSE on Monday, whereas 50 stocks, including Accelya Kale Solutions, Autoline Industries, eClerx Services and D B Realty touched 52-week lows on NSE today.
MACD bullish on 46 counters
Momentum indicator moving average convergence divergence, or MACD, on Monday, showed bullish crossovers on 46 counters on NSE. Among the stocks that showed bullish crossovers included NCC, PC Jeweller, Parag Milk Foods and Umang Dairies.
Meanwhile, 45 counters, including Axis Bank, Dabur India, Balkrishna Industries, Ambuja Cements and Cipla showed bearish crossovers on NSE on Monday.