Mapping the market: As Brexit jitters build up, stocks go haywire but new IPO sails
The BSE Sensex fell 54 points, while the Nifty50 shut above the 8,200 in a tedious session, which D-St pundits read in it the proverbial calm before storm.
You will be safer in financial markets if you believe in this adage. Euphoria over some survey findings about Britain’s likely tilt towards a Bremain vote fizzled out quickly on Tuesday, as another survey showed a close call between the two camps even as investors globally awaited speeches by US Fed Chair Janet Yellen and ECB President Mario Draghi to figure out what ammunitions can they deploy for damage control should Brexit becomes a reality.
The BSE Sensex fell 54 points to 26,812.78, while the Nifty50 shut above the 8,200 in a tedious session on Tuesday, which Dalal Street pundits read in it the proverbial calm before storm.
Here is a wrapup of the major trends across stocks and sectors that hogged limelight during the session:
BSE power index worst sectoral performer: Weakness in index heavyweights such as NTPC, Power Grid and Tata Power pulled down the BSE power index by 0.70 per cent to 1,947.39 at close. Tata Power fell 2.33 per cent to Rs 73.40. The stock fell even as its subsidiary Tata Power Renewable Energy won a 30 mw solar grid-connected photovoltaic project in Maharashtra. Crompton Greaves, NTPC, Power Grid and BHEL fell up to 2.1 per cent. Live update
24 stocks hit all-time highs: In a rather lacklustre market, as many as 24 BSE-listed stocks hit record highs during the day. Indraprastha Gas hit an all-time high of Rs 634 during the session even as the Mahanagar Gas IPO opened for subscription. GIC Housing Finance scaled a record high of Rs 291.30 in trade. Parag Milk, Infibeam Incorporation and Godrej Properties were among the other stocks that hit record highs.
Mahanagar Gas IPO sails through: The Rs 1,040-crore initial public offering (IPO) of Mahanagar Gas sailed through on Day 1 itself on Tuesday. Till 4.30 PM, investors bade for 1,78,11,290 shares, which was 1.03 times the total issue size of 1,73,46,150 shares. The gas distributor had on Monday allotted 7,348,350 equity shares to 25 anchor investors at Rs 421 per share, aggregating to Rs 309.30 crore. The issue is open till Thursday.
Kesar Terminals up on buyback proposal: Shares of Kesar Terminals surged 12.97 per cent to Rs 512.85 after the company informed the exchanges that its board will meet on Friday to consider a share buyback proposal. The company reported a 66.12 per cent YoY rise in net profit to Rs 4.21 crore for the March quarter. Live update
Logistics stocks gained on GST hope: Logistic stocks gained up to 13 per cent on hopes that the government would soon be able to reach consensus with the Opposition on the GST Bill. MFL India soared 13.16 per cent, followed by Gati (up 7.07 per cent), Snowman Logistics (up 5.29 per cent), Sical Logistics (up 5.22 per cent) and Allcargo Logistics (up 4.71 per cent), all of which ended higher.
Arvind, KPIT saw spurt in open interest: Arvind (up 36 per cent), KPIT Tech (up 28 per cent), Jet Airways (up 23.45per cent) and Ajanta Pharma (up 23 per cent) witnessed a rise in activity on their F&O counters, leading to a sharp rise in open interest. Indiabulls Realty, IOB, UCO Bank and Petronet LNG were among the stocks that saw a drop in open interest during the day.
Unitech, JPA, Subex most active stocks: As many as 6.25 crore shares worth Rs 38 crore changed hands on the Unitech counter on NSE, while JP Associates saw 3.55 shares amounting to Rs 28.13 crore change hands. RCom saw trading of 2.65 crore shares worth Rs 130 crore. While shares of Unitech and JP Associates rose 0.83 per cent and 8 per cent, respectively, RCom ended 0.62 per cent down at Rs 4.55.