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Mapping the market: Banks, Welspun break heart; but airline stocks on Cloud Nine

Although market experts seemed cheerful about the appointment, suggesting that it signals continuity, but the market seemed to have read signs of slower rate cuts.

, ET Online|
Updated: Aug 22, 2016, 04.14 PM IST
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NEW DELHI: Dalal Street has just poured cold water on the news that Urjit Patel, the current Deputy Governor of the Reserve Bank of India (RBI), will be the new Governor of the central bank.

Although market experts seemed cheerful about the appointment, suggesting that it signals continuity, but the market seemed to have read signs of slower rate cuts.

It is not the first time that analysts and the market have found themselves on opposite ends.

The difference manifested itself in a 95-point fall in the benchmark Sensex, which closed at 27,985 while the NSE Nifty50 ended at 8,629, down 37 points.

Here’s a look at the big losers and bigger gainers of the session.

The poorer banks: Banking stocks have had a good time under Rajan, barring the recent past, of course. However, they didn’t seem so excited about the news of Urjit Patel being appointed the new RBI governor. The BSE Bankex slipped 0.54 per cent. Will that mark an end to the rally in banking stocks and hopes of aggressive rate cuts? Only time will tell.

Mapping the market: Banks, Welspun break heart; but airline stocks on Cloud Nine

Welspun’s hurtful breakup: It was perhaps one of the worst days to be an owner of a Welspun India stock. Its impromptu breakup with UK-based retail chain Target didn’t go down well with investors, who made their disappointment clear by offloading the stock in hordes. The stock plunged 20 per cent during the session, it’s worst day in 2016.

Mapping the market: Banks, Welspun break heart; but airline stocks on Cloud Nine

Airlines haven’t had it this good: Airline stocks were a busy lot during the session as they surged amid reports that domestic airline passengers grew 25.6 per cent in July. Shares of InterGlobe Aviation jumped 2.5 per cent, that of SpiceJet 1.45 per cent and Jet Airways 1.10 per cent.

Mapping the market: Banks, Welspun break heart; but airline stocks on Cloud Nine

Most active stocks: JP Associates was the most actively traded stock on NSE in terms volume as the scrip slipped 2 per cent. SBI was the next most actively traded scrip, as it slipped along with its banking peers during the session. Other prominent names included SAIL (up 1.21 per cent), Reliance Communications (up 0.40 per cent) and Subex (up 7 per cent).

Mapping the market: Banks, Welspun break heart; but airline stocks on Cloud Nine

Spurt in open interest: Futures of IGL saw the biggest spurt in open interest (OI) at 52.03 per cent while the stock itself jumped 4 per cent. It was followed by Tata Chemicals, which saw a 48.55 per cent spurt in OI while NTPC clocked a 36.44 per cent rise in OI after its Q1 results beat Street estimates. Other big gainers in terms of OI in the F&O segment included MRF (33.90 per cent), Titan (30.51 per cent) and HUL (26.43 per cent).

Mapping the market: Banks, Welspun break heart; but airline stocks on Cloud Nine

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