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Market Movers: Kotak Q3 spooks bank pack; Voda, realty stocks up, OIL hit

Reliance Industries was the biggest culprit for Monday’s fall, as it bled 146.67 points.

, ETMarkets.com|
Last Updated: Jan 20, 2020, 05.47 PM IST
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Kotak Mahindra Bank slumped 5 per cent in Mumbai trading on Monday after reporting a spike in provisions for December quarter. That caused its entire set of peers – HDFC Bank, Axis Bank and IndusInd Bank – close in the red.

Meanwhile, Power Grid, Cochin Shipyard, NHPC and NMDC gained 3 to 12 per cent as they were included into Nifty CPSE index.

BSE flagship Sensex plunged 416 points to 41,528 while NSE benchmark Nifty fell 121 points to 12,230.

“The indices fell mainly due to unencouraging results from front line companies and the market’s overbought status,” said Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities.

Here is a lowdown of the movers and shakers of Monday’s session on Dalal Street:

Jio gets nod for tower sale
Fair trade regulator CCI has approved divestment of Reliance Jio’s telecom tower assets to Canada’s Brookfield Infrastructure Partners LP and other investors. Shares of Reliance Industries, Jio promoters, fell 3.08 per cent to Rs 1,532.

ITI to bring FPO
State-owned ITI will come out with a Rs 1,600 crore follow-on public offer (FPO) on Friday, January 24. The issue will close on Tuesday, January 28. The stock slipped 0.82 per cent in Monday’s trade to Rs 102.30.

OIL gets Rs 48,000 cr bill
The telecom department has slapped a Rs 48,000 crore demand notice on Oil India for past statutory dues, an order which the country’s second-biggest state oil producer plans to challenge in the Telecom Disputes Settlement and Appellate Tribunal. The stock plunged 4.66 per cent to Rs 149.40.

Kotak Q3: Provisions surge
Kotak Mahindra Bank reported 24 per cent growth in standalone net profit to Rs 1,596 crore for the third quarter ended December 31, 2019. However, provisions for advances spiked 69 per cent. The shares fell 4.7 per cent to Rs 1,618.

USFDA inspects Cipla plant
Cipla announced the closure of inspection by the US health regulator at its Patalganga manufacturing facility in Maharashtra. The stock closed 0.02 per cent lower at Rs 480.15.

Strides gets EIR
Strides Pharma Science (Strides) said its arm has received an establishment inspection Report (EIR) from the US health regulator for its Florida facility in the US. The stocks rose 0.56 per cent to Rs 388.95 following the report.

Biocon gets zero observations
Biocon said pre-approval inspection of the Bengaluru facility of its arm conducted by US health regulator was concluded with zero observations. The stock gained 0.36 per cent to Rs 291.50.

Telecom scrips gain
Shares of Vodafone Idea jumped 7.76 per cent to Rs 7.76 as lenders to the telecom operator are factoring in some form of government intervention that may allow the company more time to repay the dues. Rival Bharti Airtel advanced 1.85 per cent to Rs 509.25.

Power Grid, NHPC jump
Shares of Power Grid added 3.75 per cent to Rs 204.80 and NHPC surged 11.78 per cent to Rs 27.05 after they were included in the Nifty CPSE index.

Volatility barometer spikes
Indicator of volatility in the market, India VIX, jumped 9.25 per cent to 15.43. This indicates traders on the street see heightened levels of volatility in the coming days.

FMCG, realty gain
Nifty FMCG and Nifty Realty were just two sectoral indices on NSE that closed in the green. They gained 0.23 per cent and 0.39 per cent, respectively. Nifty Media, Nifty Bank, Nifty Financial Services, were among the biggest losers, down 1-2 per cent.

Who moved my Sensex?
Reliance Industries was the biggest culprit for Monday’s fall, as it bled 146.67 points. Private banks also delivered heavy cuts as HDFC Bank, Kotak Mahindra Bank, IndusInd Bank and Axis Bank together bled 222 points.

86 stocks flash ‘sell’ signals
As many as 86 stocks indicated ‘sell’ as they crossed below the Signal Line on MACD indicator. They include L&T Finance Holdings, ONGC, HFCL, Coal India, Havells India, Oil India, HDFC Bank, NTPC, Ujaas Energy and Dwarikesh Sugar, among others.
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