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Market Movers: OMCs, ITC rally; IndusInd plunges 15%; 46 stocks become ‘oversold’

Here is a lowdown of the movers and shakers of Tuesday’s session on Dalal Street.

, ETMarkets.com|
Last Updated: Mar 31, 2020, 06.21 PM IST
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Market Movers: What changed for D-Street while you were sleeping
Oil majors BPCL, HPCL, GAIL and Reliance Industries jumped up to 13 per cent while private banks and ITC also logged smart gains.
Riding on unexpectedly better factory output data from China and massive drop in crude oil prices, Indian shares bounced smartly on Tuesday as traders shrugged off a sharp rise on coronavirus cases.

Oil majors BPCL, HPCL, GAIL and Reliance Industries jumped up to 13 per cent while private banks and ITC also logged smart gains. Meanwhile, IndusInd Bank was back to losing ways, as it fell nearly 15 per cent.

The 30-share Sensex closed 3.62 per cent, or 1,028 points, higher at 29,468, while broader 50-share Nifty rose 3.82 per cent, or 316 points, to close at 8,597.

“Traders should align their positions keeping the prevailing situation in mind. Investors should not worry much about daily price fluctuations and maintain their focus on accumulating quality names in a phased manner,” said Ajit Mishra, VP - Research, Religare Broking.

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

Benchmarks end FY20 in the red
After logging gains for three financial years consecutively, the domestic equity benchmarks ended FY20 with losses. They also recorded the worst quarter ever in the January-March period. Sensex and Nifty dropped 28.57 per cent and 29.34 per cent, respectively, during March quarter.

Nifty Bank posts worst month
The 12-share Nifty Bank index pack recorded its worst month ever, dropping 34 per cent in March. On Tuesday, however, it gained 1.93 per cent to 19,144 led by gains in Bank of Baroda and SBI.

OMCs rally
Shares of oil marketing companies jumped as global crude oil prices plunged to their lowest level since 2002. BSE Oil and Gas index gained 8.72 per cent as all constituents of the index closed with gains. Besides BPCL that added 15 per cent, HPCL gained 13 per cent to Rs 190.15, while GAIL and ONGC advanced about 8 per cent each.

46 stocks ‘oversold’
As many as 46 shares on BSE entered ‘oversold’ territory as they crossed below the 30-mark on the RSI indicator. They included 3i Infotech, Rishi Laser, MIC Electronics, Mukand, Fomento Resorts, Apollo TriCoat Tubes and Healthcare Global, among others.

BPCL jumps 15%
The government extended the deadline for bidding to buy its entire 52.98 per cent stake in the country's second-biggest oil refiner, Bharat Petroleum Corp (BPCL), by over a month till June 13. The stock rose 15 per cent to Rs 316.

ITC to increase Savlon output

ITC said it has started production of Savlon hand sanitisers from its Manpura facility in Himachal Pradesh, which has been designed to produce premium fine fragrances to meet soaring demand due to coronavirus pandemic. Shares of the FMCG giant jumped 7.84 per cent to Rs 172 following the news.

HDFC Trustee picks stake in SpiceJet
Shares of SpiceJet gained 4.98 per cent to Rs 36.90 after HDFC Trustee Company, a wholly-owned subsidiary of HDFC, bought 34 million shares, or a 5.45 per cent, stake in the low-fare airline through an open market purchase.

BGR Energy gains 3%

Shares of BGR Energy Systems jumped 2.97 per cent to Rs 20.80 as it received approval for the proposal of sale of the entire investment of the company held in Progen Systems and Technologies, a subsidiary of the company.

IndusInd plunges 15%
Shares of IndusInd Bank plunged 14.68 per cent to Rs 351.15 due to concerns over tight liquidity and its impact on growth and margins, following a recent conference call. The bank said that 10-11 per cent of its deposits (nearly Rs 22,000 crore) have seen outflows since December quarter.

RIL to raise funds

Shares of Reliance Industries (RIL) advanced 7.76 per cent to Rs 1,112 after the oil-to-telecom major said a board meeting has been scheduled this week to consider fund raising.

Future Retail gets relief
Shares of Future Retail fell 5 per cent to Rs 78.75 after the Bombay High Court restrained IDBI Trusteeship and others from selling the pledged shares in the company until further orders.

Suzlon gains 5%
Shares of Suzlon advanced nearly 4.71 per cent to Rs 2 after the company on Monday said an SBI-led consortium of lenders has approved a debt resolution plan.

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