NEW DELHI: Underpinned by gains in banking, IT and FMCG heavyweights, equity benchmark Sensex ended in the green zone for the fourth consecutive session on Thursday.
The Economic Survey 2019 depicted a stable macro environment, projected a healthy 7 per cent growth for this financial year and forecast a rebound in investment cycle in FY20, which kept the market temperament positive. Softer crude oil prices and rupee’s rise against the dollar also helped.
“There is a good amount of comfort on the support side of the market, which is waiting for a positive trigger to scale new high. The Budget may be a decisive factor,” said Pankaj Pandey, Head of Research at ICICI Securities.
Sensex ended 69 points higher at 39,908, while Nifty closed 30 points up at 11,946.
IndiaMart gains 40% on debut
Shares of IndiaMart Intermesh surged nearly 40% in debut trade, underscoring investor confidence in the e-commerce firm following a Rs 476 crore IPO. The operator of Indiamart.com saw its stock rise to Rs 1,338, compared with its issue price of Rs 973. The IPO was subscribed over 36 times last week.
Most traded stocks
With over 14.23 crore shares changing hands, Vodafone Idea emerged the most traded stock on NSE, followed by YES Bank (number of shares traded: 10.81 crore), Dish TV India (5.34 crore), Bank of Baroda (4.46 crore) and DHFL (3.30 crore). On the other hand, Indiabulls Housing Finance (Rs 2,206 crore) ended as the most traded stock in terms of value. It was followed by YES Bank (Rs 1,065.81 crore), IndiaMART InterMESH (Rs 957.97 crore), UPL (Rs 859.22 crore), IndusInd Bank (Rs 719.40 crore) and State Bank of India (Rs 710.27 crore).
Stocks above & below 200-DMAs
Corporation Bank, ICRA, Kansai Nerolac PaintsNSE -1.30 %, Alembic, Vardhman Textiles, United Bank of India and Granules India were among the stocks that witnessed positive breakouts and traded above their 200-DMAs. On the flip side, HCL Technologies, Thangamayil Jewellery, Vadilal Industries, L&T Infotech and Shalimar Paints were among the stocks that fell below their 200-DMAs.
150 stocks hit 52-week lows
As many as 148 stocks, including YES Bank, Thomas Cook (India), Quess Corp, PC Jeweller, Indian Energy Exchange, GlaxosmithklineNSE -0.16 % Pharmaceuticals and Cox & Kings hit 52-week lows on BSE. Meanwhile, Adani PowerNSE -2.60 %, Bajaj Finance, Oberoi Realty, SBI, SBI Life Insurance Company and Siemens were among 41 stocks that hit 52-week levels.
YES Bank skids 4%
Falling for the third straight day, shares of YES Bank fell 3.56 per cent to settle at Rs 96.25, taking total losses of last three sessions to 12 per cent. The stock traded in the green for most part of Thursday’s session but gave up entire gains at the fag end. “The sudden fall might have occurred due to the derivatives play, as the weekly derivatives expired. Investors will probably stay away from this stock till the first quarter numbers come out,” said Sameer Kalra, Founder, Target Investing.
Quess Corp tanks 14%
Shares of Quess Corp tumbled 13.77 per cent to close at Rs 446.80. The company recently deferred a decision on a fund-raising proposal. It said its board will take the decision at a later date. In an interview with ETNow, Quess Corp CMD Ajit Issac said the fall in the stock could be related to market perception.
Titan falls on MS downgrade
Shares of Titan Company ended 2.81 per cent down at Rs 1,290 after global brokerage firm Morgan Stanley downgraded the watch-to-jewellery maker to ‘equal-weight’ from ‘overweight’, citing valuation concerns.
Airtel gains on Dish TV stake buy buzz
Shares of Bharti Airtel ended 2.53 per cent higher at Rs 362.35 while those of Dish TV closed 0.80 per cent higher at Rs 31.55 after reports said Dish promoters were planning to sell a stake to Bharti arm Airtel Digital TV. Both the companies, later in the day, denied any such development in respective BSE filings.
72 stocks show bullish bias
Momentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 72 counters on BSE, signalling a potential rise for them in the coming sessions. Among them were Bharti Airtel, Indiabulls Real Estate, Balrampur Chini, Dhampur Sugar, Raymond and Aditya Birla Capital. On the other hand, ICICI Bank, Godrej Properties, Hexaware TechnologiesNSE -2.23 %, Tata Communications and CESC were among 37 stocks that showed bearish crossovers.