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After Market: RInfra hits a bump, 117 stocks plumb 52-week lows
NEW DELHI: Signs of market fatigue were on full display on Thursday as benchmarks changed their direction many times throughout the day.
The flat closing, albeit on a positive note, showed that gains in IndusInd Bank, NTPC and Sun Pharma were offset by losses in ICICI Bank, Reliance Industries and Power Grid Corporation.
The narrow trading band meant investors bought one heavyweight, only to offload another.
Mixed Asian cues amid deepening worries about a slowing global economy clouded the outlook. A rise in global crude oil prices soured mood further.
The Sensex finished barely 3 points up at 37,754.89 while the Nifty added just 1 point to end at 11,343.25.
The BSE Midcap index fell 40 points, or 0.26 per cent, whereas BSE Smallcap inched up by 13 points, or 0.09 per cent.
Let’s check out the big talking points of Thursday’s session.
WPI inflation ticks up
Inflation based on wholesale prices rose to 2.93 per cent in February over the previous month due to hardening of prices of primary articles, fuel and power. Price growth for fuel and power segment increased to 2.23 per cent in February, against 1.85 per cent in January.
RInfra hits a bump
Shares of Reliance Infrastructure fell 3.59 per cent to close the day at Rs 124.90 after it signed a definitive binding agreement with Cube Highways and Infrastructure III Pte for 100 per cent stake sale of Delhi-Agra (DA) Toll Road.
IDBI Bank meet on borrowing
IDBI Bank board meet is due on Tuesday, March 19, to consider the proposal for approval of rupee bond borrowing limit of Rs 4,000 crore for 2019-20. The stock settled with a nominal loss of 0.23 per cent at Rs 43.05.
BoI eyes cash call
Media reports suggested that Bank of India is looking to raise at least Rs 400-500 crore from sale of a non-core asset by March-end. On Thursday, MD and CEO Dinabandhu Mohapatra told reporters that the process to sell non-core asset is on and the bank has already floated request for proposals (RFPs).
DHFL gains 3%
Shares of Dewan Housing Finance Corporation gained 3.20 per cent to settle at Rs 132.05 after media reports suggested the NHB did not find any major deviation in the NBFC’s books. The report was later denied by the company, which said any interpretation of the outcome of the meeting about giving a clean chit to the company by banks or NHB was neither intended nor mentioned.
117 stocks plumb 52-week lows
As many as 117 BSE stocks, including Alkem Laboratories, Mahindra Lifespace Developers, Reliance Communications, Poly Medicure, Umiya Tubes and Cyber Media (India), hit their 52-week lows. Meanwhile, Godfrey Phillips India, Gujarat Fluorochemicals, Dhampure Speciality Sugars and Frontier Springs were among the 49 that hit 52-week highs.
MSTC IPO subscribed 11%
The initial public offer (IPO) by Miniratna MSTC received tepid response so far on Day 2. The issue received bids for 19,21,500 shares by 4:30 pm, which was 11 per cent of the total issue size of 1,76,70,400.
32 stocks signal fall
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 32 counters on the BSE, indicating that these stocks may fall in coming sessions. Among them were Prakash Industries, Jaypee Infratech, Manappuram Finance, Future Consumer and Indraprastha Gas. On the other hand, 28 stocks, including Hindustan Unilever, Essel Propack, Intense Technologies, Icra and Thyrocare Technologies, were among the 28 stocks that showed bullish crossovers.
NTPC, Bharat Fin above 200-DMAs
NTPC, Cyient, JK Paper, Apollo Hospital, NBCC(India), Bharat Financial Inclusion, Max Financial and Mindtree were among the stocks that witnessed positive breakouts and traded above their 200-DMAs. By contrast, Avenue Supermarts, JSW Energy, Berger Paints, UCO Bank, Tata Power, Thermax and Automotive Axle were among those who went below 200-DMAs.