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After Market: YES Bank stages record rally, DHFL sees rebound, OMCs bleed

NEW DELHI: Equity benchmark Sensex suffered losses for the sixth successive session on Thursday, marking its worst losing streak in five months as the rupee fell against the US dollar and crude oil prices saw a spike in global markets.

Brent crude oil hit the high of 2019 on hopes of a Sino-US trade deal, which can lift global growth and thus raise oil demand. The rupee fell 37 paise against the dollar in intraday trade.

Investors avoided fresh bets in Indian equities, mirroring a recent trend, keeping in mind the political uncertainty ahead of the general elections. Moreover, concerns over the health of the domestic banking and financial sectors continued to hurt investor sentiment, analysts said.

Sensex closed 158 points, or 0.44 per cent, down at 35,876, with 19 stocks ending in the red. NSE benchmark Nifty shed 48 points, or 0.44 per cent, to close at 10,746, with 29 of the 50 index stocks ending in the red and 21 in the green.

However, midcaps and smallcaps managed to log gains, as BSE Midcap and Smallcap indices closed higher by 0.52 per cent and 0.17 per cent, respectively.

We walk you through the highlights of Thursday’s session:

Rs 3.63 lakh crore gone in 6 days
Investors have lost over Rs 3.63 lakh crore in last six sessions, as the overall market capitalisation of the BSE-listed companies plunged to Rs 1,38,37,238 crore at the end of Thursday’s trade from Rs 1,42,00,186 crore on Wednesday, February 6.

WPI inflation hits 10-month low
Inflation based on wholesale prices fell to a 10-month low of 2.76 per cent in January on softening prices of fuel and some food items, government data showed. Earlier this week, government data had shown an ebb in retail inflation in January. The decline in inflation may provide further head-room for RBI to cut interest rate in the coming months, experts said.

YES Bank surges 31%
Shares of YES Bank closed 30.73 per cent higher at Rs 221 after the lender received “no observation on divergence” in the bank’s asset classification and provisioning in RBI’s Risk Assessment Report for FY2018. With this, the scrip broke its four-day losing run on BSE.

DHFL shares surge 16%
Shares of Dewan Housing Finance Corporation (DHFL) staged a smart rebound and closed 15.69 per cent higher at Rs 127. The stock had declined nearly 6 per cent in morning trade but rebounded after the management downplayed the CEO’s resignation by reallocating him to a retail-focused portfolio. “DHFL management commentary downplayed the resignation of the CEO by reallocating him to a retail-focused portfolio, but the bounce was imminent as the stock had already been battered badly,” said Umesh Mehta, Head of Research at Samco Securities.

Page Industries falls after Q3 nos
Shares of Page Industries snapped their three-session winning run as the company said its December quarter profit jumped 22.3 per cent year-on-year (YoY) to Rs 102 crore from Rs 83.40 crore in the same quarter a year ago. The stock closed the day 1.66 per cent lower at Rs 23,964.

CG Power soars 22%
Shares of CG Power and Industrial Solutions closed Thursday’s session with a strong gain of 22.32 per cent at Rs 29.05, a day after the stock witnessed its worst single-day decline and shed about one-third of its value.

Jute stocks surge after MSP hike
Shares of some jute product manufacturers surged on Thursday after the Cabinet Committee of Economic Affairs hiked the minimum support price for raw jute. Gloster jumped 4.92 per cent to settle at Rs 1,044 and Ludlow Jute & Specialities closed the day 2.47 per cent higher at Rs 60.10.

OMC stocks suffer
Shares of most oil marketing companies (OMCs) suffered losses amid a rise in global crude oil prices. The BSE Oil & Gas index emerged as the top sectoral loser, falling 2.11 per cent. Shares of IOC (down 4.19 per cent), BPCL (down 4.12 per cent) and Reliance Industries (down 1.52 per cent) featured among the losers.

88 stocks show potential for rise

Momentum indicator moving average convergence divergence, or MACD, showed as many as 88 stocks, including YES Bank, Adani Ports, Gati, Apollo Tyres, 8K Miles Software and Tata Communications had made bullish crossovers on BSE, indicating that they may rise further in the coming sessions. Meanwhile, 63 stocks showed bearish crossovers on BSE, signalling potential for weakness. Among them were Bharti Airtel, Dabur India, Pidilite Industries, PNB Housing Finance and B N Rathi Securities.

443 stocks plumb 52-week lows
As many as 443 stocks, including Arvind, Ashok Leyland, CG Power, Coal India and Hindalco, hit their 52-week lows on BSE. On the other hand, AAVAS Financiers, Cantabil Retail India, Containerway International and Inflame Appliances were among 28 stocks that touched 52-week highs.