NEW DELHI: Domestic equities lost steam on Wednesday, closing a volatile session in the red.
After opening with strong gains, equity benchmarks Sensex and Nifty fell prey to profit taking in the second half of the session, a day before the expiry of March series of futures & options contracts.
Lacklustre global cues further hit investor mood.
There was selling across sectors, which dragged the market lower. Support came from select banking heavyweights, such as IndusInd Bank, YES Bank and State Bank of India, which capped the losses. Sensex settled 101 points lower at 38,132 and Nifty 38 points down at 11,445.
Here is a walkthrough on the key highlights of the session:
Midcaps, smallcaps outperform Sensex
Midcaps and smallcaps outperformed the benchmark Sensex as the sectoral indices closed higher by 0.59 per cent and 0.64 per cent, respectively, on BSE. Shriram Transport, RBL Bank and M&M Financial Services were the top contributors to the midcap index, whereas Bharat Financial Inclusion, AIA Engineering and Aarti Industries contributed most to the smallcap index.
Nifty Bank closes above 30,000 mark
Nifty Bank index closed above the 30,000 mark for the first time, settling 138 points, or 0.46 per cent, higher at 30,019. Nine stocks out of ending in the green. Shares of YES Bank (up 5.87 per cent), IndusInd Bank (up 5.68 per cent), IDFC First Bank (up 2.19 per cent), RBL Bank (up 1.96 per cent) and State Bank of India (up 1.48 per cent) closed with healthy gains on NSE.
HAL shares log gains
Shares of Hindustan Aeronautics closed 2.30 per cent higher at Rs 739.20 after Prime Minister Narendra Modi announced India’s acquisition of space capability to shoot down spy satellites.
Axis Bank hits record high
Shares of Axis Bank scaled its record high at Rs 769.85, before settling at Rs 760.15 with a gain of 0.39 per cent. The stock broke above the key resistance at Rs 762.1, the 138.2 per cent Fibonacci projection level of the uptrend from January 10, 2017 low to January 23, 2018 high. Technical charts suggest the stock may see more upside in the coming sessions.
Sheela Foam OFS subscribed 2.78 times on Day 1
The offer for sale (OFS) of Sheela Foam was subscribed 2.78 times on the first day of the issue. The issue received bids from the non-retail category for 1.05 crore shares against the total issue size of 38 lakh shares. Promoters Rahul Gautam and Tushaar Gautam have proposed to sell up to 8.68 per cent stake in the company.
ICICI Pru OFS gets a strong response
The offer for sale (OFS) of ICICI Prudential Life Insurance Company was subscribed 4.21 times on the second day of the issue. The issue received bids from the retail category for 2.24 crore shares against the total issue size of 53 lakh shares.
Mindtree shares fall
Shares of Mindtree broke its winning streak of two sessions, closing the day 1.01 per cent down at Rs 940.95. The board of Mindtree at its meeting on Tuesday decided not to proceed with the share buyback plan. The company said its board decided to constitute a committee of independent directors (IDC) to evaluate L&T’s unsolicited offer.
PNB log gains despite RBI’s penalty
Shares of Punjab National Bank closed 1.14 per cent higher at Rs 93.35 even as a day ago the RBI slapped a penalty of Rs 2 crore on it for non-compliance of regulatory directions with regard to SWIFT operations.
M&M Financial to buy MRHFL’s shares
Mahindra & Mahindra Financial Services said its board of directors has approved the acquisition of 1,18,91,511 shares of Rs 10 each of Mahindra Rural Housing Finance (MRHFL), a subsidiary of the company, at a premium of Rs 231.16, aggregating to Rs 286.78 crores from National Housing Bank.
YES Bank, Jet Airways above 200 DMAs
YES Bank, Punjab & Sind Bank, Reliance Nippon, Avanti Feeds, Jet Airways, Cummins and Shriram Transport Finance Corporation were among the stocks that traded above their 200 DMAs. On the other hand, Dabur India, Jubilant Industries, NMDC, Future Enterprises and Excel Crop Care were among the stocks that traded below their 200 DMAs.