sensex: After Market: Amara Raja tanks, realty foray hurts Raymond; 100 stocks look weak

NEW DELHI: Private weather forecaster Skymet’s projection of a below normal monsoon and a spike in crude oil price triggered a spell of selloff and snapped the bull run in domestic stocks on Wednesday.

All sectoral indices on BSE ended the day in the red. Investors booked profit across sectors, causing benchmarks Sensex and Nifty to snap their four-session winning streaks. Sensex closed 180 points, or 0.46 per cent, down at 38,877, while Nifty settled 69 points, or 0.59 per cent, lower at 11,643.

However, analysts said the panic was unwarranted. “The weather forecast is not such a trigger that should create panic. It will not have a lasting impact,” said Pankaj Pandey, Head Research at ICICI Securities.

Midcaps and smallcaps fell in sync with the benchmarks, with their indices on BSE shedding 0.77 per cent and 0.87 per cent, respectively.

Here’s a quick look at the movers and shakers of Thursday’s session.

Amara Raja shares crack 7%

Shares of Amara Raja Batteries (ARBL) cracked 6.75 per cent to close at Rs 672 after the shareholders’ agreement between Galla Family and

Johnson Controls

(JC) ended. “Galla Family would acquire 2 per cent equity shares of the company from JC and terminate the shareholders’ agreement with effect from April 01, 2019,” the company said in a BSE filing.

RVNL IPO fully subscribed
The initial public offering (IPO) of Rail Vikas Nigam (RVNL) was subscribed 1.69 times on the fourth and final day of the bidding process. Data available on NSE website showed the IPO received bids for 42,84,00,960 shares till 4 pm against the total issue size of 25,34,57,280.

Metropolis IPO subscribed 8%
Metropolis Healthcare’s initial public offering (IPO) to raise around Rs 1,204 crore was subscribed 8 per cent till 4 pm on Day 1, data on the NSE website showed. The IPO received bids for 6,37,381 shares against the total issue size of 76,61,802.

JK Tyre shares fall 2%
Shares of JK Tyre & Industries suffered a 1.81 per cent loss to close at Rs 92.45 after the company raised Rs 200 crore through issue of equity shares on preferential basis to its promoter group.

Realty foray spooks Raymond shares
Leading fashion and textile retailer announced the setting up of a new division called Raymond Realty marking its maiden venture into real estate. Shares of the company traded higher the most part of the day but lost steam in late afternoon trade and closed 0.96 per cent down at Rs 808.55.

Jet shares fall for 5th day
Falling for the fifth consecutive day, shares of Jet Airways finished 5.21 per cent down at Rs 251.10. In last five days, the stock has come off 9.4 per cent. The beleaguered airline is fighting for survival as domestic operation shrank to only 12-15 planes, making it the smallest operating pan-Indian carrier.

Tata Steel rises after S&P upgrade
Tata Steel shares climbed 0.81 per cent to Rs 535.40 after the rating agency Standard & Poor’s (S&P) upgraded its outlook for the stock from stable to positive. “Continued stable outlook for Indian steel prices is likely to keep Tata Steel’s earnings robust over the next 12 months,” S&P said in a note.

Weak signals for 100 stocks
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 100 counters on BSE, indicating that these stocks may see downward movement in the coming sessions. Among the stocks with bearish crossovers were ICICI Bank, ONGC, Axis Bank, BEML, Grasim Industries, Phillips Carbon, Titan Company and InterGlobe Aviation (IndiGo). On the other hand, DLF, MMTC, Welspun Enterprises and Lasa Supergenerics were among 78 stocks that saw bullish crossovers.

Investors lose over Rs 88,000 cr
The overall market-capitalisation of BSE-listed firms fell to Rs 1,51,62,390 crore from Rs 1,52,50,598 crore on Tuesday, making investors poorer by Rs 88,208 crore in a single day.


Author: Prakash Poojary

Business Analyst

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