NEW DELHI: Domestic equity indices on Monday extended losses for a third straight session on fall in bank, financials, IT and metal stocks amid weak global cues.
Chinese export data aggravated fears of a slowdown in the global economic growth and most Asian and European markets suffered losses.
Back home, uninspiring December quarter earnings failed to lift market mood and investors chose to remain on the sidelines ahead of earnings of heavyweights, including RIL, HUL and HDFC Bank slated for release this week.
Sensex settled with a loss of 156 points, or 0.43 per cent, at 35,853.56, with 24 stocks in the red and seven in the green.
The NSE Nifty closed 57 points, or 0.53 per cent, down at 10,737.60, with 12 stocks advancing and 38 declining.
In sync with benchmark Sensex, BSE Midcap and Smallcap indices suffered losses of 0.49 per cent and 0.44 per cent, respectively.
We walk you through the highlights of Monday’s session:
Who dragged my Sensex
L&T (43.43 points), ICICI Bank (32.53 points), HDFC (31.04 points), TCS (28.50 points) and IndusInd Bank (15.52 points) remained the top five drags on the index.
Larsen & Toubro, with a loss of 2.64 per cent, emerged as the top loser in the Sensex pack. IndusInd Bank (down 2.07 per cent), Vedanta (down 1.78 per cent), NTPC (down 1.56 per cent) and TCS (down 1.50 per cent) followed the suit.
D-Mart cracks on tepid Q3 numbers
Shares of Avenue Supermarts plummeted 11.04 per cent to close at Rs 1,395.75. The stock fell as the company on Saturday reported a modest 2.1 per cent YoY rise in profit growth, mainly due to a drop in gross margin on account of price cuts, while slow store additions added to investors concern.
Jet up 16% as chairman Goyal may step down
Reports that founder and chairman Naresh Goyal was likely to step down from the board of Jet Airways gave a boost, with the stock closing 16.13 per cent higher at Rs 294.40 on the BSE. A media report quoting sources, suggested that Jet was likely to finalise a resolution plan with its lenders this week. As per the report, Goyal would trim his stake to 20-25 per cent from 51 per cent and would agree to capp his voting rights to 10 per cent.
Infosys investors cheer Q3 numbers
The IT stock climbed 2.52 per cent to Rs 700.90 as many foreign brokerages maintained a ‘buy’ post optimistic management commentary. JPMorgan maintained ‘overweight’ on the stock with a target price of Rs 750. Infosys revenue momentum is clearly improving, said Credit Suisse. CLSA said Infosys reported a stellar revenue growth with a small miss on the margin front.
YES Bank rallies on new CEO buzz
Shares of YES Bank closed 6.22 per cent up at Rs 195.40 as Ravneet Gill, CEO, Deutsche Bank, India, has joined the race to succeed Rana Kapoor as the private lender’s next chief executive. The scrip was also up as the bank appointed Brahm Dutt as its non-executive chairman. Dutt has contributed to almost all the sub-committees of the board over the past 5 years.
Tata Motors climbs 1% on block deal
Shares of Tata Motors closed with a gain of 1.11 per cent at Rs 182.30 in an otherwise weak market after reports of block deal on the counter. Bloomberg reported that 20 lakh shares of the automaker changed hands in a block deal during the session.
J&K Bank advances after good Q3 show
Shares of Jammu & Kashmir Bank closed 3.03 per cent up at Rs 37.40, buoyed by bank’s healthy December quarter numbers. The bank on Saturday reported a 43 per cent increase in profit at Rs 103.75 crore for the third quarter against a profit of Rs 72.47 crore last year.
Capital Goods top sectoral loser
With a loss of 1.93 per cent, the BSE Capital Goods index emerged as the top loser among the sectoral indices. Out of total 26 stocks in the pack, 23 suffered losses today and only three – AIA Engineering (up 0.31 per cent), Carborundum Universal (up 0.24 per cent) and Havells India (up 0.07 per cent) – managed to shut shop in the green. L&T, ABB India, BHEL, Graphite India and HEG proved the top drag on the index in that order.
116 counters ready to fall further
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 116 counters on BSE. Among them were Vodafone Idea, Bank of Baroda, Nalco, SREI Infrastructure, IL&FS Transportation, JSW Energy and Jain Irrigation. On the other hand, Jet Airways, Jammu & Kashmir Bank, Bharat Forge, Hikal, Man Industries and Khaitan (India) were among the 45 stocks that showed bullish crossovers on BSE.
Tech Mahindra, PowerGrid below 200-DMAs
Tech Mahindra, Pfizer, Max Financial, Avadh Sugar, Exide Industries, PowerGrid and Avenue Supermarts featured among the stocks that witnessed negative breakouts and traded below their 200-DMAs today. On the other hand, Dhanlaxmi Bank, Zydus Wellness, JK Paper, Gujarat Heavy Chemicals, Alembic and Supreme Industries were among the stocks that traded above their 200-DMAs.
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