INSUBCONTINENT EXCLUSIVE:
NEW DELHI: A sharp drop in crude oil prices and a bounce in the rupee helped Dalal Street fight a global depression over a less-than-dovish
posturing by the US Fed and pare early losses
winning momentum too much.
At one point during the session, BSE Sensex slipped as much as 281 points, but pared most losses
The 30-pack eventually settled 53 points, or 0.14 per cent, down at 36,431 while Nifty closed 16 points, or 0.14 per cent, lower at
10,951.
Midcaps and smallcaps managed mild gains, with BSE Midcap and Smallcap indices ending 0.07 per cent and 0.12 per cent higher,
(including Tata Motors DVR), 16 Sensex stocks settled in the green and 15 in the red
YES Bank (up 3.93 per cent) led the index gainers, followed by Hero MotoCorp, Mahindra Mahindra and Asian Paints, while the SBI (down 2.18
per cent) lost the most, followed by Wipro, Vedanta, Bharti Airtel and Maruti Suzuki
Telecom, metal worst hitWith a 1.17 per cent loss, the telecom pack emerged as top loser among the sectoral indices on BSE
It was followed by the BSE Metal index, which slipped 1.10 per cent
Bharti Airtel, Bharti Infratel and Sterlite Technologies proved top drags on the telecom index
Similarly, Vedanta, Hindalco, Tata Steel and JSW Steel were top drags from the metals pack
Thursday approved buyback of 25.29 crore shares, or 1.97 per cent of equity shares, for Rs 4,022 crore
In a regulatory filing, the company set the buyback price at Rs 159 apiece
Bharti Airtel falls 2%Shares of the telecom giant slipped 1.89 per cent to Rs 316.15 on BSE after the company in a BSE filing said its
board formed and authorised a 'Special Committee of Directors for Fund Raising' to comprehensively evaluate various options of fund-raising
Besides, the company also announced some management changes.
Bank recap plan fails to lift PSU stocksMost PSU bank stocks did not react
The Nifty PSU Bank index closed 1.80 per cent down, with eight components declining out of 12
Major PSU lenders SBI, Canara Bank, PNB and Bank of Baroda all ended the session lower
Analysts said the ongoing political obsession with farm loan waiver has dented investor confidence on this basket.
GST cut hope sends tyre
stocks soaringTyre stocks Govind Rubber (up 6.43 per cent), JK Tyre (up 5.88 per cent), Goodyear India (up 2.31 per cent), TVS Srichakra (up
1.56 per cent), Krypton Industries (up 1.27 per cent) gained across the board after reports that the GST Council is likely to slash tax
rates on automobile tyres to 18 per cent from 28 per cent at its next meeting on Saturday
A drop in crude oil prices also proved a sentiment booster on the counter, as crude-related products are a key raw material in tyre
Overbought and oversold stocksMomentum oscillator Relative Strength Index, or RSI, showed 43 stocks slipped into the oversold zone on BSE
They included GTL Infrastructure, Arvind, Rolta India, Regency Investments and Ganesh Films India
While 35 stocks, including Zenith Healthcare, Alexander Stamps, Shriram AMC and Adi Rasayan, turned overbought
96 stocks show potential upsideMomentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 96 counters
on BSE, signalling bullish setup on these counters.
The stocks included Bharat Forge, Lupin, LT, Gati, Dilip Buildcon, Pidilite and Apollo
However, 50 stocks including Infosys, Nalco, Mindtree, Natco Pharma and Ramco Systems showed bearish crossovers, indicating that they may
Nifty forms a bullish candleThe Nifty index negated the formation of higher highs and higher lows that it had formed in last two sessions
and formed a bullish candle on the daily chart
Before closing 15.60 points, or 0.14 per cent, down at 10,951, the index scaled an intraday high and low of 10,962 and 10,880, respectively
