INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Gains in shares of banking, financials, oil gas and metal heavyweights helped the equity benchmarks log solid gains for the
sixth consecutive session on Mo nday.
The market opened with strong gains, but turned volatile amid profit booking in certain sectors,
including auto, IT and technology
Volatility index India VIX jumped 7.26 per cent.
However, the session ended on a positive note and sentiment remained upbeat on hopes of a
dovish policy from the US Fed later this week
Softer crude oil prices, a stronger rupee and sustained FPI flows also helped.
Sensex ended 71 points, or 0.19 per cent, higher at 38,095,
while Nifty settled 35 points, or 0.31 per cent, up at 11,462.
Midcaps and smallcaps underperformed Sensex as their sectoral indices on BSE
Here is a lowdown on the key highlights of the session:
Investors richer by Rs 4.14 lakh cr in 6 daysThe six-day rally in domestic equities
made investors richer by Rs 4.14 lakh crore as overall market capitalisation of BSE-listed firms shot up to Rs 1,48,81,140.87 crore from Rs
1,44,67,087.91 crore on Friday, March 8.
DHFL shares gain 3%Shares of Dewan Housing Finance Corporation (DHFL) closed 2.69 per cent higher
at Rs 135 after the company in a BSE filing said it would be selling its entire 30.63 per cent stake in Avanse Financial Services.
Maruti
falls on reports of production cutShares of Maruti Suzuki India closed 2.56 per cent down at Rs 6,910 after reports of a production cut
A TheIndianSubcontinent report suggested that Maruti is estimated to have cut production to around 126,000 units compared with more than
172,000 units a year ago, which is a 26.8 per cent drop.
LT Infotech drops on buzz of Mindtree stake buyShares of LT Infotech closed 3.33
per cent down at Rs 1,573, while those of Mindtree climbed 1.74 per cent to Rs 962 amid reports that Larsen Toubro (LT) is eyeing a stake
latter could sell his 21 per cent stake in the IT firm
LT Infotech may then launch an open offer for an additional 31 per cent stake in Mindtree
Lupin shares crack 4%Shares of the company settled 3.92 per cent down at Rs 754.50 on regulatory concerns
The company on Saturday said it has been cautioned by the US health regulator that its Somerset (New Jersey) facility may be subject to
regulatory or administrative action and it may withhold approval of any pending applications or supplements in which this facility is listed
Bandhan Bank falls 4%Shares of Bandhan Bank settled 3.92 per cent down at Rs 491 after the lender on Friday said it had received a
no-objection from the Reserve Bank of India (RBI) for the proposed acquisition of Gruh Finance
Gruh Finance, the affordable housing finance arm of HDFC, was taken over by the Kolkata-based bank in January in a share-swap deal.
91
stocks signal fallMomentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 91 counters on BSE,
indicating that these stocks may suffer losses in the coming sessions
Among them were Tata Motors, Praj Industries, Sterlite Technologies, Jindal Stainless, Bata India, Apollo Hospitals and Birla Cable
On the other hand, REC, Darjeeling Ropeway, Everest Organics, Crisil and ACE Software Exports were among 30 stocks that showed bullish
crossovers.
73 stocks enter oversold zoneMomentum oscillator Relative Strength Index, or RSI, showed 73 stocks in the oversold zone on BSE
Meanwhile, Iris Mediaworks, HPCL, Alok Industries, Prestige Estates Projects, Dilip Buildcon, NMDC and UPL were among 58 stocks that slipped
into the overbought zone.
Nestle, BoB above 200 DMAsNestle, Biocon, Bank of Baroda (BoB), JSW Energy, Prestige Estates Projects, Bombay
Super Hybrid Seeds, Hindustan Zinc, Hathway Cable and LT Finance Holdings were among the stocks that witnessed positive breakouts and traded
On the other hand, Tata Power, Caplin Labs, Sadbhav Engineering, Bharti Airtel, FCS Software and Bajaj Electricals featured among those that
traded below their 200-DMAs.
