Domestic equity market kicked off the New Year on a cheerful note. Fag-end buying in select telecom and financial stocks supported the benchmark NSE Nifty to extend its rally into the fifth day. The 50-pack added 47 points, or 0.44 per cent, to end at 10,910, while 30-share BSE Sensex closed 186 points, or 0.52 per cent, higher at 36,254.
As many as 32 Nifty stocks closed in the green with Bharti Airtel, HDFC, SBI, BPCL and Bharti Infratel gaining up to 3 per cent. On the other hand, M&M, Hindalco, Indiabulls Housing Finance, HUL, and JSW Steel dipped between 1 per cent and 4 per cent.
Here are the highlights of Tuesday's session:
Select PSU banks spurt up to 12%
Shares of UCO Bank, Bank of Maharashtra (BoM), Syndicate Bank and Central Bank of India rallied up to 12 per cent after the government on Monday infused Rs 10,882 crore in these lenders as part of its Rs 28,615 crore capital infusion plan. UCO Bank rose 12.10 per cent to Rs 22.70, Bank of Maharashtra 3.83 per cent to Rs 15.46 while Syndicate Bank and Central Bank of India added 1.27 per cent and 1.36 per cent, respectively.
New CEO lifts Axis Bank shares
Shares of Axis Bank gained over 1 per cent after former HDFC Life Insurance Managing Director Amitabh Chaudhry joined as new CEO and MD in place of Shikha Sharma, who retired from service on Monday. Chaudhry will remain in office till December 31, 2021. Chaudhry was with the life insurer since January 2010 and is widely credited for the insurers successful IPO in 2018.
Poor Dec sales hit auto stocks
Poor December sales hurt auto stocks, with the BSE Auto index slipping 0.52 per cent to 20,726. M&M shares plunged 3.75 per cent after it reported 6 per cent drop in December tractor sales at 17,404 units. Eicher Motors ended flat at Rs 23,184 after the Royal Enfield maker reported a 13 per cent YoY fall in sales at 58,278 units. Tata Motors gained over 0.50 per cent after the company reported 8 per cent drop in sales at 50,440. Maruti Suzuki swam against the tide and advanced by a marginal 0.21 per cent despite having reported 1.3 per cent drop in sales at 1,28,338 units. Tata Motors blamed the slowdown in commercial vehicle sales on liquidity crisis, higher interest rates and rising fuel costs. While M&HCV and I&LCV segments are witnessing a drop, the passenger vehicle business has bounced back, the Tata firm said in a release.
Nifty charts show bullish candle
Nifty formed a small bullish candle on the daily charts with a long lower shadow. The index had opened on a shaky note and witnessed weakness in morning trade before recovering sharply in the afternoon session. “Technically, with Nifty surging higher, the bulls remain in control. Further upsides are likely once the immediate resistance of 10,924 is taken out. Crucial supports to watch for any trend reversal is at 10,807,” said Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities.
Who moved my Sensex
HDFC contributed the most to the rally in Sensex, followed by HDFC Bank, ICICI Bank, Infosys, State Bank of India and Axis Bank in that order. In terms of percentage gains, Bharti Airtel, HDFC, YES Bank and HDFC Bank were the top gainers while M&M, Tata Steel, ONGC and HUL finished as top index losers.
Realty top sectoral gainer
A rally in the shares of Prestige Estates (up 7.77 per cent), Mahindra Lifespace Developers (up 3.58 per cent), Phoenix (up 2.72 per cent), Oberoi Realty (up 2.18 per cent) and DLF (up 1.72 per cent) boosted the BSE Realty index, helping it to surge 2.21 per cent to 1,837. Eight stocks in the index advanced while 2 declined.
Midcaps underperformed smallcaps
The BSE Midcap index ended 0.08 per cent down at 15,426, while the Smallcap index added 0.41 per cent to 14,766. Motilal Oswal Financial Services (down 3.19 per cent), Supreme Industries (down 2.47 per cent), Endurance (down 2.06 per cent) and TI Financial Holdings (down 1.81 per cent) were among the top losers in the index.
Spurt in open interest
With a 15.32 per cent change in open interest, Escorts led the stocks that witnessed biggest spurt in open interest on NSE. It was followed by M&M (12.78 per cent), Bank of Baroda (10.61 per cent), Indian Bank (10.47 per cent) and IGL (10.18 per cent).
Most active stocks
HCC (number of shares traded 4.42 crore), Reliance Communications (4.51 crore), MTNL (2.69 crore), YES Bank (2.41 crore) and Bank of Baroda (2.33 crore) were the most traded stocks on NSE in terms of volume while Axis Bank (Rs 760.95 crore), IndusInd Bank (Rs 643.57 crore), Dredging Corporation (Rs 516 crore), Reliance Industries (Rs 498 crore), Maruti Suzuki (Rs 465 crore) and Sun Pharma (Rs 369 crore) were most active in terms of value.
50 stocks look bullish
Momentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 50 counters on NSE, signalling a likely rise in these stocks. Among them were Reliance Industries, Bajaj Hindusthan, Bharat Wire, Aurobindo Pharma, HDFC and Atul Auto. However, 22 stocks, including Swan Energy, Gokul Refoils, Allcargo, Man Industries, GE Power and Gayatri Projects, showed bearish crossovers.
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