After Market: RPower tanks 7%; DHFL jumps, 240 stocks look all set to slide
NEW DELHI: Headline Sensex and Nifty indices ended Mondays session in the green amid positive global cues on hopes of a Fed rate cut.
The market failed to hold the gains seen in opening deals, as there was no significant positive trigger at home to sustain the momentum and thrust the market to previous high levels.
Losses in the HDFC twins, Kotak Mahindra Bank, ONGC and YES Bank weighed on Sensex, while IT and FMCG majors, including TCS, Infosys and ITC underpinned the index.
The 30-share pack ended 169 points, or 0.43 per cent, up at 39,784, with 20 stocks advancing. NSEs Nifty settled 52 points or 0.44 per cent, higher at 11,922, with 34 stocks closing with gains.
Lets walk you through the highlights of Monday's session:
240 stocks look ready to fall
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 240 counters on BSE, signalling that they may suffer losses in the coming sessions. Those stocks included L&T, Reliance Power, SpiceJet, Jammu & Kashmir Bank, Bank of India, Adani Enterprises, Canara Bank, HPCL and BPCL. On the other hand, Lakshmi Vilas Bank, Fortis Healthcare, Godrej Properties, Seamec and Mangalam Organics were among 39 stocks that showed bullish crossovers.
YES Bank shares extend losses
Extending losses into the third consecutive session, shares of YES Bank closed 2.89 per cent down at Rs 135.90. In last three sessions, the stock has come off 11 per cent. The private lender is looking to expand capital base by over 10 per cent through the issue of fresh equity under the private placement route. Meanwhile, Ajai Kumar, non-executive (non-independent) director of the bank, resigned on June 9, 2019, YES Bank said in a regulatory filing.
J&K Bank crashes 12%
Shares of Jammu and Kashmir Bank plunged 12.11 per cent to Rs 52.25 after Jammu and Kashmir government removed the bank's chairman Parvez Ahmed Nengroo and started investigations against him over allegations that he offered loans worth crores to people recommended by politicians, placed his relatives in plum positions and for even diverted funds meant for the banks corporate social responsibility (CSR) initiative for the beautification of Royal Spring Golf Course –– a rendezvous of the elite.
Eros Media plunges 38% in 4 days
Shares of Eros International Media hit a fresh all-time low of Rs 40.95, closing at the same level. With this, the stock has extended its losing streak into the fourth session, coming off 38 per cent. Last Wednesday, rating company CARE cut its creditworthiness, citing delays or likely defaults in serving debt availed from banks.
Reliance Power down 7%
Falling for the fifth consecutive session, shares of Reliance Power closed 6.81 per cent dowRead More – Source