NEW DELHI: Snapping the winning streak of three consecutive sessions, domestic equity benchmarks Sensex and Nifty took a beating on Tuesday, as an overnight selloff in US technology heavyweights spooked Asian stocks.
The BSE IT index tanked nearly 2 per cent.
A rise in the domestic currency against the US dollar after an ebb in global crude oil prices failed to boost sentiment, as was the truce between the RBI and the government
The Sensex settled 300 points, or 0.84 per cent, down at 35,474, while the Nifty finished 107 points, or 1 per cent, lower at 10,656. With this, Nifty has slipped below its 200-DMA at 10,751.
Midcaps and smallcaps suffered losses in sync with the benchmarks. The BSE Midcap and Smallcap indices shed 1.02 per cent and 0.92 per cent, respectively.
Lets take a look at key highlights of the session:
Rs 1.43 lakh crore gone in a day
The selloff in the domestic equities eroded investor wealth worth Rs 1.43 lakh crore on Tuesday as the cumulative market capitalisation of BSE listed firm plunged to Rs 141.54 lakh crore from Rs 142.97 lakh crore a day earlier.
Rupee at two-month high
The domestic unit jumped to 71.28 aginst the US dollar, its highest level since September 4 after a slide in the American currency due to weak macro data. At the time of writing of this report, the rupee traded 16 paise higher at 71.49 to the US dollar.
Only 4 gainers in Sensex
Barring IndusInd Bank (up 1.34 per cent), Adani Ports (up 1.24 per cent), Mahindra & Mahindra (up 0.30 per cent) and HDFC Bank (up 0.06 per cent), all other stocks of the 30-share pack suffered losses. YES Bank led the losers, followed by Tata Steel, Vedanta, Wipro, NTPC and Bharti Airtel.
YES Bank plunges 6%
A day after clocking a 7 per cent gain, shares of the private lender plunged 6.10 per cent to Rs 192.55 on BSE after reports that an independent director, R Chandrashekhar, has stepped down from the board. A search panel entrusted with finding Rana Kapoors successor to lead YES Bank has shortlisted multiple names, including two in-house leaders Pralay Mondal (Senior Group President of Retail & Business Banking) and Rajat Monga (Senior Group President & CFO).
Jet jittery on Tata Sons warning
Shares of Jet Airways (India) settled 3.99 per cent lower at Rs 310.10 on BSE after the board of Tata Sons, which is in the preliminary talks with the airline, raised concerns over the financial health of the airline. The Tata Sons board has cautioned the management against rushing into any deal with Jet Airways amid concerns of rising liabilities of the airline.
Bharti Airtel to raise funds
Domestic telecom giant Bharti Airtel is planning to raise more than $2 billion in loans from banks, said a Bloomberg report. Shares of the company closed 2.09 per cent down at Rs 329.65 on BSE. The country's second-largest wireless carrier is saddled with intense competition and is facing a threat of a ratings downgrade to junk status.
HEG gains on buyback plans
The reports of share buyback augured well for the stock, pushing it near its three-week high of Rs 4,480 on BSE. A meeting of board of directors is scheduled to be held on November 26 to consider inter-alia the proposal for buyback of the equity shares of the company. The trading window for dealing in the equity shares of the company will remain closed from November 20 to November, 28. Shares of the company eventually settled with a gain of 1.61 per cent at Rs 4,330.
NBCC Q2 profit down 3%
The state-owned firm posted a 3 per cent drop in consolidated net profit at Rs 76.24 crore for the quarter ended September 2018. Net profit stood at Rs 78.59 crore in the year-ago period, as per the BSE filing. Shares of the company declined 0.50 per cent to settle at Rs 59.35 on BSE.
CCI on Schneider-L&T deal
Fair trade regulator Competition Commission of India (CCI) has sought public views on Schneider Electric's proposed acquisition of certain businesses of L&T after prima-facie finding that the deal could adversely impact competition, PTI reported. CCI said stakeholders have to submit comments within 15 working days along with supporting documents on how the merger can adversely impact any person or entity. Shares of L&T closed the day at Rs 1,412.70, with a mild loss of 0.24 per cent.
All sectors close in the red
All sectoral indices on the BSE finished the day with losses. The BSE Metal, with a loss of 2.82 per cent, stood at the top, followed by BSE Basic Materials, BSE Information Technology and teck that declined nearly 2 per cent.
ACC, Biocon, Hindalco below 200-DMA
ACC, Biocon, L&T Infotech, Corporation Bank, JSW Steel, Hindalco, Granules India and 3i Infotech featured among stocks that traded below their 200-DMA today. However, GlaxoSmithKline, Tata Power, Just Dial and Page Industries were among stocks that witnessed positive breakouts and traded above their 200-DMA.
125 stocks at 52-week lows
As many as 125 stocks, including GE T&D India, NTPC, Sharda Cropchem, Asahi India Glass, Deepak Fertilisers and Gujarat Pipavav Port, hit 52-week lows on BSE. Aarti Industries, Adani Gas, Birla Cable, Coastal Corporation and Atul featured among the 43 stocks that hit their 52-week highs.
Bearish signal on 154 stocks
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 154 counters on BSE. Among the stocks that showed bearish crossovers were HCC, Hindalco, Infosys, Wipro and Torrent Power. On the other hand, 25 stocks, including Timex Group, Cochin Minerals, Finolex Industris, V2 Retail and King Infra Ventures showed bullish crossovers as per the MACD indicator.
54 stocks enter oversold zone
Momentum oscillator Relative Strength Index, or RSI, showed 54 stocks in the oversold zone on BSE. Esaar (India), Kushal, Supreme Petrochem, Ashari Agencies and Thirani Projects featured among stocks that entered the oversold zone. On the other hand, Adani Transmission, Vikas Proppant, GBL Industries and Sangal Papers featured among 37 overbought stocks on BSE.
Nifty forms Bearish Belt Hold pattern
Nifty50 snapped a three-day winning streak and reversed the formation of higher highs and higher lows on Tuesday to form a Bearish Belt Hold pattern on the daily chart, as the opening value for the index proved to be its intraday high for the day.
Call/put writing
On the options front, maximum Put open interest was at 10,000 followed by 10,500 while maximum Call OI was at 10,800 followed by 11,000 level. There was meaningful Call writing at 10,800 followed by 10,700 levels, whereas Put writing was seen at 10,500 followed by 10,400 levels. The Option band signified a broader trading range between 10,550 and 10,800 levels.
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