Heavy selling pressure since the morning kept the bulls out of the scene on Friday, leading to an over 1 per cent drop in the benchmark Sensex and Nifty amid subdued global cues.
The 30-share BSE Sensex closed 463.95 points, or 1.33 per cent, down at 34,315, while the 50-share Nifty declined 149.50 points, or 1.43 per cent, to 10,303.
As many as 30 stocks in the Nifty index settled in the red, with Indiabulls Housing Finance falling 16.43 per cent, followed by HCL Technologies (down 6.57 per cent), YES Bank (down 5.41 per cent), Reliance Industries (down 4.43 per cent) and HDFC (down 4.19 per cent). On the other hand, HPCL, Sun Pharma, Kotak Mahindra Bank and ITC gained between 1.50 per cent and 4 per cent.
Lets walk you through the key highlights of the session:
Rs 1.60 lakh cr investor wealth gone
Freaky Fridays selloff wiped off Rs 1.60 lakh crore of equity investors wealth, as market capitalisation of BSE-listed firms declined to Rs 137.04 lakh crore from Rs 138.64 lakh crore.
This aviation stock flew high
Shares of Jet Airways rallied over 5 per cent after Economic Times reported that the Tata Group wants complete control over the airline major. The Tatas are said to have rejected an initial proposal for part-ownership and joint control and is seeking the exit of existing promoters, the Goyal family.
Who dragged my Sensex
Reliance Industries (-153.57 points), HDFC (-126.63 points) and Infosys (-83.75 points) together took off more than 350 points from Sensex. However, Kotak Mahindra Bank (+ 24.29 points), ITC (+18.02 points) and Sun Pharma (+16.25 points) tried to cap the downside.
Why RIL plunged 4% played spoilsport
Shares in Reliance Industries (RIL) skidded over 4 per cent even after the company reported record second quarter results on Wednesday. Companys heavy debt and a delay in the $5 billion petcoke gasifier project disappointed investors. The refining-to-telecom conglomerate posted a record consolidated quarterly profit of Rs 9,516 crore, driven by growth in its core petrochemicals division and consumer businesses of telecom and retail.
101 stocks hit 52-week lows
As many as 101 stocks touched 52-week lows on the National Stock Exchange (NSE). They included ABG Shipyard, Bajaj Auto, Crisil, CG Power, Bharat Road, Dilip Buildcon, Dish TV, Hero MotoCorp, Piramal Enterprises, UltraTech Cement and Unitech, among others.
36 stocks saw bearish crossovers
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 36 counters on NSE. The list included stock such as Siemens, Gruh Finance, Hero MotoCorp, Bandhan Bank, SJVN, ACC, and IIFL Holdings. Meanwhile, 35 stocks showed bullish crossovers. They included DLF, UPL, Voltas, City Union Bank, Oberoi Realty and Mahindra Holidays, among others.
Q2 earnings impact
UltraTech Cement: Shares of Ultratech Cement plunged over 3 per cent after it reported a 10.87 per cent fall in consolidated net profit to Rs 376.82 crore for the July-September quarter on account of increased energy and logistics costs. It had posted a net profit of Rs 422.77 crore in the July-September quarter a year ago.
Mphasis: Shares of the IT company slipped over 4 per cent despite it having reported 37 per cent rise in consolidated net profit at Rs 271 crore for the quarter ended on September 30, 2018, compared to the year-ago quarter. IT had registered a net profit of Rs 197.6 crore in the year-ago period, it said in a statement.
5 observations on Lupin
Shares of drug firm Lupin declined nearly 2 per cent on Friday after it informed bourses that the US Food and Drug Administration (USFDA) has issued five observations after inspecting its Pithampur based manufacturing unit.
Stocks that tanked in double digits
On the NSE, PNB Housing Finance (down 18 per cent) , Indiabulls Housing Finance (down 16 per cent), MindTree (down 16.22 per cent), Shekhawati Poly (down 16.67 per cent) and SREI Infra Fin (down 10 per cent) declined as much as 18 per cent on Friday.
Hopes on upcoming earnings
Companies including HDFC Bank, ICICI Lombard General Insurance, Persistent Systems, Asian Paints, Can Fin Homes, Hindustan Zin, Jubilant Life Sciences, Oberoi Realty, Adani Ports, Ambuja Cements, Bajaj Finance, Bajaj Finserv, HCL Technologies, HDFC Life, MCX, RBL Bank, TVS Motor, Bajaj Auto, IndiGo, Bajaj Holdings, Kotak Mahindra Bank, Wipro, Sterlite Technologies, Biocon, Ceat, Piramal Enterprises, Raymond, YES Bank, ITC, Dr Reddys Labs, UPL will announce their financial results for the quarter ended September 2018 next week.
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