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After Market: IndiGo plunges 11%, TaMo pares losses, 67 stocks in oversold zone

NEW DELHI: Equity benchmarks Sensex and Nifty ended in the n..

NEW DELHI: Equity benchmarks Sensex and Nifty ended in the negative terrain for the fourth session on Wednesday on losses led by financial and auto heavyweights.

The market has been under a spell gloom ever since the Union Budget on Friday. Sensex closed 174 points down at 38,557 while Nifty settled 57 points down at 11,498. The 30-pack has retreated 1,351 points since last Fridays Budget.

Moreover, rising crude oil prices, diminishing hopes of Fed rate cut and geopolitical concerns in West Asia have weighed on sentiment.

"The Indian market ended on a negative note despite firm global cues as fresh tariff threats on India from the US triggered volatility,” said Ajit Mishra Vice President, Research, Religare Broking.

Here is a breakdown of key highlights of Wednesday's session:

IndiGo plunges 11%
Shares of InterGlobe Aviation (IndiGo) plummeted 10.73 per cent to Rs 1,397.75 as the feud between the promoters took a turn for the worse after one of the warring partners complained to Sebi about questionable corporate governance practices, alleging that even a paan ki dukaan would have handled things better.

TaMo shares pare losses
Shares of Tata Motors declined 4.24 per cent intraday to Rs 149.15 but later pared losses to close 2.79 per cent down at Rs 151.40 following reports of an uptick in June China sales of its struggling British arm Jaguar Land Rover (JLR).

TCS shares shed 1%
Shares of TCS ended 1.11 per cent lower at Rs 2,107.70 after brokerages came out with mixed reviews of the company's June quarter earnings. They highlighted that the companys 11.42 per cent year-on-year revenue growth for the quarter was less than 16-20 per cent expansion that it had reported last four quarters.

Tasty Bite logs strong gains
Shares of prepared-foods maker Tasty Bite Eatables surged 9.40 per cent to Rs 9501.45 a day after the company said it would consider a proposal to raise funds via issue of equity shares on a preferential basis.

Auto stocks derailed
Most auto stocks suffered losses on Wednesday, dragging the BSE Auto Index 1.07 per cent down after data released by Society of Indian Automobile Manufacturers (SIAM) showed domestic passenger vehicle (PV) sales declined by 17.54 per cent to 2,25,732 units in June from 2,73,748 units in the year-ago period. Motorcycle sales last month declined 9.57 per cent to 10,84,598 units from 11,99,332 units a year earlier. Sales of commercial vehicles were down 12.27 per cent to 70,771 units in June against 80,670 units in the same period a year ago and vehicle sales across categories fell 12.34 per cent to 19,97,952 units from 22,79,186 units in June 2018. Tata Motors (down 2.79 per cent), TVS Motor Company (down 2.66 per cent), Bharat Forge (down 2.46 per cent), Mahindra & Mahindra (down 1.77 per cent) and Hero MotoCorp (down 1.77 per cent) were the top losers in the auto pack.

196 stocks hit lower circuits
Manpasand Beverages, Cox & Kings, Eros International Media, Kwality, Jaypee Infratech and Rushil décor were among the 196 stocks that hit lower circuits. On the other hand, 63 Moons Technologies, Supreme Infrastructure, Nitin Fire Protection Industries and Tanla Solutions were among 135 stocks that hit upper circuits.

233 stocks hit 52-week lows
As many as 233 stocks, including Balkrishna Industries, Bosch, Force Motors, JSW Steel, Maruti Suzuki and Indiabulls Integrated Services, hit 52-week lows on BSE.

124 stocks signal fall
Momentum indicator moving average convergence divergence, or Read More – Source

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