Connect with us

Hi, what are you looking for?

Finance

ETMarkets After Hours: Metals, pharma bleed; Adag stocks tank

Another day, another record! The domestic equity market ende..

Another day, another record! The domestic equity market ended at yet another peak on Thursday amid all round optimism over the economy. Firm global cues and key developments such as a reduction in additional borrowing and likely 100 per cent FDI in private banks gave a major impetus to the bulls.

The S&P BSE Sensex jumped 178 points on Thursday to close at 35,260 while the broader Nifty50 index of the National Stock Exchange (NSE) closed above 10,800 for the first time at 10,817, up 28 points.

Here's a look at the top stocks/sectors that hogged the limelight in today's session:

Metals crack in a rising market
Metal stocks came under heavy selling pressure after reports surfaced that the US has imposed anti-dumping duty on stainless steel flanges from India. Such imports of stainless steel flanges from India are valued at $32.1 million. The Nifty Metal index fell 2.89 per cent to 3,998 with 14 out of 15 constituents ending in the red. The index was the second biggest loser on the NSE after realty pack.

UltraTech falls after Q3 earnings
UltraTech Cement announced an annual 23.36 per cent decline in consolidated net profit at Rs 456 crore for the quarter through December. This compares with a net profit of Rs 595 crore reported for the same quarter last year. The period under review saw an increase in variable costs attributable to hardening of prices in pet coke and coal. The ban on pet coke usage in some states also adversely impacted the performance. The scrip ended at Rs 4408.55 apiece on BSE, down 3 per cent.

Spurt in open interest
Mindtree witnessed the biggest spike in open interest contracts at 45.04 per cent, followed by Adani Ports (17.83 per cent) and Hindustan Zinc (16.40 per cent).

Bank stocks rally
Banking stocks made hay on reports that the government was considering 100 per cent FDI in private lenders and 49 per cent in PSU banks. As per domestic brokerage firm ICICI Direct, the government may go for FDI push in the banking sector, which will pave the way for higher foreign flows in banks. The Nifty Bank index hit a fresh record high of 26,888 and settled 248 points or 1 per cent higher at 26,537.40.

Pharma stocks slip
Pharma stocks slipped in the trade amid reports the government was poised to raise public health spending by 11 per cent, which is much lower than an earlier proposal in Budget allocation to ramp up disease control, Reuters reported quoting government sources and documents. Health Minister JP Nadda had sought a 'bare minimum' budget of nearly $10 billion for 2018-19 – 33 per cent higher than last year – in a letter to the Finance Minister on November 26, which Reuters had reviewed. The Nifty Pharma index plunged 118 points or 1 per cent to settle at 9,626.45 with 9 out of 10 constituents ending in the red.

Adag stocks crack up to 10%
Shares of Anil Ambani-led Reliance Communications (RIL) cracked 9 per cent to close at Rs 29.45 apiece on BSE amid profit booking at higher level. Other group stocks too slipped in the trade. Reliance Power and Reliance Naval shed 6.78 per cent and 7.57 per cent, respectively.

Mindtree logs big gains
Shares of mid-tier IT services firm Mindtree jumped 10 per cent after the company reported 13.8 per cent rise in net profit to $22 million and 3.9 per cent growth on revenues to $214.3 million for October-December quarter on strong execution. The Bengaluru-headquartered company's net profit stood at $ 19.3 million on revenues of $ 206.2 million during the July-September quarter. The stock shut shop at Rs 685.65 apiece on BSE.

Original Article

[contf]
[contfnew]

ET Markets

[contfnewc]
[contfnewc]

Click to comment

Leave a Reply

Your email address will not be published.