Sensex, Nifty End Little Changed Dragged By RIL, HDFC & ICICI Bank
Closing Bell: Index Heavyweights Drag Sensex, Nifty Off The Highest Point
Indian equity markets gave up nearly all of their gains to end little changed. The S&P BSE Sensex and the NSE Nifty50 Index traded volatile for most parts of the day and ended with marginal gains.
Both the benchmark indices ended with gains of 0.16 percent. The Sensex ended at 38,470 while the Nifty closed at 11,269.
Among sectoral indices, Media, Metal and Real Estate sectors were the key laggards. The FMCG along with the PSU Banking index ended with gains, though substantially off the highest point.
Market breadth was nearly 1:1 with 785 stocks ending with gains while 759 stocks closed with losses.
Today’s Market Turnover
- BSE Cash: Rs 2,391 Crore
- NSE Cash: Rs 44,514 Crore
- NSE F&O: Rs 37,09,872 Crore
- Total: Rs 37,56,777 Crore
BQ Spotted: Parag Milk Foods
Shares of Parag Milk Foods Ltd. fell to an all-time low of Rs 71 in today's trading session. The stock has traded lower for 16 out of the last 18 trading sessions and has lost Rs 278 crore in market capitalisation during that period.
The dairy company has fallen 74 percent from its 52-week high of Rs 276.05 which it achieved on July 05, 2019.
10 out of the 14 analysts tracked by Bloomberg continue to maintain a 'buy' rating on the stock while the other four have a 'hold' rating. It has traded below its Bloomberg consensus price target since May 2018.
Trading Ideas This Afternoon
From Yes Securities' Aditya Agarwala
- Buy Torrent Power for target of Rs 335; Stop Loss of Rs 308
- Buy Eicher Motors for target of Rs 19,000; Stop Loss of Rs 17,000
From Viratech Software's Rahul Mohindar
- Buy Biocon for target of Rs 330 and Stop Loss of Rs 303
- Sell Axis Bank for target of Rs 660 and Stop Loss of Rs 691
Yes Bank Issues Clarification
The private lender has clarified to the exchanges that it has not received any communication from the government, RBI or any regulatory authority about SBI being asked to form a consortium to buy stake in the bank.
Bloomberg had reported this morning that the government has given a nod to a plan, asking SBI to lead a consortium of banks to purchase stake in the capital-starved lender.
The Bank in the usual and ordinary course of its business continues to explore various means of raising capital / funds through issuance of securities to diverse set of investors to meet its business / regulatory requirements, subject to compliance with prescribed procedures and receipt of statutory/ regulatory approvals.Yes Bank’s Statement To Exchanges
Active Options Contracts
- 11,400 call adds 36.5 lakh shares
- 11,350 call adds 22.7 lakh shares
- 11,300 put adds 24.3 lakh shares