Sensex, Nifty Resume Declines After One-Day Breather
A Broker looks at a graph depicting the change in sterling on the trading floor at ETX Capital, a broker of contracts-for-difference, in London, U.K. (Photographer: Jason Alden/Bloomberg)

Sensex, Nifty Resume Declines After One-Day Breather

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Closing Bell: Sensex, Nifty Resume Declines After One-Day Breather

Indian equity benchmarks resumed fall after a one-day breather, led by the declines in ITC Ltd. and Tata Consultancy Ltd.

The S&P BSE Sensex fell 0.61 percent or 248 points to end at 40,239.88 and the NSE Nifty 50 fell 0.68 percent to close at 11,856.80. The broader markets represented by the NSE Nifty 500 Index fell 0.79 percent.

The market breadth was tilted in favour of sellers. About 1,279 stocks declined and 512 shares advanced on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Media Index’s 1.94 percent fall.

Fab Four Stocks Of The Day

New India Assurance

  • Stock rose nearly 8 percent intraday.
  • “The government may raise the overseas investment limit in insurance to 74 percent in the February budget, up from 49 percent now, possibly paving the way for foreign control of companies,” Economic Times reported quoting people familiar with the matter.

Indiabulls Housing Finance

  • Stock rose as much as 7.2 percent to Rs 277.60.
  • Fresh longs seen with high open interest of 3 percent.

JB Chemicals & Pharma

  • Stock rose as much as 8.3 percent to hit an all-time high at Rs 434.90.
  • The stock advanced 23 percent since November.

Time Technoplast

  • Stock rose as much as 5.1 percent to Rs 49.85.
  • The company plans to mull business restructuring.

Yes Bank Extends Decline, Shares Fall Nearly 14%

Shares of Yes Bank extended morning declines and fell as much as 13.7 percent, the most in over a month, to Rs 48.55, the lowest since Oct. 25.

The company’s board is poised to reject the offer of $1.2 billion from Braich in its Tuesday’s meeting, according to a Bloomberg report. (Read the full story here)

Stocks Moving On Heavy Volumes

Thermax

  • Stock rose as much as 3.2 percent to Rs 1,012.80.
  • Trading volume was more than 20 times its 20-day average.

Jyothy Labs

  • Stock fell as much as 3.9 percent to Rs 152.05.
  • Trading volume was almost 17 times its 20-day average.

MAS Financial Services

  • Stock rose as much as 7.7 percent to Rs 884.80.
  • Trading volume was more than 11 times its 20-day average.

Sheela Foam

  • Stock fell as much as 2.9 percent to Rs 1,287.
  • Trading volume was five times its 20-day average.

PC Jeweller Extends Fall; Shares Drop Over 10% To Record Low

Shares of PC Jeweller extended declines for the fourth consecutive trading session. The stock fell as much as 10.3 percent to hit an all-time low at Rs 22.25.

CRISIL had downgraded rating on bank facilities worth Rs 3937 crore to D from BB+ and A4+ for long term and short term. The downgrade factors in the instances of devolvement of Letter of Credits and overutilization in working capital limits for more than 30 days. The same is reflective of the fact that the liquidity profile of the group has deteriorated in past few months on account of cash flow mismatches.

The stock has declined 64 percent in the past 12 months compared to a 15 percent rally in the Sensex. The Relative Strength Index was below 30, indicating that the stock may be overbought, according to Bloomberg data.

Sectoral Indices Check: Nifty Media India Worst NSE Sectoral Performer

Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Media Index’s 1.2 percent fall. On the flipside, the NSE Nifty Financial Services Index was the only sectoral gainer, up 0.02 percent.

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