Late Rebound Helps Sensex, Nifty Recoup Most Of Tuesday’s Losses; Bonds Decline
A traffic signal stands illuminated next to the Bombay Stock Exchange (BSE) building in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Late Rebound Helps Sensex, Nifty Recoup Most Of Tuesday’s Losses; Bonds Decline

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Closing Bell: Late Rebound Helps Sensex, Nifty Recoup Most Of Tuesday's Losses

Indian equity benchmarks advanced in the last 30 minutes after a topsy-turvy trade to erase most of yesterday’s losses.

The S&P BSE Sensex rose 0.43 percent to end at 40,412.57 and the NSE Nifty 50 rose 0.45 percent to close at 11,910.15. The broader markets represented by the NSE Nifty 500 Index rose 0.43 percent.

The market breadth, however, was tilted in favour of sellers. About 1,045 stocks declined and 720 shares advanced on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty IT Index’s 1.23 percent advance. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 0.25 percent.

Money Market Update: Indian Bonds Decline

The yield on 10-year note the reversed losses and advanced nearly five basis points to 6.75 percent.

That comes after S&P flagged risk to sovereign ratings. “S&P May lower India rating if growth doesn’t recover,” it said, according to Bloomberg report.

Late Rebound Helps Sensex, Nifty Recoup Most Of Tuesday’s Losses; Bonds Decline

Fab Four Stocks Of The Day

HDFC AMC

  • Stock halted a five-day losing streak and rose as much as 4.6 percent to Rs 3,021.95.
  • Haitong Initiated ‘Buy’ with a price target of Rs 3,435.

Manappuram Finance

  • Stock rose as much as 5.9 percent to Rs 166.30
  • Fresh longs seen high open interest of 9 percent

GAIL

  • Stock rose as much as 5.8 percent to Rs 117.50.
  • Emkay Maintained ‘Buy’ with a price target of Rs 160
  • AGR hit concerns may have gripped stock performance
  • Believe the AGR demand is not tenable
  • Core business outlook mixed but downsides unlikely; valuations attractive

Safari Industries

  • Stock rose as much as 4.9 percent to Rs 599.95.
  • Malabar India Fund acquired 1.51 lakh shares or 0.68 percent at Rs 560 each.

Stocks Moving On Heavy Volumes

Johnson Controls-Hitachi Air Conditioning India

  • Stock from a gain of as much as 2.2 percent to fall as much as 1.7 percent
  • Trading volume was almost 40 times its 20-day average.

TCNS Clothing

  • Stock fell as much as 3.2 percent to Rs 644.10.
  • Trading volume was more than 20 times its 20-day average.

Mahindra CIE

  • Stock rose as much as 7.1 percent to Rs 161.90.
  • Trading volume was almost seven times its 20-day average.

Sterlite Technologies

  • Stock fell as much as 11.5 percent to Rs 102.50.
  • Trading volume was more than three times its 20-day average.

KNR Constructions Swings After Order Win

Shares of KNR Constructions fluctuated between gains and losses to trade 0.46 percent lower to Rs 225.45.

The company bagged an order from Greater Hyderabad Municipal Corporation for Rs 240 crore, according to its stock exchange filing.

Of the shares traded on NSE, 47 percent were at the ask price and 44 percent were at the bid, according to Bloomberg data.

Coal India Set For Longest Losing Streak In Over 17 Months

Shares of Coal India extended declines for the seventh consecutive trading session and are set for their longest losing streak since June 25, 2018.

The stock fell as much as 1.2 percent to Rs 185. The scrip declined nearly 10 percent in seven days.

Coal India traded at 6.5 times its estimated earnings per share for the coming year, according to Bloomberg data.

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