ICICI Bank, HUL Help Sensex, Nifty Recover After Worst Fall Of 2020
Closing Bell: ICICI Bank, HUL Help Sensex, Nifty Recover After Worst Fall Of 2020
Indian equities recovered after posting their worst single-day decline of the year on Saturday, led by the gains in ICICI Bank Ltd. and Hindustan Unilever Ltd.
The S&P BSE Sensex rose 0.34 percent to close at 39,872.31 and the NSE Nifty 50 rose 0.53 percent to end at 11,724.05.
The broader markets represented by the NSE Nifty 500 Index fell 0.46 percent on Monday. The market breadth was tilted in favour of sellers. About 1,093 stocks declined and 723 shares advanced on National Stock Exchange.
Eight out of 11 sectoral gauges compiled by the NSE ended higher, led by the NSE Nifty Media Index’s 1.7 percent gain. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral loser, down 2.46 percent.
Stocks Moving On Heavy Volumes
Karur Vysya Bank
- Stock rose as much as 3.5 percent to Rs 47.60.
- Trading volume was 10 times its 20-day average.
- Stock fell as much as 6.4 percent to Rs 205.
- Trading volume was almost eight times its 20-day average.
SBI Life Insurance
- Stock fell as much as 4.1 percent to Rs 856.65.
- Trading volume was almost seven times its 20-day average.
- Stock fell as much as 7.1 percent to Rs 630.70.
- Trading volume was more than five times its 20-day average.
GlaxoSmithKline Consumer Healthcare
- Stock rose as much as 5.3 percent to Rs 9,470.45.
- Trading volume was more than six times its 20-day average.
Fab Four Stocks Of The Day
Amara Raja Batteries
- Stock rose as much as 6.5 percent to Rs 791.
- Strong operational performance.
- Margins expand by 130 basis points to 16.2 percent on lower raw material costs.
- Replacement and industrial segment performed well and export to countries in Indian Ocean Rim geography continued to gain traction.
- Steep fall seen in OEM revenue and lower realizations, but still there was revenue growth of 3 percent.
- Stock rose as much as 6.6 percent to Rs 569.15 after December quarter results.
- Revenue rose 9.9 percent to Rs 105.8 crore.
- Net profit rose 36.1 percent to Rs 27.5 crore.
- Ebitda rose 23 percent to Rs 43.8 crore.
- Margin stood at 41.4 percent versus 37 percent.
- Stock rose as much as 10.1 percent to Rs 852.20.
- Fresh longs seen with high open interest of 34 percent.
- Trading volume was three times its 20-day average.
- Stock swung from a fall of as much as 3.3 percent to gain as much as 4.6 percent.
- The company received EPC order for worth Rs 1,254 crore from J&K Central Public Works Department.
- Order inflow for 2019-20 stands at Rs 3,240 crore.
Market Commentary: Budget’s Push For Private Investments Commendable, Morgan Stanley’s Ridham Desai Says
Finance Minister Nirmala Sitharaman’s decision to not remove long-term capital gains tax in the Union Budget 2020 is a missed opportunity but the focus on private investments is commendable, according to Morgan Stanley’s Ridham Desai.
“An LTCG relief would have cemented the progress made after last year’s corporate tax cuts, Desai, head of India equity research and India equity strategist at Morgan Stanley India,” told BloombergQuint in an interview, adding that it probably is one big reason why equity markets sold off after the budget.
Read the full story/watch the full interaction here:
IDBI Bank Falls The Most In Over Five Months
Shares of IDBI Bank fell as much as 8.5 percent, the most since Aug. 28, 2019, to Rs 34.10. The scrip had advanced 10.2 percent on Saturday.
The proposed to sell the balance stake IDBI Bank to private, retail and institutional investors through the stock exchange, Finance Minister Nirmala Sitharaman said in her Budget speech on Saturday.
Of the shares traded, 51 percent were at the ask price and 43 percent were at the bid, according to Bloomberg data.
Piramal Enterprises Falls 8% To Over Three-Month Low
Shares of Piramal Enterprises fell for the fourth consecutive trading session. The stock fell as much sa 7.9 percent to Rs 1,336.55, the lowest since Oct. 17, 2019.
The company is scheduled to release its December quarter results tomorrow. The scrip traded at 12.4 times its estimated earnings per share compared to a 17.6 times for the two-year historical average, Bloomberg data showed.