Stocks Radar: Axis Bank, Bajaj Consumer Care, Kotak Mahindra Bank, SpiceJet
Indian equity benchmarks traded higher after a shaky start.
The S&P BSE Sensex rose as much as 0.45 percent to 37,703 and the NSE Nifty 50 Index rose as much as 0.36 percent to 11,342.10
The market breadth was tilted in favour of buyers. About 807 stocks advanced and 780 shares declined on the National Stock Exchange.
Seven out of the 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty Metal Index’s 1 percent decline. On the flip side, the NSE Nifty Realty Index was the top sectoral gainer, up 1.2 percent.
Here Are The Stocks Moving The Market This Morning
Jet Airways, SpiceJet Decline After DGCA Grounds Boeing 737 Max Planes
Shares of Jet Airways (India) Ltd. and SpiceJet Ltd. declined after the Directorate General of Civil Aviation grounded the Boeing 737 Max aircraft with immediate effect following the deadly Ethiopian Airlines plane crash.
Besides, Jet Airways said that four more aircraft have been grounded due to non-payment to lessors.
IndusInd Bank Gains After Block Deal
Shares of IndusInd Bank Ltd. rose as much as 1.1 percent to Rs 1,585.90.
About 10 lakh shares changed hands in a block deal on NSE, Bloomberg data showed. Buyers and sellers weren't known immediately.
Trading volume was nearly 5 times its 20-day average, according to Bloomberg data. The stock declined 9 percent in the past 12 months compared to an 11 percent advance in the Sensex.
Kotak Mahindra Bank Halts Three-Day Rally
Shares of Kotak Mahindra Bank Ltd. halted a three-day rally and fell as much as 1.8 percent to Rs 1,272.
The Mumbai-based lender sought the court’s interim protection on founder stake issue. The bank’s lawyer Harish Salve stated that the bank can give an undertaking that founders won’t vote in excess of 20 percent until May 2020. The hearing has been deferred till April by the Bombay High Court.
The stock traded at 33 times its estimated earnings per share for the coming year, according to Bloomberg data.
Bajaj Consumer Care Falls Over 12%
Shares of Bajaj Consumer Care Ltd. fell as much as 12.1 percent, the most since November 2016, to Rs 307.80.
On Tuesday, the company’s promoter Bajaj Resources sold 1.01 crore shares or 6.85 percent equity at Rs 316.42 each. Bajaj Resources were holding 66.76 percent stake in the company as on December 2018, according to the data available on BSE.
Besides, ICICI Prudential Mutual Fund acquired 9 lakh shares or 0.61 percent equity at Rs 314.8 each.
Trading volume was more than 1,370 times its 20-day average, Bloomberg data showed. The Relative Strength Index was below 30, indicating that the stock may be overbought.
Axis Bank Surges To Record
Shares of Axis Bank Ltd. extended gains for the third consecutive trading session and rose as much as 1.1 percent to hit an all-time high.
The lender named Rakesh Makhija as non-executive chairman of the bank for a period of three years with effect from July 18. He will replace Dr Sanjiv Mishra as his tenure expires. Rakesh Makhija is existing chairman of SKF India and director of two TATA group companies and an arm of Axis Bank.
The stock had returned 20.7 percent so far this year and advanced 40.8 percent in the past 12 months.