Stocks Radar: BEML, Yes Bank, Cochin Shipyard
Indian equity benchmarks halted their three-day selloff to open higher on Monday, following the Asian stocks. The S&P BSE Sensex and the NSE Nifty 50 Index traded nearly flat at 35,059.47 and 10,544.45, respectively, as of 10:15 a.m.
The market breadth, however, was tilted in favour of buyers. Yet, seven of the 11 sectoral gauges advanced, led by a 0.76 percent rise in the NSE Nifty Media Index. The NSE Nifty IT Index was the biggest loser, down 1.31 percent.
Here Are The Stocks Moving The Market This Morning
Oil Marketers Jump On Lower Crude Oil Prices
Shares of oil marketers rallied on lower crude oil prices. The Brent crude fell 6.69 percent on Friday to $58.41 a barrel, its lowest levels since October 2017.
- Indian Oil Corporation Ltd. rose as much as 0.07 percent to Rs 138.40 apiece.
- Bharat Petroleum Corporation Ltd. rose as much as 1.86 percent to Rs 326.50 apiece.
- Hindustan Petroleum Corporation Ltd. rose as much as 1.79 percent to Rs 247.25 apiece.
BEML Gains On Order Win
Shares of the construction equipment maker rose for the second session to Rs 777 apiece, its highest levels since Sept. 18.
The company was awarded a contract worth Rs 3,015 crore for supply of 378 metro coaches, according to its exchange notification. The deliveries are scheduled to commence from July 2020 until September 2022.
The trading volume is three times its 20-day average, Bloomberg data showed. The stock declined 55 percent in the past 12 months.
Yes Bank Worst Performer On Sensex, Nifty
Shares of Yes Bank declined for the second session to Rs 182.20 apiece, its lowest levels since Oct. 31.
Yes Bank trades at 9.3 times its estimated earnings per share for the coming year, according to Bloomberg data. The analysts tracked by Bloomberg have their lowered price target by 38 percent in the past three months.
Cochin Shipyard Near One-month High On Buyback Plan
Shares of the shipbuilder rose as much as 7 percent to trade near its one-month high at Rs 390 apiece.
The company plans to buy back shares worth Rs 200 crore at Rs 455 apiece, according to its stock exchange notification.
The trading volume is 7.4 time its 30-day moving average, Bloomberg data showed. The stock fell 27.6 percent so far this year compared to a 4 percent advance in the Sensex.
IT Index Falls For Fourth Session As Rupee Appreciates
The NSE Nifty IT Index declined for the fourth session and is set for its longest losing streak in four months on account of a strong rupee.
The local currency strengthened for the eighth day and appreciated as much as 0.55 percent to 70.30 against the U.S. dollar.