Stocks Radar: BPCL, IOCL, HPCL, IndusInd Bank, Indiabulls Housing Finance, Yes Bank
Here are the stocks moving the market today.
Indian equities opened lower, extending declines for the second consecutive trading session.
The S&P BSE Sensex fell as much as 4.3 percent, or 1,616.82 points, to 35,959 and the NSE Nifty 50 fell as much as 4.1 percent to 10,539.05. Both the indices registered their two successive back-to-back falls of more than 2 percent since October 2018.
The market breadth was tilted in favour of sellers. About 1,566 stocks declined and 186 shares advanced on the National Stock Exchange.
All the 11 sectoral gauges compiled by the NSE traded lower, led by the NSE Nifty Metal Index’s 5.2 percent fall.
Here Are The Stocks Moving The Markets Today
Yes Bank Gains Over 17%
Shares of Yes Bank Ltd. rose 17.3 percent to Rs 18.95 after rallying as much as 40 percent in opening trade.
State Bank of India will acquire a 49 percent stake in Yes Bank and make an initial investment of Rs 2,450 crore. That comes after the Reserve Bank of India on Thursday advised the central government to put Yes Bank under a moratorium and superseded its board, capping withdrawals at Rs 50,000 for a month.
The day after, the central bank released a draft plan aimed at altering Yes Bank’s authorised share capital to Rs 5,000 crore and issuing 2,400 crore shares with a face value of Rs 2 apiece. To be sure, as an investor under the reconstruction scheme, SBI is expected to maintain at least 26 percent stake for three years. This means as new investors buy into Yes Bank, SBI will have to infuse further equity to maintain its stake.
IndusInd Bank Falls After Deferring Board Meet
Shares of the private lender opened lower by as much as 7.37 percent to Rs 940.
The lender’s board meeting to raise funds has been deferred in view of the current market conditions and as the bank is adequately capitalised at present.
The stock extended declines for the second consecutive trading session. The scrip fell nearly 12 percent in the last two sessions.
Indiabulls Housing Finance Drops After Releasing Exposure Details To Yes Bank
Shares of the housing finance company fell as much as 20 percent, the most since Oct. 10, 2019 to Rs 203.80 on the National Stock Exchange.
The company in a statement to the exchanges mentioned that it has a total exposure of close to Rs 662 crore to the AT-1 bonds of Yes Bank which have been written down permanently as part of its reconstruction plan by the Reserve Bank of India.
Oil Marketers Rally; BPCL, HPCL Jump Over 12%
Shares of Bharat Petroleum Corporation Ltd. rose as much as 12.7 percent to Rs 454.40, while shares of Hindustan Petroleum Corporation Ltd. rose as much as 12.3 percent to Rs 225.80. Meanwhile, shares of Indian Oil Corporation Ltd. rose as much as 4.4 percent to Rs 105.25.
That came after the Brent crude crashed more than 30 percent after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences.