Firm global cues capped downside and bargain hunting gradually pushed Sensex higher.
Telecon stocks had field day in Monday’s session on Dalal Street as value buying emerging at lower price levels, a story that played out in some other sectors as well.
That apart, the counter of Equitas Holdings created some buzz after RBI denied the company more time to list its small finance bank; IndiaMART saw a rally on the first fund raising on its B2B e-marketplace and Ashok LeylandNSE -1.56 % slumped after it announced temporary plant shutdown to lower inventory.
Amid these mixed signals, equity benchmarks Sensex and Nifty advanced, mainly on gains in financial counters amid firm global cues. The 30-share Sensex closed 164 points, or 0.44 per cent, higher at 37,145, while the 50-share Nifty rose 56.85 points, or 0.52 per cent, at 11,003.
“Firm global cues capped downside and bargain hunting in select index majors gradually pushed the index higher as the session progressed,” said Ajit Mishra, Vice President, Research, Religare Broking.
We walk you through the key highlights of Monday’s session:
Equitas Holdings slips
Shares of Equitas Holdings declined over 6 per cent after the Reserve Bank of India (RBI) on Friday denied an extension of the deadline to Equitas Small Finance Bank for listing on the bourses. As per RBI’s licensing requirements, the deadline for listing the bank was September 4, 2019.
Slowdown hits Ashok Leyland
Ashok Leyland announced non-working days at its various manufacturing facilities following weak demand. The company announced 16 days non-working days for its facility in Ennore, five days at Hosur (Tamil Nadu) unit, 10 days each in Alwar (Rajasthan) and Bhandara (Maharashtra) unit and 18 days in Pantnagar (Uttarakhand) facilities. Following the development, the scrip closed 1.56 per cent down at Rs 62.90 on BSE.
Eveready plunges 5%
Shares of Eveready Industries hit lower circuit amid reports that Duracell pipped rival Energizer Holdings and is set to acquire the battery and flashlight business of the company in a slump sale for Rs 1,600-1,700 crore. Following the development, shares of the BM Khaitan-led firm declined 5 per cent to hit the lower circuit limit of Rs 70.50.
IndiaMART gains for 4th day
Shares of IndiaMART InterMASH extended their rally into the fourth straight session after business accounting software provider Simply Vyapar on September 3 said it had raised Rs 36 crore in funding led by B2B e-marketplace IndiaMART. The scrip jumped 34 per cent to Rs 1,609 on September 9 from Rs 1,198 on September 3.
Telecom stocks outperform
With a gain of 2.05 per cent, the BSE Telecom index emerged as the top grosser on the BSE sectoral list. It was followed by Capital Goods (up 1.91 per cent), Consumer Durables (up 1.03 per cent), FMCG (up 0.94 per cent) and Auto (up 0.94 per cent) indices. On the other hand, BSE IT and TECk indices lost 0.42 per cent and 0.73 per cent, respectively.
Who moved my Sensex
Mortgage lender HDFC contributed nearly 40 points to the Sensex rally. Infrastructure major L&T and private sector lender Kotak Mahindra BankNSE 2.06 % added 35 points and 33 points, respectively, while IT majors Infosys (38 points), TCS (down 15 points), HCL TechnologiesNSE -1.45 % (down 9 points) and Tech Mahindra (down 5 points) capped the upside.
Most active stocks
With 15.09 crore shares changing hands, YES BankNSE 4.47 % emerged as the most traded stock on NSE, followed by SuzlonNSE -12.50 % Energy (number of shares traded: 6.71 crore), Vodafone Idea (5.60 crore), Tata Motors (5.12 crore) and Ashok Leyland (2.98 crore). On the other hand, Maruti SuzukiNSE 2.40 % (Rs 1,282 crore) finished as the most active stock in terms of value. YES Bank (Rs 936 crore), ICICI BankNSE 1.05 % (Rs 739 crore), RBL Bank (Rs 684 crore) ..
Spurt in open interest
CESC led the pack of stocks in the biggest spurt in open interest (32.36 per cent) on NSE. It was followed by Just Dial (32.20 per cent), Equitas Holdings (29.78 per cent) and RBL Bank (20.94 per cent).
70 stocks hit 52-week lows
As many as 70 stocks on National Stock Exchange (NSE) hit their fresh 52-week lows. The list included Assam Company, BAG Films, Reliance Naval and Engineering, Mercator, Linc Pen, SRS and Suzlon Energy. On the other hand, Abbott India, Bata India, Hindustan Foods, IndiaMART InterMESH, Relaxo Footwears and Responsive Industries stood among 20 players that hit fresh 52-week highs.
On the options front, maximum Put open interest (OI) was at 10,800 followed by 10,600 while maximum Call OI was at 11,200 followed by 11,500 strike. Minor Call writing was seen at strike price 11,200 while there was Put writing at 10,900 and 11,000 strike. Options data suggested a trading range between 10,700 to 11,200 levels, according to Chandan Taparia, Analyst-Derivatives, Motilal Oswal Financial Services.