Benchmark equity indices Sensex and Nifty snapped a two-day winning streak to log biggest fall in over a month on Tuesday, as investors turned less hopeful of a market booster package from the government. A selloff in global equities following a crash in Argentina’s peso and a sharp drop in the rupee further intensified the selloff in the final hours of trade.
The 30-share Sensex tanked 623.75 points, or 1.66 per cent, to end the day at 36,958, while NSE’s Nifty settled 183 points, or 1.65 per cent, lower at 10,925.
“Global uncertainty due to political uncertainty in Argentina and Italy impacted our markets. The domestic market was hoping that the government will come out with supportive measures. While FPIs remained sellers, as they got no assurance of a possible tax shield from the government. Until such measures are implemented, the market will react based on economic data, which continues to be weak,” said Vinod Nair, Head of Research, Geojit Financial Services.
Here is a breakdown of key highlights of Tuesday’s session:
RIL cushions biggest Sensex drop
A nearly 10 per cent rally in Reliance Industries (RIL) capped the downside for the equity benchmarks. The stock zoomed after the oil-to-telecom behemoth announced a mega deal and a host of other proposals at its AGM. RIL Chairman Mukesh Ambani said telecom unit Reliance Jio will begin offering fibre-based broadband services from next month. The scrip settled the day at Rs 1,275. Had it not been for the gains in RIL, Sun Pharma and PowerGrid, Sensex would have fallen 1,005 points, logging one of its biggest drops in recent memory.
YES Bank shares tumble
Shares of YES Bank tanked 10.35 per cent to Rs 73.60 after the private lender told the bourses that some rumours regarding the issue price of the recently-launched QIP has been brought to its notice. “We would like to confirm to the market participants that the board’s capital raising committee would consider and approve, among other things, the issue price for equity shares in respect of the QIP on August 14. This intimation is intended to put at rest unnecessary speculation or rumours being spread regarding the QIP,” YES Bank said in a release.
Q1 results push Sun Pharma higher
Shares of Sun Pharmaceutical advanced around 4 per cent after it posted a 31.22 per cent year-on-year (YoY) rise in net profit at Rs 1,387.48 crore in June quarter against Rs 1,057.29 crore reported for the corresponding quarter last year. Analysts in an ETNow poll had estimated Rs 994 crore profit for the quarter. The scrip settled 3.72 per cent higher at Rs 437.55.
Jet still looking for pilot
Shares of Jet Airways hit lower circuit after Volcan Investments, the investment company of Vedanta Chairman Anil Agarwal, on Monday said it would not pursue the Expression of Interest (EoI) submitted for the debt-ridden airline. The scrip declined 4.91 per cent to Rs 44.55.
Spurt in open interest
With a change of 25.10 per cent, Just Dial led the pack of stocks that witnessed the biggest spurt in open interest. It was followed by YES Bank (18.76 per cent), Bharat Forge (17.87 per cent), Reliance Industries (17.67 per cent) and MRF (17.19 per cent).
Rs 2 lakh cr wealth gone in a day
Investors lost Rs 2.28 lakh crore in a day as market capitalization of BSE-listed stocks tanked to Rs 139.41 lakh crore from Rs 141.69 lakh crore on Friday. The domestic equity market was closed on Monday on account of Bakri Id.
65 stocks readying to rise
Momentum indicator MACD showed 65 stocks, including Reliance Industries, Jai Corp, Exide Industries, Future Retail, Sadbhav Engineering and Bombay Dyeing, with bullish crossovers, signalling these stocks may log gains in the coming sessions. On the other hand, ICICI Bank, NCC, Arvind and M&M were among 37 stocks that showed bearish crossovers.
169 stocks @ fresh 52-week lows
As many as 169 stocks on the National Stock Exchange (NSE) hit fresh 52-week lows. The list included Arvind Fashions, Bata India, Bank of India, Lemon Tree, La Opala RG, Kitex Garments, Max India, Rainbow Papers, Ramco Systems and YES Bank, among others.
Most traded stocks on NSE
With over 20.67 crore shares changing hands, YES Bank emerged as the most traded stocks on NSE. It was followed by Idea Cellular (number of shares traded: 16.98 crore), SAIL (5.36 crore), Reliance Industries (4.79 crore) and BHEL (4.41 crore). On the other hand, Reliance Industries (Rs 6,109 crore) finished as the most active stock in terms of value, followed by Indiabulls Housing (Rs 1,871 crore), YES Bank (Rs 1,601 crore), HDFC Bank (Rs 859.59 crore), ICICI Bank (Rs 765 crore) and HDFC (Rs 717 crore).
Reliance Industries logged its highest ever turnover, and biggest trading volumes since January 18, 2006 on NSE, data available with the stock exchange suggest.