Home Market After Hours: Nifty Bank zooms 574 points; IT stocks continue to bleed

After Hours: Nifty Bank zooms 574 points; IT stocks continue to bleed


NEW DELHI: The bulls made a stunning comeback on Dalal Street on Monday after being mauled by the bears in the previous session. Improving global sentiment helped stocks recoup recent losses globally as the US and China readied to begin negotiations on trade.

The S&P BSE Sensex gained 470 points, or 1.44 per cent, to settle at 33,066, while NSEs Nifty50 reclaimed the 10,000 level to end the session at 10,130, up 133 points or 1.33 per cent. As many as 39 index constituents ended the day in the green while 11 ended in the red.

Here's a look at the key news/developments you should know about Mondays trade:

Nifty Bank zooms 574 points
Helped by joyous components, the Nifty Bank index gained 574 points or 2.42 per cent, its biggest one-day gain in five months, to close at 24,244. Out of the 12 constituents, 11 ended in the green and one in the red. Canara Bank (up 11 per cent), YES Bank (up 6 per cent) and Bank of Baroda (up 6 per cent) were the top performers on the pack.

Analysts attributed the rally to short covering ahead of the expiry of March F&O contracts.

Pizza party on D-Street
Shares of Jubilant Foodworks surged over 3 per cent to hit a fresh record high of Rs 2,354 apiece on BSE. The company last week launched 'Everyday Value' price on its range of regular-sized pizzas to boost sales.


Block deals
Shares of gas distribution company Gujarat Gas surged 3 per cent in early trade after reports 2.47 crore shares (18 per cent equity) changed hands on BSE at Rs 830 per share in pre-open. The stock, however, pared gains later in the day to settle flat at Rs 827.85 apiece, down 0.35 per cent. This apart, 20 lakh shares of Carborundum Universal changed hands in a block deal on BSE. The stock shut shop at Rs 337 per share. In a yet another news, the stock of South Indian Bank ended 3 per cent higher at Rs 23.30 apiece after 27 lakh shares of the bank were traded in a block deal.


Spurt in open interest
Bosch witnessed the biggest spike in open interest at 52 per cent, followed by MRF (50.99 per cent) and Colgate (Palmolive) (42.61 per cent).

Open-Interest (16)

@52-week highs
Only seven stocks hit fresh 520-week highs in Monday's trade. Prominent among them were Titan (up 5 per cent), Mask Investments (up 5 per cent) and Tamilnadu Telecommunication (up 5 per cent). On the contrary, as many as 264 stocks plunged to their one-year lows.

52-week-high (12)

The solitary loser
The Nifty IT index was the only pocket on NSE that ended in the red. The index shed 78.70 points or 0.63 per cent to settle at 12,462.40. 8 out of 10 constituents ended in the negative zone.

Nifty-IT (6)

Poor show for ICICI Securities IPO
The Rs 4,017 crore initial public offering (IPO) by ICICI Securities was subscribed 78 per cent till 04.15 pm on Day 3 of the bidding process. Investors bade for 3,43,37,968 shares as against the total issue size of 4,42,25,343. Another offer by Lemon Tree Hotels got 24 per cent subscription on the first day of the offer.

Tweet of the day

Angry wife to strategist: You did not tell me that you crashed the car last night. Were you drunk while driving? S… https://t.co/qKMXL0Vh6i

— Samir Arora (@Iamsamirarora) 1522057706000

Original Article


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