Home Market After Market: Vadilal sees spurt, 124 stocks look bearish, 43 stock oversold

After Market: Vadilal sees spurt, 124 stocks look bearish, 43 stock oversold


NEW DELHI: Bargain hunting in select bluechips, including HDFC twins and Reliance Industries just ahead of December F&O expiry helped equity benchmarks stage a smart rebound after major initial losses to end Wednesdays session in the green. In the process, the indices broker their losing streak of three consecutive sessions.

The BSE Sensex closed 180 points, or 0.51 per cent, higher at 35,649, with 20 stocks in the green and 11 in the red, while NSEs Nifty50 settled 66 points, or 0.62 per cent, higher at 10,729. Among the 50 index stocks, 36 logged gains.

Midcaps and smallcaps remained lacklustre, with BSE Midcap index closing flat at 15,169 and the Smallcap index slipping 0.21 per cent to 14,436.

We walk you through the highlights of Wednesday's session:

124 stocks look bearish
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 124 counters on BSE, signalling potential fall in these stocks. Among them were NCC, Britannia, IDBI Bank, Lupin, TVS Motor and Voltas. However, 43 stocks including Arshiya, Universal Cables, SVP Global Ventures, Creative Casting and Nagreeka Exports showed bullish crossovers.

Vadilal Industries rebounds
After plunging 15 per cent, Shares of Vadilal Industries rebounded to settle 7.05 per cent higher at Rs 557 on BSE. The stock had plunged in early trade after the company on Monday informed the bourses that the audit committee and board of directors have not been able to conclude on certain matters and, hence, limited review-related agenda item has been postponed.

Big rally in Nagarjuna Fertilizer
The stock bounced nearly 11 per cent after the company said it had restarted urea production from unit I of Kakinada Plant, Andhra Pradesh. The fertiliser maker also said it was in the process of a long-term debt resolution with its lenders. The scrip settled at Rs 9.19.

Jet Airways, SpiceJet fly high
Shares of aviation players rallied up to 7 per cent following softening of crude oil prices. SpiceJet closed 4.48 per cent higher at Rs 87.50, while Jet Airways gained 6.79 per cent to Rs 268.90. However, InterGlobe Aviation ended flat at Rs 1,158.20.

Anand Rathi Wealth Services withdraws IPO
Anand Rathi Wealth Services has decided to withdraw its proposed IPO and made an application for the same to Sebi through the book running lead manager. The company had filed its draft red herring prospectus towards the end of September but has decided to go slow on it.

Who moved my Sensex
HDFC Bank contributed the most to the rally in Sensex, followed by HDFC, Reliance Industries, L&T, Bharti Airtel and Kotak Mahindra Bank, in that order. In terms of percentage gains, Bharti Airtel, HDFC Bank, HDFC and L&T emerged top gainers while Sun Pharma, YES Bank, TCS, NTPC and Tata Motors finished as top index losers.

Telecom top sectoral gainer
Gains in shares of Bharti Airtel, Reliance Communications, Tejas Networks, HFCL and MTNL boosted the BSE Telecom pack. The index settled 1.69 per cent higher at 998.14, with five stocks advancing and 11 declining.

Volume & value gainers
Reliance Communications (number of shares traded 8.71 crore), YES Bank (4.74 crore), JP Associates (4.04 crore), Punjab National Bank (2.28 crore) and Suzlon Energy (2.07 crore) were the most traded stocks on NSE in value terms while Jubilant Foodworks (Rs 1,144.94 crore), YES Bank (Rs 842.96 crore), Reliance Industries (Rs 779.77 crore), Indiabulls Housing Finance (Rs 763.88 crore), BEML (Rs 530.71 crore) and TCS (Rs 461.13 crore) were most active in value terms.

Spurt in open interest
With a 50.52 per cent change in open interest, Nestle India led the stocks that witnessed biggest spurt in open interest on NSE. It was followed by Dabur (45.94 per cent), Equitas (45.38 per cent), Cholamandalam Investment (43.44 per cent) and Godrej Consumer Products (41.76 per cent).

Stocks above 200-DMAs
GAIL, REC, ACC, Titan, Siemens and Ultratech Cement were among the stocks that witnessed positive breakouts and traded above 200-DMAs. On the flip side, Infosys, Tata Power, HEG, Gruh Finance and City Union Bank were among the stocks that fell below their 200-DMAs.

Overbought and oversold stocks
As many as 43 stocks, including Arvind, Rolta India, Atlas Jewellery, Universal Starch and Regency Investments, settled in the oversold zone on BSE as per the momentum oscillator Relative Strength Index, or RSI. Zenith Healthcare, GBL Industries, Adi Rasayan, Ratnabhumi Developer and Uday Jewellery were among 37 stocks that settled in the overbought zone.

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