Home Market After Market: Jet rallies, DLF tanks; 100 stocks hit 52-week lows

After Market: Jet rallies, DLF tanks; 100 stocks hit 52-week lows

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NEW DELHI: Indian equity market headed south on Monday, put off by lacklustre global cues, as investors moved with care ahead of Brexit summit and other central bank meetings.

The restrained behaviour also spoke about investor wariness ahead of the national election and fourth quarter corporate earnings starting this week.

Rupee's fall against the dollar and an uptick in crude oil prices were the other major drag, making equity benchmarks Sensex and Nifty settle in negative territory.

While the Sensex closed lower by 162 points, or 0.42 per cent, at 38,700.53, NSE's Nifty settled at 11,604.50 with a loss of 61 points, or 0.53 per cent.

Here is a lowdown on key highlights of Monday's session.

Jet in higher orbit
Shares of Jet Airways closed 3.14 per cent higher at Rs 264.10 after the lead lender State Bank of India invited bids for stake sale in the company. The bids have to be submitted by April 10. An ET report suggested that lenders to Jet can, as on date, only sell about 32 per cent of the airlines shares that are pledged to them by founder Naresh Goyal.

HDFC Bank on slippery slope
HDFC Bank is planning to raise up to Rs 50,000 crore by issuing debt over the next 12 months, it said in a BSE filing. However, the announcement failed to excite the market as the stock slipped 0.56 per cent to close at Rs 2,288.90.

DLF shares plunge 8%
Shares of DLF closed the day with a strong loss of 8.36 per cent at Rs 184.65 after reports of a block deal. According to Bloomberg data, about 6.81 crore, or 3.5 per cent, shares of the company changed hands in a single block deal whose buyers and sellers were not known immediately.

Lakshmi Vilas Bank smiles
Lakshmi Vilas Bank shares jumped 4.96 per cent to Rs 97.35 on reports that its board approved a scheme of amalgamation with lndiabulls Housing Finance with the proposed swap ratio of 14 shares of IBHF for every 100 shares of LVB, a 36 per cent premium on LVBs closing price of Rs 93 on Friday and IBHFs closing price of Rs 904.

NIIT Tech stock stumbles
Shares of NIIT Tech tanked 3.59 per cent to Rs 1,301.05 after Baring Private Equity (Asia) agreed to buy out 30.6 per cent stake from NIIT and other promoters in NIIT Technologies for Rs 2,627 crore. Baring will also make an open offer to purchase up to 26 per cent shareholding to comply with Sebi norms.

Polycab India IPO sails through
Polycab India's Rs 1,345 crore initial public offering (IPO) was subscribed 1.53 times on the second day of the bidding process. By 4:15 pm, the issue received bids for 2,70,24,219 units against the total size of 1,76,37,777, data available with NSE shRead More – Source