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    Market Movers: Axis Bank, M&M, NTPC gain; HDFC Life tanks; 60 stocks oversold

    Synopsis

    The RBI bazooka came with a larger-than-expected rate cut, lowering of cash reserve ration and an EMI holiday on loans.

    Stock13-Getty-1200Getty Images
    Nifty couldn’t sustain above the 9,000 mark and it was largely on the expected lines.
    The Reserve Bank of India’s projection of a big hit on growth because of the ongoing lockdown sparked off fears that eclipsed the expected euphoria over the large monetary stimulus that the central bank delivered to tide over the coronavirus-induced crisis on Friday.

    The RBI bazooka came with a larger-than-expected rate cut, lowering of cash reserve ration and an EMI holiday on loans. But the growth concerns spooked investor sentiment and equity indices gave up large gains recorded during the day to end in the red, ending a three-day rising streak.

    Some bank stocks still logged gains. Axis Bank rallied 5 per cent, along with its peers ICICI Bank, SBI and Kotak Mahindra Bank. But Bajaj Finance and Hero Moto fell over 8 per cent each.

    The 30-share pack Sensex erased over 1,000 point gains to close 131 points lower at 29,815. The broader Nifty, however, gained 19 points to end at 8,660.

    “Nifty couldn’t sustain above the 9,000 mark and it was largely on the expected lines. Needless to say, the overall trend remains bearish and the recent rebound was just a counter move. We suggest maintaining a cautious approach and preferring only hedged bets until we see some stability. Also, we advise continuing largely with the index majors,” said Ajit Mishra, VP of Research, Religare Broking.

    Here is a lowdown of the movers and shakers of Friday’s session on Dalal Street:

    HDFC Life tanks as Standard Life sells shares
    Shares of HDFC Life Insurance Company declined 7.64 per cent to Rs 440.85 after Standard Life sold five crore shares at Rs 441.24 apiece. Standard Life is a joint venture partner in HDFC Life Insurance.

    YES Bank to raise Rs 5,000 cr
    Shares of YES Bank pared gains to close at Rs 26.40, down 0.94 per cent after the cash-starved private sector lender on Thursday approved a proposal to raise Rs 5,000 crore by way of share sale, including qualified institutional placement and rights issue.

    M&M assures customers
    Mahindra & Mahindra assured its customers of uninterrupted service support and said all scheduled maintenance services and warranty renewals will be honoured despite validity expiration, amid the lockdown. The stock gained 2.83 per cent to Rs 295.65.

    NTPC shares gain 3%
    The government said it has raised Rs 11,500 crore through strategic sale of two state-run power companies, THDC and NEEPCO, to NTPC. Shares of the company jumped 3.17 per cent to RS 83.05.

    TaMo increases warranty period
    Tata Motors said it has "proactively" extended the last date to July 31 for customers whose original equipment warranty and free service period were due to expire between March 15 and May 31. Shares of the firm ended the day 0.21 per cent down at Rs 70.65.

    Biocon forms contingency plans
    Biocon will continue to operate essential pharmaceutical manufacturing in full compliance with government requirements. The company has formed contingency plans for the same. Shares of the drug developer fell 1.63 per cent to Rs 278.35.

    Most active stocks
    In terms of turnover, Axis Bank was the most active security on NSE. It was followed by HDFC Bank, ICICI Bank, SBI and Reliance Industries. In terms of transaction volume, YES Bank topped the list, followed by SBI, Vodafone Idea, Ashok Leyland and ICICI Bank.

    60 stocks oversold
    As many as 60 stocks turned oversold as they crossed below 20-level on RSI indicator. They include Adani Power, Adani Enterprises, BPCL, Firstsource Solution, MTNL, Aditya Birla Fashion, J&K Paper and Sanwaria Consumer, among others.

    281 scrips hit 52-week lows
    As many as 281 stocks kissed their 12-month low during the trade. They included Credit Access Gramin, Cummins India, Dish TV, Indiabulls Integrated Services, Shankara Building Products, NCC, Kalpataru Power and Future Retail, among others.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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