Markets closed lower after starting the day at record highs. Nifty 50 closed at 12039.55 (-34.2, -0.3%) , BSE Sensex closed at 40821.30 (-67.9, -0.2%) while the broader Nifty 500 closed at 9762.40 (-39.7, -0.4%). Market breadth is in the red. Of the 1651 stocks traded today, 641 were in the positive territory and 929 were negative.
- ICICI Bank has hit a record high.
- Markets have retained yesterday's gains in early afternoon trading, buoyed by optimism of a US China trade deal. Last minute conflicts however, could reverse gains - the US and China still have many unresolved issues going into 'Phase 1' of a potential deal.
- Morgan Stanley has upgraded its rating for DLF to overweight from equal weight, and raised target to Rs. 269 from Rs. 201.
- The initial public offering (IPO) of CSB Bank, which got fully subscribed by Day 1, has received 5X subscription by 11 am on Tuesday, Day 3.
- Magma Fincorp, Tejas Networks, Lupin seeing positive breakouts today.
- Macquarie has maintained ‘Outperform’ on Gujarat Gas and hiked share price target to Rs 240 from Rs 210.
- A topsy turvy pre-lunch trading session had the indices rising to record highs on optimism on a US China trade deal, before falling back.
- Tata Power is reportedly close to winning the power distribution licence for Central Odisha, making it the third distribution licence for the company after Delhi and Mumbai.
- ICRA has downgraded Bharti Airtel's long-term rating from "AA" to "AA-". The ratings agency has cited higher than anticipated provisions, due to the Supreme Court judgement on dues owed to the government.
The Sensex hit another record high today morning, rising sharply in morning trade, and the Nifty50 also hit a record. Nifty 50 was trading at 12119.95 (46.2, 0.4%) , BSE Sensex was trading at 41057.25 (168.0, 0.4%) while the broader Nifty 500 was trading at 9846.00 (44.0, 0.5%). Market breadth is ticking up strongly. Of the 1429 stocks traded today, 981 were gainers and 345 were losers.
Riding High:
Largecap and midcap gainers today include Adani Transmission Ltd. (277.45, 5.19%), JSW Energy Ltd. (76.00, 4.61%) and Indiabulls Ventures Ltd. (162.65, 4.50%).
Downers:
Largecap and midcap losers today include Vodafone Idea Ltd. (6.05, -11.68%), Whirlpool of India Ltd. (2006.75, -7.49%) and Bharti Infratel Ltd. (232.25, -7.16%).
Crowd Puller Stocks
54 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Future Consumer Ltd. (25.85, 11.90%), IIFL Finance Ltd. (150.10, 8.81%) and Gujarat Gas Ltd. (206.05, 7.79%).
Top high volume losers on BSE were Whirlpool of India Ltd. (2006.75, -7.49%), CARE Ratings Ltd. (450.00, -6.09%) and TTK Prestige Ltd. (5733.15, -5.67%).
Berger Paints (India) Ltd. (498.45, 1.73%) was trading at 16.6 times of weekly average. Info Edge (India) Ltd. (2537.00, -3.60%) and ICICI Prudential Life Insurance Company Ltd. (497.20, -1.91%) were trading with volumes 14.5 and 11.4 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
10 stocks overperformed with 52 week highs, while 9 stocks tanked below their 52 week lows.
Stocks touching their year highs included - Divi's Laboratories Ltd. (1785.85, 1.24%), Dr. Reddy's Laboratories Ltd. (2974.60, 1.85%) and ICICI Bank Ltd. (516.40, 3.74%).
Stocks making new 52 weeks lows included - Allahabad Bank (23.30, -2.31%) and Blue Dart Express Ltd. (2050.00, -0.52%).
20 stocks climbed above their 200 day SMA including Delta Corp Ltd. (207.45, 2.42%) and Biocon Ltd. (264.00, 2.09%). 14 stocks slipped below their 200 SMA including Rajesh Exports Ltd. (656.20, -5.14%) and Cholamandalam Financial Holdings Ltd. (466.20, -4.57%).