Markets closed marginally lower. Nifty 50 closed at 11888.20 (-7.3, -0.1%) , BSE Sensex closed at 40284.19 (-72.5, -0.2%) while the broader Nifty 500 closed at 9670.85 (3.6, 0.0%). Market breadth is in the red. Of the 1666 stocks traded today, 715 were in the positive territory and 862 were negative.
- Wockhardt Ltd. (296.90, 9.38%) was trading at 15.5 times of weekly average. 17 stocks climbed above their 200 day SMA including Power Finance Corporation Ltd. (117.45, 5.67%) and REC Ltd. (140.65, 4.92%).
- Cadila Healthcare is up today. The company saw net profits fall sharply by 79% YoY despite an increase in revenues. The company financials were hit due to one-offs frim write off of Levorphanol intangibles, which was partially offset by Rs357 mn gain from the sale of Zyptimag rights for the US and Canada to Medicure. Adjusted for one-offs, net profit was down 10% compared to previous quarter’s net profit also adjusted for one-offs.
- As part of Cadila's remediation at its Moraiya facility, which has received a warning letter, the company has discontinued injectable supplies to the US and is transferring the filings to Liva, the alternative manufacturing facility. This is expected to be complete by the end of FY20, and post the exercixe Cadila will invite the USFDA for reinspection.
- Bharti Airtel is sharply up today. Airtel said that it has withdrawn its bid to purchase assets of Reliance Communications after the committee of creditors extended the bid submission deadline on the request of Reliance Jio. Airtel called the move ‘extremely unfair’.
- Glenmark Pharma, Coffee Day, Linde India seeing positive breakouts.
- Nifty 50 was trading at 11921.15 (25.7, 0.2%) in the morning, BSE Sensex was trading at 40379.22 (22.5, 0.1%) while the broader Nifty 500 was trading at 9687.00 (19.7, 0.2%). Market breadth is in the green. Of the 1435 stocks traded today, 793 were on the uptick, and 562 were down.
Riding High:
Largecap and midcap gainers today include Vodafone Idea Ltd. (4.55, 24.66%), Glenmark Pharmaceuticals Ltd. (367.65, 22.14%) and Bayer Cropscience Ltd. (3582.00, 6.40%).
Downers:
Largecap and midcap losers today include General Insurance Corporation of India (245.35, -5.00%), YES Bank Ltd. (65.75, -4.29%) and Indiabulls Ventures Ltd. (145.05, -2.75%).
Volume Rockets
23 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Glenmark Pharmaceuticals Ltd. (367.65, 22.14%), Corporation Bank (22.05, 19.84%) and Parag Milk Foods Ltd. (145.35, 15.08%).
Top high volume losers on BSE were Reliance Communications Ltd. (0.55, -8.33%), Great Eastern Shipping Company Ltd. (298.60, -1.04%) and Ashoka Buildcon Ltd. (93.80, -0.64%).
Wockhardt Ltd. (296.90, 9.38%) was trading at 15.5 times of weekly average. Shriram City Union Finance Ltd. (1345.10, 0.23%) and Grindwell Norton Ltd. (601.45, -0.07%) were trading with volumes 13.7 and 12.2 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
12 stocks hit their 52 week highs, while 10 stocks hit their 52 week lows.
Stocks touching their year highs included - Abbott India Ltd. (12807.35, 3.58%), Bharti Airtel Ltd. (409.20, 4.11%) and Cholamandalam Investment & Finance Company Ltd. (329.25, 0.03%).
Stocks making new 52 weeks lows included - Bajaj Electricals Ltd. (319.40, -2.17%) and Chennai Petroleum Corporation Ltd. (139.20, -0.85%).
17 stocks climbed above their 200 day SMA including Power Finance Corporation Ltd. (117.45, 5.67%) and REC Ltd. (140.65, 4.92%). 10 stocks slipped below their 200 SMA including The New India Assurance Company Ltd. (151.00, -4.64%) and Jai Corp Ltd. (96.90, -2.37%).
