Gloom in markets in today's trading. Nifty 50 closed at 11250.55 (-254.4, -2.2%) , BSE Sensex closed at 38034.14 (-811.7, -2.1%) while the broader Nifty 500 closed at 9313.00 (-246.5, -2.6%)
Market breadth is highly negative. Of the 1690 stocks traded today, 200 were on the uptrend, and 1441 went down.
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Schaeffler India, AIA Engineering, Aegis Logistics, Orient Electric and Atul are trading in the red with rising delivery volume.
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Edelweiss maintains a long-term 'Buy' rating on Zydus Wellness citing the consumer goods company's innovation focus with Heinz which it acquired in FY19.
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The promoter group of Action Construction Equipment has been steadily reacquiring the company's equity. Last week over 4.2 lakh shares in the construction manufacturing company were reacquired.
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Bandhan Bank, ICICI Bank, Induslnd Bank, Axis Bank, and State Bank of India are in the red as banking stocks trade lower.
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Chemcon Speciality Chemicals IPO fully subscribed on day 1. The pharma and oil well chemical manufacturer looks to raise Rs. 318 crores through its fresh issue.
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Gujarat Pipavav Port, Elgi Equipments, and Rajesh Exports are trading in the green with volumes higher than the weekly average.
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IT-stocks surge led by HCL Technologies, MindTree, Oracle Financial Services, Infosys, and Tech Mahindra.
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Route Mobile lists at Rs. 708 per share, a premium of 102% against its IPO price of Rs. 350 per share.
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HDFC Securities is a 'Buy' on ITD Cementation and an 'Accumulate' on Dr. Reddy's Laboratories citing the construction engineering company's strong execution and cost control and the pharmaceutical company's resilient US pipeline.
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HCL Technologies is rising as the tech-company acquires DWS an Australia-based IT service management company.
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Nippon India Mutual Fund and Goldman Sachs India fund acquire over 3.9 lakh shares in chemical manufacturing company Valiant Organics.
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Nifty 50 was trading at 11524.50 (19.6, 0.2%) , BSE Sensex was trading at 38913.97 (68.2, 0.2%) while the broader Nifty 500 was trading at 9572.10 (12.6, 0.1%)
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Market breadth is in the green. Of the 1541 stocks traded today, 782 showed gains, and 651 showed losses.
Riding High:
Largecap and midcap gainers today include Supreme Industries Ltd. (1460.95, 2.80%), Oracle Financial Services Software Ltd. (3028.00, 1.25%) and Kotak Mahindra Bank Ltd. (1287.85, 0.84%).
Downers:
Largecap and midcap losers today include Indiabulls Housing Finance Ltd. (154.70, -13.38%), Jindal Steel & Power Ltd. (173.00, -12.76%) and IndusInd Bank Ltd. (560.95, -8.52%).
Movers and Shakers
8 stocks in BSE 500 are trading on high volumes today.
Top high volume losers on BSE were Indiabulls Housing Finance Ltd. (154.70, -13.38%), Jindal Steel & Power Ltd. (173.00, -12.76%) and Lakshmi Machine Works Ltd. (3539.05, -4.02%).
IIFL Wealth Management Ltd. (979.40, -0.31%) was trading at 19.9 times of weekly average. L&T Technology Services Ltd. (1665.05, -0.48%) and Gujarat Pipavav Port Ltd. (86.80, -3.07%) were trading with volumes 6.1 and 4.8 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
18 stocks overperformed with 52 week highs, while 1 stock were underachiever and hit their 52 week lows.
Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (1824.75, -0.20%), Balkrishna Industries Ltd. (1318.45, -5.45%) and Bayer Cropscience Ltd. (6120.00, -3.66%).
Stock making new 52 weeks lows included - Mahindra & Mahindra Financial Services Ltd. (125.90, -5.52%).
3 stocks climbed above their 200 day SMA including Suzlon Energy Ltd. (3.10, 0.00%) and Finolex Cables Ltd. (286.55, -2.68%). 47 stocks slipped below their 200 SMA including PTC India Ltd. (46.30, -8.32%) and Aster DM Healthcare Ltd. (133.60, -8.27%).
