NEW DELHI: A sharp drop in crude oil prices and a bounce in the rupee helped Dalal Street fight a global depression over a less-than-dovish posturing by the US Fed and pare early losses.
Nifty ended the day 16 points down but formed a bullish candle on the chart, signalling that early Thursdays blip has not damaged the winning momentum too much.
At one point during the session, BSE Sensex slipped as much as 281 points, but pared most losses. The 30-pack eventually settled 53 points, or 0.14 per cent, down at 36,431 while Nifty closed 16 points, or 0.14 per cent, lower at 10,951.
Lets have a look at the stocks that created maximum buzz during the session:
Sensex almost evenly poised
Out of the 31 components (including Tata Motors DVR), 16 Sensex stocks settled in the green and 15 in the red. YES Bank (up 3.93 per cent) led the index gainers, followed by Hero MotoCorp, Mahindra & Mahindra and Asian Paints, while the SBI (down 2.18 per cent) lost the most, followed by Wipro, Vedanta, Bharti Airtel and Maruti Suzuki.
Telecom, metal worst hit
With a 1.17 per cent loss, the telecom pack emerged top loser among the sectoral indices on BSE. It was followed by the BSE Metal index, which slipped 1.10 per cent. Bharti Airtel, Bharti Infratel and Sterlite Technologies proved top drags on the telecom index. Similarly, Vedanta, Hindalco, Tata Steel and JSW Steel were top drags from the metals pack.
ONGC board approves share buyback
Shares of ONGC logged a nominal gain of 0.13 per cent at Rs 148.65 on BSE after the companys board on Thursday approved buyback of 25.29 crore shares, or 1.97 per cent of equity shares, for Rs 4,022 crore. In a regulatory filing, the company set the buyback price at Rs 159 apiece.
Bharti Airtel falls 2%
Shares of the telecom giant slipped 1.89 per cent to Rs 316.15 on BSE after the company in a BSE filing said its board formed and authorised a 'Special Committee of Directors for Fund Raising' to comprehensively evaluate various options of fund-raising. Besides, the company also announced some management changes.
Bank recap plan fails to lift PSU stocks
Most PSU bank stocks did not react positively to the governments capital infusion plan. The Nifty PSU Bank index closed 1.80 per cent down, with eight components declining out of 12. Major PSU lenders SBI, Canara Bank, PNB and Bank of Baroda all ended the session lower. Analysts said the ongoing political obsession with farm loan waiver has dented investor confidence on this basket.
GST cut hope sends tyre stocks soaring
Tyre stocks Govind Rubber (up 6.43 per cent), JK Tyre (up 5.88 per cent), Goodyear India (up 2.31 per cent), TVS Srichakra (up 1.56 per cent), Krypton Industries (up 1.27 per cent) gained across the board after reports that the GST Council is likely to slash tax rates on automobile tyres to 18 per cent from 28 per cent at its next meeting on Saturday. A drop in crude oil prices also proved a sentiment booster on the counter, as crude-related products are a key raw material in tyre manufacturing.
Overbought and oversold stocks
Momentum oscillator Relative Strength Index, or RSI, showed 43 stocks slipped into the oversold zone on BSE. They included GTL Infrastructure, Arvind, Rolta India, Regency Investments and Ganesh Films India. While 35 stocks, including Zenith Healthcare, Alexander Stamps, Shriram AMC and Adi Rasayan, turned overbought.
96 stocks show potential upside
Momentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 96 counters on BSE, signalling bullish setup on these counters.
The stocks included Bharat Forge, Lupin, L&T, Gati, Dilip Buildcon, Pidilite and Apollo Hospitals. However, 50 stocks including Infosys, Nalco, Mindtree, Natco Pharma and Ramco Systems showed bearish crossovers, indicating that they may slide further.
Nifty forms a bullish candle
The Nifty index negated the formation of higher highs and higher lows that it had formed in last two sessions and formed a bullish candle on the daily chart. Before closing 15.60 points, or 0.14 per cent, down at 10,951, the index scaled an intraday high and low of 10,962 and 10,880, respectively.