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    After Market: Cobra bites DHFL, Q3 knock for HDFC, 40 stocks turn weak

    Synopsis

    The BSE Telecom index (up 0.98 per cent) emerged the top gainer among the sectoral indices.

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    The BSE Telecom index (up 0.98 per cent) emerged the top gainer among the sectoral indices.
    Domestic equity benchmarks Sensex and Nifty slipped for the third straight session on Tuesday, as market sentiment turned cautious ahead of Union Budget 2019 amid subdued global cues. There are expectations that the Finance Minister may announce some populist measures on Friday.

    The 30-share Sensex closed 64.20 points, or 0.18 per cent, down at 35,592, while NSE’s Nifty settled 9.35 points, or 0.09 per cent, lower at 10,652.

    “The market opened on a negative note due to uncertainties surrounding global markets and the forthcoming US Fed policy. However, towards the closing, market managed to recoup some of the losses supported by a strengthening rupee and short covering ahead of F&O expiry. The market is not completely out of the woods, as volatility may rise in the coming days due to the interim budget and election-led uncertainty,” said Vinod Nair, Head of Research, Geojit Financial Services.

    Let’s a look at the key highlights of Tuesday's session:

    Cobra bites DHFL
    Shares of NBFC player Dewan Housing Finance Corporation (DHFL) closed 8 per cent down at Rs 170. Earlier in the day, the portal known for investigative journalism alleged the company had siphoned off Rs 31,000 crore into promoter companies to create private wealth through a network of shell companies. The scam has been pulled off mainly by sanctioning and disbursing astronomical amounts in secured and unsecured loans to dubious shell/pass-through companies, related to DHFL’s own primary stakeholders Kapil Wadhawan, Aruna Wadhawan and Dheeraj Wadhawan through their proxies and associates, which have in turn passed on the money to companies controlled by the Wadhawans, the web portal alleged. “The money was used to buy shares/equity and other private assets in India and abroad, including in countries like the UK, Dubai, Sri Lanka and Mauritius,” the news portal said on its website.

    FACT drops on doubts over networth
    Shares of Fertilizers & Chemicals Travancore (FACT) plunged over 4 per cent after the auditor said the company’s net worth has been fully eroded. The company reported a net loss of Rs 49.77 crore for the quarter ended December 31, 2018 against a net loss of Rs 4.41 crore in the corresponding quarter last year. The scrip settled 4.45 per cent down at Rs 38.65.

    Adani Gas rallies 5%
    Shares of Adani Gas rallied over 5 per cent after reports that the Supreme Court ruled in favour of the company in connection with two city gas networks and said the petroleum regulator should issue free orders to Adani Gas. The scrip settled 5.08 per cent higher at Rs 93.

    HDFC slips on drop in profit
    HDFC, the country’s biggest mortgage lender, reported a net profit of Rs 2,113.80 crore on the standalone basis for the third quarter ended December 31, 2018 against Rs 5,300 crore profit reported for the year-ago quarter. The scrip settled 1.53 per cent down at Rs 1918.80.

    Bajaj Finance rises 3% on good Q3
    The company posted 54 per cent rise in consolidated net at Rs 1,060 crore, the highest-ever quarterly profit, for December quarter against Rs 690 crore reported for the same period last year. Shares of the company closed 2.27 per cent higher at Rs 2,511 on BSE.

    40 stocks signal weakness
    Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 40 counters on NSE. Among them were Biocon, Aurobindo Pharma, ITI, Castrol India and Sequent Scientific. On the other hand, Sun Pharma, Bharti Infratel, Jindal Saw, Talwalkars Better and Care Ratings were among 12 stocks that showed positive crossovers on NSE.

    BSE telecom index top sectoral gainer
    Sectorwise, the BSE Telecom index (up 0.98 per cent) emerged the top gainer among the sectoral indices. It was followed by healthcare (up 0.75 per cent), TECk (up 0.73 per cent) and IT (0.65 per cent). On the other hand, BSE Energy and Capital Goods index slipped over 1 per cent on Tuesday.

    Spurt in OI
    Bank of India, with a 68.86 per cent change in open interest, led the pack of stocks that witnessed the biggest spurt in OI on NSE. It was followed by MGL (60.85 per cent), Nestle India (51.07 per cent), Motherson Sumi (48.45 per cent) and Bata India (48.23 per cent).

    Fresh 52-week highs & lows
    As many as 264 stocks on NSE scaled fresh 52-week lows on Tuesday. Stocks on the list included Aban Offshore, Aditya Birla Capital, ABG Shipyard, Bharat Forge, Avanti Feeds, Dewan Housing Finance Corporation, Eicher Motors, Graphite India and HEG. On the other hand, Odhisha Cement and International Constructions scaled fresh 52-week highs during the day.

    Escorts tanks over 4%
    Shares of farm equipment and engineering major Escorts slumped 4.49 per cent after the company management lowered volume growth guidance for the domestic tractor industry for FY19 to 10-12 per cent due to monsoon deficit in southern and western regions.



    (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
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