ETMarkets After Hours: Banks’ woes spill over, Venky’s sees ups & downs
NEW DELHI: Weak global cues outweighed encouraging December quarter GDP data on Thursday, and dragged S&P BSE Sensex 137 points, as the 30-stock pack closed for the week at 34,047. The broader Nifty50 index of the National Stock Exchange slipped 34.50 points to 10,458, with 32 components ending in the red and 18 in the green.
Here’s a look at the top stocks/sectors that made news during the session:
Rise and fall of Venky's India
Shares of the only listed poultry firm Venky's India witnessed a highly volatile session. The stock, which had risen 60 per cent in last 7 sessions, settled 4 per cent higher, thus extending its winning streak to eighth session. However, it fell 9 per cent from the day’s high of Rs 4,530(also its fresh 52-week high) to close for the week at Rs 4,108.
Banks continue to bleed
Financial stocks once again proved to be the biggest culprits. The Nifty PSU Bank index plunged nearly 2 per cent to settle the session at 3,021, with 11 out of 12 constituents ending in the negative territory whereas the Nifty Private Bank index fell 0.69 per cent to Rs 14,112. The Nifty Bank index lost 205 points or nearly 1 per cent to close at 24,902.55 with 9 out of 12 constituents settling in the red. Canara Bank (down 3 per cent), ICICI Bank (down 3 per cent) and Bank of Baroda (down 2.50 per cent) slipped the most in the pack.
TWEET OF THE DAY
If ‘Paanwalas’ are not afraid discussing stocks during bull markets why are ‘Stockwalas’ afraid of talking stocks when the bear is around ? #ThwThoughtfulInvestor
— Basant Maheshwari (@BMTheEquityDesk) March 1, 2018
Spurt in open interest
Shares of IDBI Bank witnessed the biggest spike in open interest at 54.30 per cent, followed by Torrent Pharma (22.22 per cent) and Voltas (16.58 per cent).
Ashoka Buildcon jumps on order wins
Shares of Ashoka Buildcon surged 8 per cent in the intraday trade after the company’s unit won a bid for Toll Operate Transfer Mode projects in nine national highways. Ashoka Concessions emerged as the lowest bidder with quoted cost of Rs 860 crore for NHAI project in Jharkhand, said a Reuters report. The stock settled at Rs 228 apiece on BSE, up 4.60 per cent.
Dalmia Bharat rises as CLSA initiates coverage with 'buy'
Shares of cement maker Dalmia Bharat closed 4.58 per cent higher at Rs 2,749.95 apiece on BSE as foreign brokerage CLSA started coverage with ‘buy’ rating and set the target price of Rs 3,500. "Strong products and efficiency, coupled with fiscal incentives have resulted in industry-leading unit margins," the brokerage said.