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NEW DELHI: Despite ending in the positive territory for a fourth straight day, weak market breadth in Thursday’s session suggested that the bulls were running out of fuel on Dalal Street.
On the BSE, 1,349 stocks declined while 1,309 gained.
Subdued global trend ahead of European Central Bank meet and crude oil’s 1 per cent rise weighed on investor sentiment.
However, thanks to gains in select heavyweights such as Larsen Toubro, HDFC Bank and ITC amid rupee's rise against the US dollar, equity benchmarks Sensex and Nifty managed to log gains.
Analysts reiterated that market was riding on the hopes of a stable government in the forthcoming elections.
"The biggest trigger is the anticipation that India will see a stable government and the incumbent government is likely to come back after general elections," said Pankaj Pandey, Head of Research at ICICI Securities.
We walk you through the highlights of Thursday's session:Retail quota of Endurance OFS subscribed 2.77 timesAfter a good response from the non-retail investors, the two-day offer for sale (OFS) by Endurance Technologies witnessed similar response from retail investors.
Data available with the NSE at around 4:40 pm showed that the issue received bids for 29,28,352 shares, which was 2.77 times of the total issue size of 10,55,269 shares reserved for the category.
Reliance Capital falls amid stake sale buzzShares of Reliance Capital fell 1.39 per cent to Rs 187.45, extending their losing run to the second session after the company said it will monetise entire 43 per cent stake in Reliance Nippon AMC.
Analysts were not convinced that the company may be able to pare its debt by around Rs 12,000 crore over the next 3-4 months, by when they expect to complete the stake sale in Reliance Nippon Life Asset Management and Reliance General Insurance.
DHFL cracks 5%Shares of Dewan Housing Finance Corporation (DHFL) ended 5.01 per cent lower at Rs 141.35, a day after Care Ratings revised some of the company's long-term ratings.
The revision in ratings came after the company's shares surged on Wednesday, following an auditor's report, which dismissed allegations that DHFL created shell companies to divert funds, saying the firm's monitoring of loans was inadequate.
Biocon slips on USFDA observations Biocon shares slipped 2.25 per cent to Rs 611.40 after the US health regulator issued six observations in Form 483 after pre-approval inspection of its insulin drug substance manufacturing facility in Bengaluru.
Promoters eye stake sale in ICICI Prudential Life Promoter group of ICICI Prudential Life Insurance Company was said to be planning a stake sale in the company.
An ET NOW report suggested that the promoters Prudential Corporation Holdings and ICICI Bank were looking to sell nearly 3.7 per cent stake in the company via a block deal.
Shares of the company closed 3.45 per cent down at Rs 330.30.
Airtel promoter group, GIC to invest Rs 25,000 crore in rights issueThe promoter group of Bharti Airtel, including the Bharti Group and SingTel, will subscribe to Rs 11,785.7 crore in the Rs 25,000-crore rights issue, while Singapore government’s investment arm GIC will be subscribing to shares worth Rs 5,000 crore.
As per Moody's, the company's proposed rights issue is "credit positive" as it will enable the company to pare debt and improve liquidity.
Most traded stocks on NSEWith over 20.26 crore shares changing hands, Suzlon Energy emerged as the most traded stocks on the NSE.
It was followed by Idea Cellular (number of shares traded: 6.56 crore), Reliance Power (5.28 crore), Punjab National Bank (4.88 crore) and IDFC First Bank (4.60 crore).
On the other hand, Reliance Industries (Rs 1,031.25 crore) finished as the most active stock in terms of value, followed by Larsen Toubro (Rs 836.14 crore), Axis Bank (Rs 822.43 crore), YES Bank (Rs 631.29 crore), Indiabulls Housing Finance (Rs 613.01 crore), Mahindra Mahindra (Rs 581.23 crore), ICICI Bank (Rs 569.37 crore), HDFC Bank (Rs 538.85 crore), Tata Motors (Rs 514.98 crore) and TCS (Rs 511.63 crore).
LT jumps on order winsLarsen Toubro gained after the infrastructure major said its construction unit won large contracts from multiple clients.
The stock rose 2.76 per cent to close at Rs 1,351.25 on the BSE.
