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Shares of IndusInd Bank tanked over 6 per cent on Thursday after the private lender missed brokerages’ profit estimates for September quarter.
Other banks joined the fall and ended with deep cuts.
Telecom was an outlier, having bucked the broader market trend on gains in Bharti Airtel and Vodafone Idea.
The 30-share Sensex ended about 300 points down at 37,880 after Moody’s cut India’s GDP growth forecast to 5.8 per cent from an earlier estimate of 6.2 per cent and global cues turned negative.
Nifty shed 79 points to close at 11,234.
Weekly F-O expiry also added volatility.
“The fall was mostly because of weekly expiry.
If you look at the Call option at 11,250, there was a massive buildup of close to 19-20 lakh contracts.
When we were at around 11,240-11,250 on Nifty, strike price 11,200, which was in-the-money, was seeing a lot of open interest addition, indicating high selling pressure in market,” said Anup Chandak, Deputy Vice President for F-O at Sharekhan.
Here is a lowdown on key movers and shakers of Thursday’s session:
Indiabulls Housing takes a knockRBI dashed hopes of Indiabulls’ banking foray after it rejected a proposal for its merger with Lakshmi Vilas Bank.
The stock tanked 20 per cent to Rs 193.30 to hit a 52-week low.
Lakshmi Vilas Bank ended 5 per cent down at Rs 25.65.
Q2 jitters for IndusInd BankIndusInd Bank plunged 6 per cent on BSE to Rs 1,229.80 after it posted 52 per cent YoY jump in September quarter profit.
Provisions increased QoQ on marginal deterioration in asset quality.
DHFL shares tank 10 per centEmbattled housing finance major DHFL sank to a new low, plunging 10 per cent to Rs 23.45, after Edelweiss AMC joined Nippon India Mutual Fund in approaching the Bombay High Court to recover dues.
Edelweiss is seeking Rs 70 crore from the mortgage lender.
TCS ends lowerShares of IT major TCS ended lower ahead of its Second quarter earnings due later in the day.
The stock slid 0.86 per cent to Rs 2002 on NSE.
Telecom stocks surgeTelecom stocks continued their stellar run, lifting BSE telecom index 4 per cent, backed by over 5 per cent gains in Bharti Airtel and Vodafone Idea.
Reliance Industries (up 2.76 per cent), which operates Jio, on Wednesday said it would levy 6 paise per minute when its users make calls to users of other service providers.
Bank stocks tumbleBanking stocks tumbled on Thursday as all constituents of Nifty Bank ended in the red.
YES Bank, RBL Bank and IndusInd Bank were the biggest losers, diving over 5 per cent each.
Nifty Bank fell 2.7 per cent.
Key Sensex moversPrivate banks proved the biggest drag on Sensex.
Five of the top private banks on the index bleed 300 points.
HDFC Bank alone contributed 117 points to the Sensex fall.
Reliance most activeReliance was the most active stock on NSE in terms of value, with total transactions worth Rs 2,171 crore.
It was followed by Bharti Airtel, IndusInd Bank, Indiabulls Housing Finance and SBI.
In terms of volume, Vodafone Idea was the most active stock on NSE with traded volume at 42 crore shares.
It was followed by YES Bank, Indiabulls Housing Finance, Bharti Airtel and Ashok Leyland.
Over 100 stocks oversoldAs many as 107 stocks entered the oversold zone as signalled by the Relative Strength Index.
They included Aurobindo Pharma, Unitech, Zee Media, Piramal Enterprises, Allahabad Bank, etc.
RSI is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset.
RSI is considered overbought when above 70 and oversold when below 30.
Stock Market
After Market: IndusInd, Indiabulls bleed; telecom on a high, 107 stocks 'oversold'
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