Mapping the market: Kotak almost pipped ICICI, sugar stocks had a field day – Economic Times

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NEW DELHI: If you thought Friday’s 3 per cent correction in the ICICI Bank stock was good enough and it was safe to stay put on the counter on Monday, you must be ruing all day!

The domestic equity market is sinking, and someone on Dalal Street said on Monday that the best thing to do now was probably book profit wherever you could.

Is it that bad? We don’t know. But going by the shape of things, there is surely no sign that the market will look up anytime soon.

Most Asian markets were shut on Monday, but a 3 per cent plunge in the Tokyo Stock Exchange was enough to spoil the mood. What triggered selling during the session was a sharp drop in India’s April manufacturing PMI reading as well as lack of any positive earnings surprise. All of that gave the market enough negative vibes in an otherwise rangebound session.

HDFC delivered an in-line performance in fourth quarter earnings, but that failed to lift the mood on the NBFC counter. Select stocks still managed to notch up gains based on specific news triggers.

Here’s a wrapup of the key actions from across stocks and sectors that hogged limelight on Dalal Street on Friday.

Equity investors add Rs 2,323 crore wealth: Investor wealth, as measured by BSE market capitalisation, climbed by Rs 2,323 crore during the session, even as the Sensex ended 0.66 per cent lower for the day. At close, the BSE market capitalisation stood at Rs 97,12,862 crore. The market breadth remained negative as 1,326 of the 2,728 BSE-listed stocks ended the day lower.

ICICI Bank slips but retains second spot: Kotak Mahindra Bank momentarily piped ICICI Bank to become the second largest lender in terms of market capitalisation in Monday’s trade. ICICI Bank, however, cut intraday losses to eventually retain its second position. The stock shut shop at Rs 226.95, down 4.08 per cent. At close its m-cap stood at Rs 1,31,974.70 crore, which was higher than Kotak Mahindra Bank’s Rs 1,31,797.74 crore.

Sugar stocks rally on low output: Sugar stocks rallied up to xx per cent as data suggested that sugar output in India, the world’s second largest producer, may drop to a seven-year low of 23.5 million tonnes due to a severe drought in major sugar-producing regions. Thirty of the 36 sugar stocks listed on BSE ended higher. RajShree Sugars, Uttam Sugar Mills, Oudh Sugar and Dharani Sugars jumped between 5 per cent and 10 per cent. Live chart here

Oberoi Realty plunges on weak Q4 no’s: Oberoi Realty skidded 2.33 per cent to close at Rs 272.85 after the company disappointed the Street with its fourth quarter earnings. The realtor on Friday reported a 37 per cent slump in consolidated March quarter net profit at Rs 64.55 crore amid weak sales. Live chart here

MTNL advances on nod to VRS scheme: The stock climbed 3 per cent to close at Rs 18.85 after the Telecom Commission gave its nod to initiate voluntary retirement scheme (VRS) to revive the loss-making public firm. The commission has proposed steps to increase the PSU’s revenue streams by monetising is assets, which include sharing of its optic fibre network, telecom towers and giving its buildings on rent, an ET report said. Live chart here

STFC spurts on Q4 numbers: The stock soared 15.31 per cent after the company made full provisioning for bad loans. Shriram Transport Finance’s total income for the quarter rose 26.2 per cent (YoY) to Rs 2,918 crore in the March quarter, compared with Rs 2,312 crore reported for the corresponding quarter a year ago. Live chart here