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After Market: Who moved my Sensex and 62 stocks throw up bearish signal

NEW DELHI: Headline indices Sensex and Nifty closed in the negative zone on Friday dragged down by losses in bank, metal, energy and auto shares.

Giving up early gains, the market experienced a fresh wave of selling in most sectors, which led the stocks closing in the red.

Investors took money off the table in light of weak global cues. Besides, caution crept in ahead of the release of key macroeconomic prints, including fourth-quarter GDP, infrastructure output and fiscal deficit numbers for the month of April.

Government data released on Friday evening showed that India’s economy grew at 5.8 per cent in January-March period, its slowest pace in 17 quarters.

Market participants said since the political front was clear, market will shifts its focus to RBI monetary policy meet next week.

Sensex closed 118 points, or 0.30 per cent, lower at 39,714.20 while Nifty settled 23 points, or 0.19 per cent, down at 11,922.80.

However, both Sensex and Nifty logged gains of nearly 1 per cent on a weekly basis.

Let’s take a look at the highlights of Friday’s session:

222 stocks hit lower circuits
Manpasand Beverages, Electrotherm (India), Technofab Engineering, Atlas Jewellery India, Byke Hospitality and Cox & Kings Financial Service were among 222 stocks that hit their lower circuits today. On the other hand, Reliance Communications, Ortin Laboratories, Websol Energy System, Trejhara Solutions, Mohota Industries and Uniply Industries were among 168 stocks that hit their upper circuits.

Who dragged my Sensex
ITC emerged as the top drag on Sensex, followed by HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Mahindra & Mahindra and YES Bank. In terms of percentage losses, YES Bank, with a loss of 4.27 per cent, finished as the top loser. ITC (down 3.61 per cent), Mahindra & Mahindra (down 2.17 per cent), Vedanta (down 2.01 per cent) and NTPC (down 1.74 per cent) declined too.

Technology stocks shine
Amid the widespread selling, BSE IT and teck indices logged gains of 1.19 per cent and 1.07 per cent, respectively, on healthy gains in shares of Vodafone Idea (up 4.51 per cent), Tech Mahindra (up 3.53 per cent), Tata Consultancy Services (up 2.40 per cent), HCL Technologies (up 1.52 per cent), Bharti Airtel (up 0.72 per cent) and Infosys (up 0.48 per cent).

62 stocks giving bearish signals
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 62 counters on BSE, signalling that these stocks may suffer losses in the coming sessions. Among those stocks were, JSW Steel, UPL, Cipla, CG Power and Industrial Solutions, DCM and Shalby. On the other hand, TCS, Aurobindo Pharma, HCL Technologies, Ipca Laboratories and PI Industries were among the 35 stocks that showed bullish crossovers.

Oversold and overbought stocks
Momentum oscillator Relative Strength Index, or RSI, showed 38 stocks, including Manpasand Beverages, IIFL Holdings, S Chand & Company, Shree Metalloys and GBL Industries, in the oversold zone on BSE. On the other hand, Tata Teleservices, PNC Infratech, Ashari Agencies, Refex Industries and Karnavati Finance, featured among 26 stocks that entered the overbought zone.

NCC shares plunge 16%
Shares of NCC suffered a massive loss of 16.33 per cent to end at Rs 97.85. In a BSE filing, the company said it may lose Rs 6,100 crore worth of orders awarded in Andhra Pradesh if YS Jagan Mohan Reddy-led new government decided to cancel all the works awarded before April 1. However, the company added that so far it had not received any communication from the government in this regard.

Jain Irrigation falls 8%
Shares of Jain Irrigation Systems settled at Rs 49.85, down 8.03 per cent, a day after the company said its consolidated profit declined 39.37 per cent to Rs 56.2 crore and consolidated revenue decreased 5.99 per cent to Rs 25,83.1 crore in Q4FY19 on a yearly basis.

ONGC shares log gains
Shares of ONGC closed 1.30 per cent higher at Rs 171.85 a day after it reported a 32 per cent drop in fourth-quarter profit on increased statutory levies and impairment. CLSA reiterated buy recommendation on the stock with a target price of Rs 285, adding that the stock was at a compelling valuation and offered higher dividend yield. Macquarie maintained an outperform view on the stock with a target price of Rs 210.

PC Jeweller shares extend losses
Extending losses for a fifth session, shares of PC Jeweller closed 4.22 per cent down at Rs 77.15 after it posted a loss of Rs 376.8 crore on a standalone basis on account of loss in export business. In the last five sessions, the stock has come off 26 per cent.