ETMarkets After Hours: Small, midcap stocks bleed more; IT pack in green

NEW DELHI: The Nifty50's 10,600-10,630 trading range has been causing some discomfort for some time now. Every time the bulls attempt to break past this level, the bears come down hard on them.

Tuesday's was the fifth such instance in the last one month when the index got stuck in this range, before giving in.

The benchmark indices might have lost mere 0.3 per cent for the day, but every two of three stocks on BSE ended in the red. A total of 994 stocks ended higher, 1,752 lower, while 135 remained unchanged.

Dalal Street investors looked jittery on Tuesday ahead of the release of key macro numbers and US Federal Reserve chair Jerome Powell's testimony to the Congress.

Here's a quick lowdown on the top stocks and sectors that made headlines through the session:

Jai & Veeru drop up to 4% as merger put on hold
Shares of Ambuja Cements (down 3.91 per cent) and ACC (down 1.84 per cent) tumbled up to 4 per cent after the cement makers called off their long-due merger due to some "current constraints". The transfer of mines between the two was proving to be uneconomical, say market watchers.
Ambuja Cements though told exchanges that merger remains the 'ultimate goal.

PNB drops 12% as Nirav Modi fraud has more legs
The stock fell 12.11 per cent to Rs 98.35 after the lender informed stock exchanges that the quantum of fraud in Nirav Modi case could be more by Rs 1,300 crore than the current amount of Rs 11,400 crore, which it had disclosed on February 14.


Simbhaoli Sugars soars 10%
Shares of Simbhaoli Sugars climbed 10.92 per cent to Rs 15.75 after the company said it is committed to clearing all of its outstanding dues with OBC in due course of time in the joint consultation of all the lenders. In a clarification to BSE, it said: "The company and its management are in process for submitting requisite clarifications and details to the investigating agencies and are fully committed to co operate with the investigation."


IT pack reverses losses
Shares of IT firms reversed losses of the previous session after the rupee fell on Tuesday. The domestic currency closed with a loss of 8 paise at 64.89. Shares of KPIT (2.31 per cent), Infosys (0.80 per cent) and HCL Technologies (0.63 per cent) were the top three gainers in Nifty IT index.


Second-run stocks bleed more
BSE Midcap index fell 0.50 per cent, while BSE Smallcap index slipped 0.35 per cent compared to 0.29 per cent fall in Sensex. Bank Of India (7.18 per cent), IDBI Bank (6.78 per cent), Oberoi Realty (5.75 per cent) were top midcap losers. In BSE smallcap index, Reliance Naval and Engineering (6.33 per cent), KRBL (5.18 per cent) and Genus Power Infrastructures (5.09 per cent) were top laggards.


IDBI Bank tanks 7% but Moody's offers hope
Shares of IDBI Bank plunged 6.78 per cent to Rs 73.55 for the day amid weakness across the banking sector. Moody's Investors Service though affirmed the long-term local and foreign currency bank deposit rating of IDBI Bank at B1 and changed the outlook to positive from stable.


Tweet of the day

Total Market Capitalization of #PNB has come down to Rs 23500 Cr.
It raised QIP of Rs 5000 Cr in December. Govt putting in Rs 5473 Cr now.
Some clarity on actual loss due to #NiravChoksiscam could put a good bottom in place.

— sandip sabharwal (@sandipsabharwal) February 27, 2018

Spurt in OI
Shares of Punjab National Bank saw the biggest spurt in open interest (OI) at 53.34 per cent. It was followed by Ambuja Cements (36.53 per cent), Bank of India (25.33 per cent) and Cummins India (21.33 per cent).


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