After Market: MACD indicates bullish signals for 40 stocks; top Sensex movers

NEW DELHI: The rupee’s prolonged poor health and worries over intensification of trade war weighed on domestic equity benchmarks Sensex and Nifty, as both extended losses into the second consecutive session on Tuesday.

The domestic equity market remained indifferent to an uptick in global stocks despite the US slapping tariffs on $200 billion worth of Chinese imports.

The government’s attempt to arrest the fall in the rupee did not prove effective, as the domestic currency remained on a downward trajectory. At the time of writing of this report, the rupee was 40 paise lower at 72.7962.

Analysts have found the government steps less convincing. An HDFC Bank report said the government’s recent measures to support the rupee may not drive fund inflows and are a negative from a longer-term perspective, as they would increase short-term debt.

The Sensex plunged 295 points, or 0.78 per cent, to settle at 37,290, while the Nifty50 lost 99 points, or 0.87 per cent, to close at 11,278.

Let’s walk you through the key highlights of Tuesday’s session:

Asian shares rose despite trade war

Worries of intensification of trade war after the US slapped tariffs on $200 billion worth of Chinese imports from September 24, but stock markets in Asia shrugged off those worries. China, in response, vowed retaliation, despite Trump’s warning that in case of Chinese retaliation, the US will impose tariffs on further $267 billion worth of imports. Thus, virtually all of Chinese imports will come under new tariff regime. But China’s Shanghai SE Composite Index and Japan’s Nikkei 225 rose 1.82 per cent and 1.41 per cent, respectively. Hong Kong’s Hang Seng climbed 0.56 per cent.

Who dragged my Sensex

State Bank of India (down 4.06 per cent) finished as the top loser in the Sensex pack. It was followed by Tata Motors (down 3.36 per cent), Bajaj Auto (down 2.84 per cent), Axis Bank (down 2.81 per cent) and Bharti Airtel (down 2.31 per cent). In terms of contribution to the index movement, SBI, ICICI Bank, HDFC, Axis Bank and RIL remained the top five drags on the index. Only six stocks – Hindustan Unilever (up 3.87 per cent), YES Bank (up 1.43 per cent), Wipro (up 1.02 per cent), ONGC (up 0.93 per cent), ITC (up 0.23 per cent) and HDFC Bank (up 0.05 per cent) – managed to shut shop with gains.

BoB tanks, but Dena makes merry

Shares of Bank of Baroda tanked 16.03 per cent on BSE. The government decision to merge Bank of Baroda, Dena Bank and Vijaya Bank apparently has not gone well with investors. Shares of Vijaya Bank (down 5.69 per cent) also suffered strong losses, but Dena Bank (up 19.75 per cent) made merry.

Nifty PSU Bank sinks

The PSU bank index on NSE cracked 5.44 per cent, with all components ending in the red. Shares of BoB, Union Bank, Indian Bank, Canara Bank and Syndicate Bank plunged over 5 per cent.

Most traded stocks

Shares of Bank of Baroda (number of shares traded: 14.49 crore) led the pack of most-traded stocks on NSE, followed by Reliance Communications (14.35 crore), Bajaj Hindusthan (6.35 crore), Balrampur Chini (5.43 crore), Suzlon Energy (4.45 crore), JP Associates (4.22 crore), PNB (3.72 crore), Vijaya Bank (3.54 crore), SBI (3.39 crore) and YES Bank (3.02 crore). On the other hand, Bank of Baroda (Rs 1712.19 crore), YES Bank (Rs 982.94 crore), SBI (Rs 940.11 crore), RIL (Rs 935.66 crore), Axis Bank (Rs 663.80 crore), Infosys (Rs 556.79 crore) and HDFC (Rs 543.43 crore) stood as most active stocks in value terms on NSE in that order.

52-week highs & lows

As many as 95 stocks, including Aptech, Balkrishna Paper Mills, Blue Dart Express, Cera Sanitaryware and Centrum Capital hit 52-week lows on NSE on Tuesday. However, 24 stocks, including Monnet Ispat & Energy, Century Extrusions, Delta Magnets and Electrosteel Steels, hit 52-week highs on NSE.

MACD showed bullish signal on 40 counters

Momentum indicator moving average convergence divergence, or MACD, showed Dena Bank, Divi’s Labs, Grasim Industries, Jayshree Tea, Gallant Metal and Central Depository were among the 40 stocks which saw bullish crossovers on NSE. However, 48 stocks, including Allahabad Bank, Hindalco, Jet Airways, Jain Irrigation and NTPC, saw bearish crossovers on NSE.

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