After Market: Biocon drops 9%, RIL 1%, HDFC AMC hits new record; 517 stocks hit 52-week lows

NEW DELHI: Marking its second-biggest fall in Calendar 2019 so far, equity barometer Sensex ended with a deep 560 points, or 1.44 per cent, cut at 38,337 on Friday. Nifty finished 178 points, or 1.53 per cent, down at 11,419.

There was a widespread selling across sectors, and barring the consumer durables (up 0.22 per cent) and power (up 0.36 per cent), all other sectoral indices ended in the red.

Midcaps and smallcaps suffered more as their sectoral indices plunged up to 2 per cent on BSE.

"The fall can be attributed to the Finance Minister's refusal to relent on the demand by foreign portfolio investors (FPIs) structured as trusts to be exempted from a higher income-tax surcharge," said Siddharth Sedani, Head VP for Equity & Portfolio Advisory at Anand Rathi Financial Services.

Disappointing quarterly earnings, sluggish monsoon and a sharp 2 per cent rise in global crude oil prices also weighed on investor sentiment.

For the week, Sensex retreated 1.03 per cent and Nifty declined 1.15 per cent.

Here is a lowdown on key actions of Friday's session:

Investors lose Rs 3.75 lakh cr in 2 days
The selloff in the market in last two days dragged the cumulative market capitalisation of BSE-listed companies to Rs 1,45,34,758.53 crore from Rs 1,49,13,806.42 crore on Wednesday, making investors poorer by Rs 3.75 lakh crore. On Friday alone, investors lost Rs 2.12 lakh crore.

517 stocks hit 52-week lows
As many as 517 stocks, including M&M, Maruti, YES Bank, Escorts, Aurobindo Pharma, Bajaj Consumer Care, Exide Industries, Force Motors, Vodafone Idea, Indiabulls Integrated Services and Tata Elxsi, hit 52-week lows on BSE.

281 stocks hit lower circuits
Cox & Kings, Manpasand Beverages, Talwalkars Better Value Fitness, Ballarpur Industries, Magadh Sugar & Energy, 5paisa Capital and 8K Miles Software Services were among the 281 stocks that hit lower circuits on BSE. On the other hand, Reliance Communications, Mangalam Drugs & Organics, Supreme Infrastructure India, Pioneer Embroideries and IMP Powers were among the 120 stocks that hit upper circuits.

RIL declines 1% ahead of Q1 nos
Shares of Reliance Industries (RIL) closed 1.01 per cent down at Rs 1,249 ahead of its June quarter numbers later today. There was anticipation that the oil-to-telecom conglomerate might deliver muted profit growth due to challenges in the refining and petchem segment.

HDFC AMC hits fresh record high
Shares of HDFC Asset Management Company (AMC) hit a fresh all-time high of Rs 2,369.50, eventually settling 6.76 per cent higher at Rs 2,316.85, thus extending the gains into the fourth consecutive session. In four sessions, the stock has risen 20 per cent. Portfolio managers believe despite premium valuations and a run-up in price, investors could accumulate the stock. Analysts said with higher sustainable operating profits the stock could be re-rated.

Biocon shares plunge 9%
Snapping the winning spree of the last three consecutive sessions, shares of Biocon closed 8.63 per cent lower at Rs 240.35 after media reports suggested that the company's rivals Amgen and Allergan launched drugs for breast and gastric cancers in the US market, denting Biocon's exclusivity.

RBL Bank sinks 14%
Shares of RBL Bank plunged 13.71 per cent to Rs 500.35 after the lender said it expected some challenges on some of its exposures in the near term. The fall came despite the lender reported 41 per cent year-on-year (YoY) rise in profit at Rs 267.10 crore for the quarter ended June 30 against Rs 190 crore in the same period last year. "There is emerging stress in some high-quality corporate accounts. The bank is cautious of some corporate accounts slipping into NPA in next 9 months," said Vishwavir Ahuja, MD & CEO of RBL Bank to ET Now.

Cyient plunges on weak Q1 results
Shares of the IT consulting & software firm settled with a loss of 11.43 per cent at Rs 481.95, a day after it said its June quarter net profit dropped 48.8 per cent QoQ to Rs 90.5 crore ($13.15 million).

L&T Infotech drops 4%
Shares of Larsen & Toubro Infotech closed 3.91 per cent down at Rs 1,515.90 after the company on Thursday reported a 6 per cent sequential drop in the consolidated net profit for the June quarter of FY20.

129 stocks signal imminent fall
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 129 counters on BSE, signalling an imminent or more fall for them in the coming sessions. Among those stocks were L&T Finance Holdings, Arvind, ITC, Reliance Industries, Exide Industries, JSW Steel, Bandhan Bank and Escorts. On the other hand, Sterlite Technologies, GSFC, Hatsun Agro Product, Great Eastern Shipping Company and Pilani Investment were among the 44 stocks that showed bullish crossovers.

Wipro, HUL below 200-DMAs
Wipro, HUL, Dr Reddy's Labs, Ashoka Buildcon, Berger Paints, Ambuja Cements, Shriram EPC, Dhanlaxmi Bank and Max Financial were among the stocks that witnessed negative breakouts and traded below their 200-DMAs. However, BPCL, NTPC and Aditya Birla Fashion & Retail were among the stocks that traded above their 200-DMAs.