After Market: YES Bank extends dream run; IRCTC, midcaps rise; 78 stocks flash ‘sell’ signal

NEW DELHI: YES Bank shares remained in fine form on Monday, rising 6 per cent, taking overall gains to 150 per cent in the last 26 sessions. Bank of Baroda jumped 3 per cent on an impressive show in earnings. IRCTC, which got listed in mid-October also continued its dream run, surging 6 per cent to trade at thrice its issue price.

On the other hand, Hindalco slipped ahead of its September quarter earnings as traders anticipated the profit to go down. The company posted a 75 per cent drop in profit post market hours.

Private banks and select media stocks rallied, which helped benchmark indices to script a turnaround ending the day in the green. BSE flagship Sensex was up 21 points at 40,345 while NSE barometer Nifty gained 5 points to 11,912.95.

“Despite weak set of domestic cues, index closed flat. The currency was at 71.45 and 10-year bond yield was at 6.56%, which is a negative for the market, if these hold at the same levels for the next few days. The trend for the market is becoming uncertain and uncertainties never help traders as well as investors. For the time being, till the market is not crossing 12,035, we should be cautious while creating long positions at higher levels. Nifty should remain in 11,950-11,750 zone,” said Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities.

Here is a lowdown on the movers and shakers of Monday’s session on Dalal Street:

YES Bank continues rally
YES Bank that hit 52-week low of Rs 29.05 last month continues to accelerate. The scrip on Monday jumped 5.65 per cent to Rs 72.90. It has grown 151 per cent from its 12-month low.

BoB jumps on Q2 show
Shares of Bank of Baroda advanced 2.88 per cent to Rs 96.50 on BSE after the lender on Friday reported 73.2 per cent rise in profit at Rs 736.68 crore for the second quarter ended September 30.

IRCTC on a dream run
IRCTC’s run continued on Monday as the stock jumped 6.33 per cent to Rs 932.80, almost thrice of its issue price of Rs 320. The stocks debuted on October 14 on the bourses at over 100 per cent premium.

Hindalco loses ahead of earnings
Aluminium manufacturer Hindalco slipped 2.11 per cent to Rs 199.55 on the NSE ahead of its September quarter earnings released post market hours. The company posted a 75 per cent drop in profits to Rs 78 crore.

Midcaps bloom
Midcaps outperformed peers as Nifty Midcap jumped 0.6 per cent to 16,815 thanks to rally in RBL Bank (up 6.4 per cent), Edelweiss, Indiabulls Ventures and Jindal Steel (each up 5 per cent). Nifty Smallcap was flat, edging 0.03 per cent higher at 5,744 while Nifty 500 gained 0.14 per cent to 9,696.

Media biggest sectoral gainer
Nifty Media index was the biggest sectoral gainer on NSE riding on Dish TV’s 9.5 per cent rally and Zee Entertainment’s 6.16 per cent gain. They ended the day on Rs 15 and Rs 285.45 on NSE.

Private banks lift Sensex
Five top private banks — ICICI Bank, HDFC Bank, Axis Bank, Kotak Bank and IndusInd Bank — together contributed 133 points. The gains were capped by negative contributions from Reliance Industries and TCS, which together bled 85 points.

Most active stocks
YES Bank was the most active stock in terms of transacted value on NSE followed by Indiabulls Housing Finance, ICICI Bank, HDFC Bank and Reliance Industries. In terms of transacted volume YES Bank only topped the charts. Vodafone Idea, Ashok Leyland, Dish TV and Indiabulls Housing Finance were other top stocks on the chart.

78 stocks flash ‘sell’ signal
As many as 78 stocks slipped below the signal line on MACD indicator indicating ‘sell’. They include Tata Power, Equitas Holdings, Castrol India, Pidilite Industries, PTC India, TV18 Broadcast and National Fertilisers, among others. MACD is a momentum indicator that if falls below the signal line, it is a bearish signal, which indicates that it may be time to sell. Conversely, when the MACD rises above the signal line, the indicator gives a bullish signal, which suggests that the price of the asset is likely to experience upward momentum.