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    Market Movers: Jute stocks defy gravity, 36 stocks flash sell signal

    Synopsis

    Shares of jute companies hogged the limelight after the Cabinet gave nod for 100 per cent jute packaging for food grains and 20 per cent for sugar.

    market moversShutterstock.com
    As many as 217 stocks hit their daily lower circuit on the BSE. They included Sulon Energy, Indiabulls Integrated Services, Vishal Fabrics and Birla Cotsyn, among others.
    Expiry of monthly derivative contracts, coupled with a mixed set of quarterly earnings kept the market volatile on Thursday. However, selling in HDFC twins, Larsen & Toubro, HUL and Axis Bank dragged the benchmark indices down for the second straight session.

    Overall, the BSE Sensex closed nearly 173 points down at 39,749. The broader NSE Nifty index settled 59 points lower at 11,670.

    Vinod Nair, Head of Research at Geojit Financial Services, said, “As expected the Indian stock market has turned its focus from Q2 result-driven rally to international developments as the global market is worsening. Markets across the world are volatile because of rising corona cases impacting the recovery of economy and ambiguities over the US election and stimulus package.”

    That said, here is a lowdown on what happened in Thursday’s session:

    Jute players rally
    Shares of jute companies hogged the limelight after the Cabinet gave nod for 100 per cent jute packaging for food grains and 20 per cent for sugar. Ludlow Jute & Specialities climbed nearly 12 per cent to Rs 89.70, while Cheviot settled 8.41 per cent up at Rs 735. Gloster also jumped 2.56 per cent to Rs 456.

    L&T tanks 5%
    Shares of Larsen & Toubro fell 5 per cent after the engineering and construction major reported a 45 per cent decline in consolidated net profit to Rs 1,410.29 crore for the September quarter. The company had reported a net profit of Rs 2,551.67 crore in the year-ago period.

    InterGlobe Aviation flies high
    Shares of InterGlobe Aviation advanced over 3 per cent to Rs 1,333 ahead of its earnings for the quarter ended September 30. However, the company, post market hours, reported a net loss of Rs 1,194.80 crore for the quarter ended September 30, compared with a loss of Rs 1,062 a year ago.

    Bank of Baroda climbs
    Bank of Baroda rallied 2 per cent after the lender posted 127 per cent year-on-year growth in net profit at Rs 1,678.60 crore for the quarter ended September 30.

    Maruti Suzuki slips post Q2 results
    Shares of Maruti Suzuki ended in the red after the auto major missed the Street estimates and posted 0.95 per cent year-on-year growth in net profit at Rs 1,371.60 crore for the quarter ended September 30. Analysts in an ET NOW poll had projected the figure at Rs 1,530 crore.

    Stocks at 52-week low
    12 stocks scaled 52-week lows on NSE. They included GE Power, Madhav Copper, Vikas Proppant, Punjab National Bank, Vaishali Pharma and Future Supply, among others. On the other hand, Adani Green, Asian Paints, Berger Paints, Just Dial and Lakshmi Machine Works stood among 36 counters which scaled their 52-week highs.

    Stocks that hit lower circuits
    As many as 217 stocks hit their daily lower circuit on the BSE. They included Suzlon Energy, Indiabulls Integrated Services, Vishal Fabrics and Birla Cotsyn, among others.

    Most active counters
    With a total traded quantity of 20.07 crore shares, Vodafone Idea emerged as the most active stock on the NSE in terms of volume. It was followed by Tata Motors (6.66 crore), Reliance Power (6.54 crore) and YES Bank (5.88 crore). On the other hand, Reliance Industries (Rs 2,857 crore), Axis Bank (Rs 2,557 crore), HDFC Bank (Rs 1,371 crore) and ICICI Bank (Rs 1,296 crore) stood among most active in terms of value.

    Stocks that flash sell signals
    36 stocks flashed sell on the BSE, as they slipped below the Signal Line on the MACD indicator. They included LIC Housing Finance, Adani Ports, HDFC, Firstsource Solutions, Hindustan Unilever, Hindustan Zinc and Welspun India, among others.

    Where is Nifty headed?
    On the expiry day, the domestic equity market reflected weakness with a steep rise in India VIX which indicates near term volatility. Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities, said, “Continued volatility is bad news for day traders. Traders should be careful while trading at the resistance and support levels.”

    He further added that Nifty arrested exactly at the corrective level of 11,606 and reversed back. The closing was below 11,700, which shows bulls have defended the major support level at 11,600. “In the coming weekly expiry, it is mandatory for the Nifty to defend the level of 11,580. Otherwise, we could see a deep decline to 11,400 or 11,300 levels. On the upside, 11,750 would be a major hurdle. If Nifty convincingly crosses those levels, the index could move to 11,850,” said Chouhan.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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