A sharp rise in crude oil prices following attacks on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz and rupee's fall against the dollar weighed on investor sentiment.
Sensex pared most losses to end marginally lower by 15 points, on support from HDFC twins, Kotak Mahindra Bank, Axis Bank and ICICI Bank. Nifty ended eight points higher at 11,914.
Here is a lowdown on major highlights of Thursday's session:
236 stocks hit 52-week lows
As many as 236 stocks, including YES Bank, Bayer Cropscience, Biocon, Lupin, Jaiprakash Associates and Central Bank of India, hit 52-week lows on BSE. On the other hand, Titan, Tata Consultancy Services, Sobha, PNC Infratech, City Union Bank and Atul were among 44 stocks that hit 52-week highs.
222 stocks hit lower circuits
Manpasand Beverages, Reliance Communications, Eros International Media, Omkar Speciality Chemicals and Mohota Industries were among 222 stocks that hit lower circuits on BSE. Lakshmi Vilas Bank, Indiabulls Integrated Services, Uniply Industries and GPT Infraprojects were among 106 stocks that hit upper circuits.
176 stocks signal fall
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 176 counters on BSE, signalling that these stocks may fall in the coming sessions. Among them are DLF, Biocon, HDFC Bank, IDFC First Bank, L&T Finance Holdings, Indian Bank, InterGlobe Aviation and Shriram Transport Finance. On the other hand, SAIL, Zee Entertainment, Tata Steel, Smartlink Holdings and Kirloskar Pneumatic were among 42 stocks that showed bullish crossovers.
YES Bank plunges 13%
Shares of YES Bank closed 12.96 down at Rs 117.20, extending losses into the second session in a row, after foreign brokerage UBS cut its target price on the stock to Rs 90 from Rs 170 earlier, a drop of 47 per cent. The brokerage expects more asset-quality pressure, given the bank’s higher exposure to stressed companies and lower recognition of these loans as gross non-performing loans.
IndusInd slips over 5%
Shares of IndusInd Bank fell 4.96 per cent to close at Rs 1,490.05 after UBS downgraded the stock to ‘sell’ from ‘neutral’, cutting price target to Rs 1,400 from Rs 1,700.
Reliance Home Finance tanks 12%
Shares of Reliance Home Finance tanked 11.73 per cent to Rs 15.05 while those of Reliance Capital settled 3.54 per cent lower at Rs 84.40 after auditor Price Waterhouse & Co (PwC) informed the ministry of corporate affairs about certain alleged irregularities in the books of accounts of the two AGAG group firms. Reliance Capital rejected PwC observations, saying they were ‘completely baseless and unjustified’.
DHFL cracks 10%
Shares of Dewan Housing Finance Corporation (DHFL) closed 9.75 per cent down at Rs 84.25 amid reports that the promoters were in talks with private equity firms and are expecting to raise $1 billion (about Rs 6,900 crore) by selling nearly 50 per cent of their holdings.
Indiabulls Housing Finance surges 12%
Shares of the company jumped 11.78 per cent to close at Rs 694.30 after Abhay Yadav, who had filed a petition against promoter Sameer Gehlaut and the company over alleged fund misappropriation, withdrew his case in the Supreme Court.
Oversold & overbought stocks
Momentum oscillator Relative Strength Index, or RSI, showed 68 stocks, including Sintex Industries, Kwality, Biocon, Optiemus Infracom, Cox & Kings and Maximaa Systems have entered the oversold zone on BSE. Meanwhile, Neogen Chemicals, Black Rose Industries, Refex Industries and Panth Infinity were among 31 stocks that entered overbought zone.