D-Street Buzz: ADAG stocks rally led by Reliance Power; Tata Motors tanks 15%, Titan at new 52-week

The Indian benchmark indices have been trading in the red this Friday morning on the back of uncertain US-China trade relations with the Nifty50 down 51 points, trading at 11018 while the Sensex fell 189 points and was trading at 36781 mark.

Nifty Auto fell the most, down 2 percent on the back of profit booking led by Tata Motors which tanked 15 percent after brokerage firms such as Axis Capital and Motilal Oswal downgraded the stock post December quarter results which were impacted by an exceptional item of asset impairment of Rs 27,838 crore.

The company had reported a profit of Rs 1,214.6 crore in the same quarter last fiscal. The company’s consolidated revenue was at Rs 77,001 crore while operating profit was at Rs 6,522 crore.

The other losers were Tata Motors DVR, Eicher Motors, MRF and Motherson Sumi Systems.

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Media stocks were also down dragged by EROS International, Zee Entertainment, Dish TV and UFO Moviez.

Selective banking stocks were down with loses from Punjab National Bank, IDFC First Bank, ICICI Bank, Bank of India, Union Bank of India and Oriental Bank of Commerce.

ADAG stocks took a beating since the last few days after Anil Ambani led Reliance Communications said it will move the insolvency tribunal for bankruptcy protection. However, these stocks have turned the table today morning with Reliance Power zooming 13 percent followed by Reliance Communications and Reliance Infra jumping 4-5 percent. Reliance Naval was also trading higher by over 5 percent.

However, according to the bulk deal data on the NSE, lenders sold 9 crore shares worth Rs 52.7 crore from February 5-6 with pledged shares sold by Edelweiss, L&T Finance.

IDBI Trusteeship sold 8.46 crore shares of Reliance Power from February 4-5 while STCI and L&T Finance sold 75 lakh shares of Reliance Infra worth Rs 108.7 crore on February 6. Also, in Reliance Home Finance, L&T Finance sold 7 lakh shares worth Rs 1.68 crore

Nifty Energy gained half a percent led by BPCL, HPCL, Reliance Industries and NTPC.

The top gainers from NSE included Bharti Infratel, Titan Company, Power Grid, BPCL and HCL Tech while the top losers included Tata Motors, Zee Entertainment, Indiabulls Housing Finance, Vedanta and Sun Pharma.

The most active stocks were Tata Motors, Reliance Infra, Reliance Industries, Reliance Capital and Bajaj Auto.

Cantabil Retail, Capri Global Capital, Mahamaya Steel Industries, Nestle and Titan Company have hit new 52-week high in this morning session.

132 stocks have hit new 52-week low on the NSE including names like Tata Motors, Tata Motors DVR, IL&FS Transport, Rolta India, Kwality, Punj Lloyd, ABG Shipyard, MRF, Mercator, Dena Bank and GMDC among others.

The breadth of the market favoured the declines with 618 stocks advancing and 934 declining while 494 remained unchanged. On the BSE, 628 stocks advanced, 922 declined and 72 remained unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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First Published on Feb 8, 2019 10:01 am

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