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Last Updated : Jan 15, 2020 11:56 AM IST | Source: Moneycontrol.com

D-Street Buzz: Bank Nifty underperforms dragged by IndusInd Bank; Wipro down 3%, YES Bank rises

The most active stocks are IndusInd Bank, Tata Global Beverage, Reliance Industries, YES Bank and State Bank of India.


The Indian stock market is of the low point of the day but still trading in the red with Sensex down 174.87 points or 0.42 percent at 41777.76 while the Nifty shed 52.50 points at 12309.80.

Comments by a top US official that tariffs on China would remain in place for now turned investors cautious ahead of the signing of an initial trade deal, Reuters reported.

US Treasury Secretary Steven Mnuchin said on Tuesday Washington would keep tariffs on Chinese goods until the completion of a second phase trade agreement, denting hopes of an improvement in relations between the world’s top two economies.

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Bank Nifty was down a percent dragged by IndusInd Bank which shed over 4 percent after the lender reported sharp increase in gross slippages due to one travel account. The private sector lender registered a healthy 32 percent year-on-year growth in profit at Rs 1,300.2 crore in Q3 despite higher provisions.

The other losers included RBL Bank, State Bank of India, ICICI Bank, HDFC Bank and Axis Bank.

The IT index was down half a percent as rupee traded flat at 70.88 per dollar. The top losers included Wipro which shed over 3 percent after the company reported sequential decline in consolidated profit at Rs 2,455.9 crore for the quarter ended December 2019. Tech Mahindra, Infosys and TCS were the other losers.
India VIX is up 2.95 and is trading at 14.32 level.

The top gainers from the Nifty are YES Bank, Hero MotoCorp,, Zee Entertainment, Titan Company and Hindalco Industries.

Shares of Titan Company climbed and looked on course to extend the winning run into the third consecutive session. The stock has been on an upward trajectory as the shareholding pattern of the company showed ace investor Rakesh Jhunjhunwala and his wife increased stake in the company to 6.69 percent.

 

The top losers include IndusInd Bank, Wipro, Dr Reddy's Labs, BPCL and State Bank of India.

The most active stocks are IndusInd Bank, Tata Global Beverage, Reliance Industries, YES Bank and State Bank of India.

59 stocks have hit new 52-week high on NSE including Avanti Feeds, Larsen & Toubro Infotech Ltd., City Union Bank, Berger Paints, Ipca Labs, Balkrishna Industries and NIIT Tech among others.

About 1078 shares have advanced, 950 shares declined, and 147 shares are 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 Jan 15, 2020 11:56 am
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