For the week, Infibeam Avenues, down 67.58 percent, Adlabs Entertainment, down 42.23 percent, Eros International Media, down 28.5 percent and Indiabulls Real Estate, down 27.91 percent are the top losers.
Over a 2,000-point fall on the Sensex and a 700-point decline on the Nifty. This sums up how the market performed in September, reflecting the pain investors went through. On Friday, benchmarks continued with its negative streak, with the Nifty ending the first day of October series below 11,000-mark.
Friday’s trade was dominated by a weakness in other major sectors such as metals and automobiles, while financials traded lower too. But their performance was a tad better as compared to auto and metals. Nifty FMCG and Bank Nifty have ended in the green. Selling in midcaps have also been one of the major factors for the market to fall.
At the close of market hours, the Sensex closed down 97 points or 0.2 percent at 36227.1, and the Nifty down 44.4 points or 0.4 percent at 10933.1. The market breadth is negative as 526 shares advanced, against a decline of 2,101 shares, while 159 shares were unchanged.
On the weekly chart the benchmark index ended 1.91 percent lower. Midweek recovery failed to sustain at the higher levels and got sold off towards ending with another bearish candle. Ending in red for the fourth consecutive week implies, it may continue facing selling pressure on rise. Pivotal resistance for the coming week is placed around 11,100 levels, which may restrict the pullback rise against current downtrend, says a report by Stewart & Mackertich Research.
Nifty patterns on multiple time frames show; the benchmark index finished off with another bearish candle for the fourth consecutive week, pointing towards range bound movement with downward bias. Further, Nifty broader trading range for the coming week is expected to be 10,770-11,100, it added.
Individual stocks never disappoint and last week as well inspite the market being weak, many stocks captured the spotlight as always.
Let's take a look at the top 10 stocks which moved the most last week:
IL&FS Transportation Networks, up 11.36%Shares of IL&FS Transportation Networks rose 9.3 percent on September 19 after company signed a settlement agreement with NHAI. A settlement
agreement was signed by Moradabad Bareilly Expressway (MBEL), a subsidiary of the company on various claims filed against NHAI in relation to the work of
development, maintenance and management of a highway from Moradabad to Bareilly in the State of Uttar Pradesh, company said in release.The company which is facing liquidity challenges for almost a month, may find some relief as the National Highways Authority of India (NHAI) may soon transfer
Rs 700 crore to its subsidiary for a road project, The Financial Express reported."IL&FS is independent of government. It has independent board and shareholders. So, IL&FS needs to resolve its issues on its own and I think it is capable of
doing it," Economic Affairs Secretary Subhash Chandra Garg said.
Infibeam Avenues down 67.58%
Infibeam Avenues plunged over 70 percent on Friday, continuing its decline for the fourth consecutive session, along with a rise in volumes. The company is set to have its annual general meeting (AGM) over the weekend. The decline managed to wipe over Rs 9,200 crore of its investors' wealth. Infibeam saw 158 percent rise in volumes 1,68,02,604 on BSE.
The company also saw short build-up for October series. According to a report at IIFL, rollover stood at 76 percent while the price fell by over 12 percent in the September series.
Adlabs Entertainment, down 42.23%
Adlabs Entertainment share price rallied 14.5 percent after the company signed agreement for new entertainment park in Andhra Pradesh. Adlabs has signed an MOU with Riverbay group, to develop and operate a new entertainment park in Amaravathi, the strategically located in Andhra Pradesh government's new planned capital.
However, the stock price breached lower circuit of Rs 17.10 on September 28, 2018 and traded on new 52-week low value of Rs 17.10. It also witnessed spurt in volume by more than 1.69 times.
Eros International Media, down 28.5%
The stock price witnessed a plunge of 20 percent on Friday itself and breached lower circuit of Rs 72. On September 10, 2018 the company said it partnered with China streaming service iQiyi Inc to provide Indian movies such as Bollywood blockbusters "Dabangg" and "Devdas" in the country.
"We are targeting about $10 million in revenue in the first year through this deal," Eros International's Chief Executive Officer Kishore Lulla said in a interview.
Indiabulls Real Estate, down 27.91%
The Nifty realty index took close to 5 percent plunge and as a result, Indiabulls Real Estate dived 12.2 percent thereby hitting new 52-week low value of Rs 82.40 per share. On September 25, 2018, Indiabulls Real Estate has informed that the Company proposes to issue Secured, Redeemable, Non-Convertible Debentures of face value Rs 10 lakh each aggregating Rs. 25 crore, on a private placement basis, pursuant to a special resolution passed by the shareholders of the Company.
PNB Housing Finance Ltd., down 25.48%
With the IL&FS crisis looming at the front door, all NBFC companies have taken a hit including PNB Housing Finance. The stock price was down over 4 percent resulting in the price hitting new 52-week low value of Rs 857.20 per share.
Jain Irrigation Systems, down 23.54%
Share price of Jain Irrigation Systems were down over 20 percent for the week with the stock breaching lower circuit of Rs 64.90. It traded on new 52-week low value of Rs 59 and witnessed spurt in volume by more than 2.62 times. It is one of the companies with high foreign debt and with the rupee remaining weak Jain Irrigation can potentially take a hit.
Dewan Housing Finance, down 21.57%
The panic started when rumours started doing the rounds that Dewan Housing Finance (DHFL) may have defaulted on one of its debt payments. The reason for this rumour: DSP Mutual Fund had sold short term DHFL paper at a significant discount. Dealers with domestic banks said the fund house sold DHFL's 1-year commercial paper, due to mature in June next year, at a yield of around 11 percent.
The crisis surrounding IL&FS has spooked a lot of investors. What amounted to nothing more than a self-protective strategy by DSP MF, resulted in a hammering of stocks of NBFCs and housing finance companies.
Jet Airways, down 21.51%
Crisis-hit Jet Airways has told its pilots, aircraft maintenance engineers and senior management team that part of their August salaries will be paid by October 9, according to a communication. Also, with international oil prices breaching the USD 80 mark per barrel, will have a direct impact on airlien companies.
India has raised import tariffs on 19 "non-essential items," including aviation turbine fuel, marking a further tilt toward protectionism as it tries to reduce its widening current account deficit and tackle a sharp slide in the rupee. A finance ministry source said taxing imported fuel is unlikely to increase prices and only two Indian airlines currently import some jet fuel.
Indiabulls Housing Finance, down 19.33%Sebi has sought details from mutual funds about their exposure to all NBFCs and housing finance companies, amid concerns over liquidity in the system,
according to sources. In recent days, shares of Non-Banking Financial Companies (NBFCs) and housing finance companies have taken a beating against the backdrop of IL&FS group entity defaulting on its debt obligations, triggering fears of liquidity crunch.
Industry officials and experts say they expect regulators to cancel the licences of as many as 1,500 smaller non-banking finance companies because they don't have adequate capital, and to also make it more difficult for new applicants to get approval.
YES Bank, down 18.92%
Yes Bank board’s decision to seek extension for Rana Kapoor to stay at the helm is unlikely to be approved by the Reserve Bank of India (RBI). "There is no merit in seeking the extension, the bank is just buying more time," said a source close to the developments.
This request also raises concerns over corporate governance issues and the role of the board, experts say. They say that the board's actions too should come under scrutiny at a time when the Reserve Bank of India is taking action against chiefs of private sector banks.On September 25, the mid-sized lender’s board requested more time from RBI to allow Kapoor to remain as the chief executive officer and managing director (CEO and MD) until a minimum of April 30, 2019 and thereafter extend to September 30, 2019.