NEW DELHI: Another day, and the market takes a U-turn after logging a 568-point gain in Monday’s trade, thanks to fears of a sudden spike in crude prices after top producers of the world agreed to freeze crude output to stem a global glut.
When it was looking like the market was finding a firm ground, global triggers again played spoiler on Tuesday.
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The market breadth was extremely negative, with eight of every 10 BSE-listed stocks ending in the red. Midcaps once again came under selling pressure while the BSE capital goods index declined the most among the sectoral indices.
Here is a wrapup of how various stocks and sectors performed during the volatile session.
Oil stocks score zero: Strong volatility in crude oil prices hurt both downstream and upstream oil stocks. None of the 10 BSE oil & gas index stocks ended higher. Shares of the OMCs, gas producers and distributors took the biggest hit. HPCLBSE -5.00 % fell 5 per cent to Rs 691.90. Other OMCs BPCLBSE -3.98 % and IOCBSE -2.77 % declined 3.70 per cent and 2.20 per cent, respectively.
GAIL and Petronet LNG slipped 4.28 per cent and 3.76 per cent, respectively. Index heavyweight Reliance IndustriesBSE -1.59 % ended the session at Rs 929.65, down 1.59 per cent. Crude prices, which had surged over 6 per cent in trade, came off sharply by the time the domestic equity market closed for the day.
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UB gets tipsy on wilful defaulter tag: Shares of United Breweries (Holdings) tumbled 11.23 per cent to Rs 20.15 for the day after the company said its creditor Punjab National Bank (PNB) declared it a wilful defaulter. In a regulatory filing to BSE, the company said: “PNB vide its letter dated February 11, 2016, received by the company on February 15, has declared the company as a ‘wilful defaulter’,” adding that the company is in consultation with its legal counsels to challenge the decision by taking appropriate legal action.
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PSU bank stocks back to square one: After seeing a one-off spectacular rally, PSU banking stocks were back to square one. The NSE PSU index tanked 6.17 per cent for the day to close at 2023.40. Syndicate Bank dropped 7.12 per cent to Rs 51.50 and was the worst index stock. SBI slumped 6.85 per cent to Rs 156.35. Among others, Bank of Baroda, OBC and Canara BankBSE -4.69 % declined between 5.69 per cent and 5.96 per cent. Indian Overseas Bank remained the sole gainer from the index, rising 2.54 per cent to Rs 24.25.
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FIPB approval fails to lift Cipla, others: Shares of Den Network, Cipla and Glenmark Pharma surged up to 7 per cent after the Foreign Investment Promotion Board (FIPB) approved foreign investment proposals for the respective companies. The stocks though surrendered the gains and ended mixed amid across-the-board selling in the broader market. Shares of Den Networks surged the most, gaining 12 per cent, as FIPB gave a go ahead allowing further foreign investment in the company but ended the day just 0.61 per cent higher at Rs 74.
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Smallcaps did it again: With another day of fall, the BSE smallcap index continued to see weakness for the ninth time in 12 sessions. The BSE smallcap index fell 2.25 per cent for the day against a 1.54 per cent fall in the Sensex. Supreme Infra fell 19.19 per cent to Rs 77.50. Shreyas Ship, Zensar Tech and JBM Auto shed 15.25 per cent, 11.39 per cent and 10.88 per cent, respectively.
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