Who moved my market: Market movers: PSU bank stocks bleed; 90 stocks flash ‘sell’ signals

NEW DELHI: It was the second consecutive day of decline for Indian equities as a broader sell-off in the wake of rising bond yields pushed benchmark indices lower on Friday. However, there were some stocks that still shone.

The 30-share pack Sensex dropped 440.76 points or 0.87 per cent to close at 50,405.32. Its broader peer NSE Nifty declined 142.65 points or 0.95 per cent to 14,938.10.

“It’s not surprising to see that the way markets are reacting to the global cues in absence of any major trigger from the domestic front. Going ahead, we feel global cues would continue to dictate the market trend in the near term. Besides, on the domestic front, key macro data like CPI, WPI and IIP would be on investors’ radar,” said Ajit Mishra, VP – Research, Religare Broking.

Here are major movers and shakers of the day:

gains 30%
Heranba Industries climbed 30 per cent over the issue price to Rs 812.25 on the first day of trading. However, the stock closed about 10 per cent lower than the listing price.

MTAR Tech IPO
The environment remained highly conducive to initial public offering as the precision equipment maker’s issue was subscribed over 201 times on the last day of bidding. Investors expect strong listing gains and are rushing towards IPOs for returns.

India VIX above 25-level

India VIX, the barometer of nervousness on Dalal Street, spiked again, for the second day on-a-trot. The index closed up 5.83 per cent to 25.56 levels.

All sectors decline
All sectoral indices closed with cuts. Nifty PSU Bank was the biggest loser, down 3.93 per cent. Nifty Metal, Nifty Private Bank and Nifty IT were other major losers. Nifty Media was the least affected, which also fell 0.86 per cent.

Who gave sell signals
Over 90 stocks gave ‘sell’ signals on Friday as the MACD closed below the signal line. Punjab National Bank, Wipro, Indian Overseas Bank, Rail Vikas Nigam,

Tyres and HDFCL were top names among them.

Where is the market headed?
Going ahead, 15,000-15,050 will be the immediate hurdle zone to watch out for. Once that gets taken out, the index will be set to test the swing high of 15,273. On the other hand, 14,860-14,800 will act as a crucial support zone for the index, said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.