Market Buzz: Lakshmi Vilas Bank Soars, 42 Stocks Indicate ‘Sell’ on MACD
Over 275 stocks surged to their upper limits on the BSE, while 200 saw declines to their lower limits.
NEW DELHI: Lakshmi Vilas Bank took center stage on Wednesday following government approval for its merger with DBS Bank India (DBIL), accompanied by the removal of deposit withdrawal restrictions. Concurrently, HDFC Bank’s market capitalization crossed the Rs 8 lakh crore mark early in the trading session, marking a milestone for domestic lenders. However, the stock’s initial gains were trimmed, closing 2.50 per cent lower at Rs 1,402, with a market cap of Rs 7.72 lakh crore.
In broader markets, benchmark equity indices snapped their three-day winning streak, driven by substantial profit-taking in banking and IT sectors amidst mixed signals from global markets.
The BSE Sensex declined by approximately 695 points to 43,828, while the Nifty index closed nearly 197 points lower at 12,858.
Here’s a rundown of today’s trading action:
Who’s Impacting the Sensex?
Twenty-seven constituents of the Sensex closed in the red, with Kotak Mahindra Bank leading the losses at 3.22 per cent. It was trailed by Axis Bank (down 3.16 per cent), Sun Pharma (down 2.61 per cent), HDFC Bank (down 2.50 per cent), Bajaj Finance (down 2.49 per cent), and Asian Paints (down 2.41 per cent). Conversely, ONGC (up 6.25 per cent), Power Grid (up 0.33 per cent), and IndusInd Bank (up 0.10 per cent) defied the downward trend.
Lakshmi Vilas Bank Surges
Lakshmi Vilas Bank’s shares hit the upper circuit after the Cabinet approved its merger with DBS Bank India. The stock closed 4.79 per cent higher at Rs 7.65.
Union Bank on the Rise
Union Bank of India’s shares climbed over 3 per cent after announcing plans to raise up to Rs 1,000 crore from bonds to fuel business expansion. The stock ended 3.50 per cent higher at Rs 26.60.
Promoter/Director Moves: Titan Company, Tata Steel Long Products
Varun Berry, Director at Britannia Industries, offloaded 24,425 shares of the FMCG major on November 24, according to BSE data. Britannia Industries’ shares closed 0.13 per cent lower at Rs 3,558.20.
Tata Steel Long Products, a promoter of Tata Steel, sold 25,000 shares of the company on November 24. The stock concluded 1.15 per cent lower at Rs 471.40.
Fresh 52-Week Highs/Lows
Seventy-eight stocks on the NSE reached fresh 52-week highs during the session. Notable names included DHFL, Eicher Motors, Adani Ports, Emami, Grasim Industries, Gland Pharma, CAMS, and Granules India, among others. Conversely, Jump Networks, Standard Industries, Vishal Fabrics, and Lakshmi Vilas Bank touched fresh 52-week lows on the NSE.
Upper/Lower Circuit Stocks
Over 275 stocks hit their upper circuits on the BSE, while 200 counters hit their lower circuits. In Group A, stocks such as J&K Bank, Adani Green, and GE Power India touched their lower circuit limits. Conversely, Future Lifestyle, Future Retail, Future Consumer, Reliance Infra, and DHFL reached their respective upper circuits.
Most Active Counters
Vodafone Idea emerged as the most actively traded stock on the NSE in terms of volume, with a total traded quantity of 44.13 crore shares. It was followed by YES Bank (15.75 crore), Siti Networks (11.25 crore), and PNB (9.96 crore). In terms of value, Reliance Industries (Rs 2,965 crore), Bajaj Finance (Rs 2,256 crore), Axis Bank (Rs 2,154 crore), and IndusInd Bank (Rs 2,081 crore) were among the most active.
42 Stocks Signal Bearish Trends on MACD
The list includes Bharti Airtel, Coal India, InterGlobe Aviation, Piramal Enterprises, JSW Energy, Delta Corp, HUL, CDSL, PI Industries, AU Small Finance Bank, Birla Corporation, Tata Communications, Surya Roshni, and Prince Pipes. MACD, known for signaling trend reversals in securities or indices, indicates a downward movement when crossing below the signal line and vice versa.