After Market: Fertiliser stocks rally on IMD monsoon forecast, Infosys slumps

NEW DELHI: Underpinned by gains in shares of auto, IT and bank heavyweights, headline indices Sensex and Nifty extended their winning run to the third successive session on Monday.

Sentiment remained buoyant after Indian Meteorological Department (IMD) predicted a near-normal rains during April-September monsoon, soothing concerns over rise in inflation.

Moreover, positive cues from US-China trade talks, strong Chinese export data and hopes of better fourth-quarter earnings kept mood up.

"Market traded on a positive note as expectation of US-China trade agreement and a likely turnaround in domestic earnings steered the sentiment. IMD’s forecast of near-normal monsoon may ease concerns over inflation," said Vinod Nair, Head of Research, Geojit Financial Services.

The BSE Sensex closed 139 points, or 0.36 per cent, higher at 38,905.84, whereas Nifty settled 47 points, or 0.40 per cent, up at 11,690.35.

Let's take a look at the highlights of Monday's session:

Fertiliser stocks gain on IMD forecast
Most fertilizer stocks logged gains, boosted by IMD's forecast of a near-normal monsoon. Shares of Shiva Global Agro Industries (up 5.33 per cent), GSFC (up 2.93 per cent), Fertilizers & Chemicals Tranvancore (up 2.65 per cent), Chambal Fertilisers & Chemicals (up 2.60 per cent), Coromandel International (up 1.70 per cent), Rashtriya Chemicals & Fertilizers (up 1.56 per cent) and Gujarat Narmada Valley Fertilizers (up 1.25 per cent) were among the top gainers.

Infosys shares fall 3%
Shares of Infosys settled 2.83 per cent down at Rs 726.65 after many brokerages cut their target prices on the stock in light of subdued guidance. Nomura downgraded the stock to reduce, with a target price of Rs 680. Centrum downgraded the stock to ‘add’ from ‘buy’ and cut target price by 3.8 per cent to Rs 775. HDFC Securities downgraded the stock to ‘neutral’ from a ‘buy’ and lowered target price by 6 per cent to Rs 755.

TCS jumps 5%
Shares of TCS finished 4.78 per cent up at Rs 2,110.05 on better-than-expected fourth quarter earnings. Brokerages largely maintained their ratings and target price on Tata Consultancy Services. Edelweiss said the company has the best digital and execution capabilities and despite its size, the company will report industry-leading growth.

Network18 shares fall 4% on Q4 loss
Network18 Media and Investments reported a consolidated loss of Rs 75.57 crore for the quarter ended March 31. Shares of the company closed 3.92 per cent lower at Rs 35.50.

Metropolis Healthcare gains
Metropolis Healthcare made a decent market debut, as the scrip got ended at Rs 960 on BSE, a 9.09 per cent premium over the issue price of Rs 880 per share. The scrip closed at Rs 959.55, up 9.04 per cent with respect to its issue price.

Adani Power gains on CERC relief
Shares of Adani Power gained 3.12 per cent to Rs 54.60 after the Central Electricity Regulatory Commission (CERC) on Friday approved higher tariff for the company's 2,000 megawatts (MW) capacities at its Mundra power plant.

PC Jeweller surges 13%
Shares of PC Jeweller extended their gains into the second straight session, closing the day 12.77 per cent up at Rs 126.25. In the last two sessions, the stock has jumped 32 per cent. The stock got traction after a foreign portfolio investor (FPIs) bought over 2 per cent stake in the company through an open market transaction.

Investors get richer by Rs 1 lakh crore
Monday's gains shot up market capitalisation of the BSE-listed firms to Rs 1,53,15,888.66 crore from Rs 1,52,14,642.20 crore on Friday, making investors richer by Rs 1,01,246 crore.

123 stocks signal potential rise
Momentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 123 counters on BSE, indicating that these stocks may log gains in the coming sessions. Among those stocks were ITC, TCS, GSFC, Adani Ports, Suzlon Energy, Tata Steel and Jain Irrigation. On the other hand, Infosys, Bandhan Bank, Bombay Rayon Fashion, Ramco Cements and Generic Engineering were among the 70 stocks that showed bearish crossovers on BSE.

Spurt in OI
PC Jeweller, with a change of 89 per cent, led the pack of stocks that witnessed the biggest spurt in open interest (OI) on NSE. It was followed by, Infosys (37.42 per cent), DCB Bank (32.18 per cent), Infibeam Avenues (26.14 per cent) and Coal India (23.01 per cent).