After Market: Raymond shines; ICICI, YES Bank jump after MSCI action; Sun Pharma top loser

Textile major Raymond was the star performer on Friday, rising 20 per cent, a day after it unveiled plans to separate the lifestyle business and list it separately. It also plans to trim its debt by Rs 350 crore.

ICICI Bank jumped after MSCI increased its weightage in its India index. YES Bankgained even after the index aggregator excluded it from its India-focussed index. Most sectoral indices ended the day in the red, but realty index continued to rally riding on the gains of DLF and Brigade Enterprises. The latter was also added to MSCI’s India Smallcap index.

The BSE Sensex ended the day 330 points down at 40,323 after Moody’s downgraded India’s sovereign outlook to ‘negative’ from ‘stable’. Its NSE counterpart Nifty cut 104 points to close at 11,908. Broader market indices also ended with losses.

“Worldwide rating agency Moody's has changed India's rating to negative from stable. With this, they have revised the outlook to negative for a few companies which are part of Nifty and Sensex. Also, uncertainties over the formation of government in Maharashtra has also spoiled the sentiment in the second half of the trading session. The excitement from the Q2 performances of Nifty companies is fading away and this would trigger further selling in the near term,” said Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities.

Here is a lowdown of the movers and shakers of Friday’s session on Dalal Street:

Raymond restructuring boost
Raymond share price hit the upper circuit limit on BSE after the company unveiled its restructuring plans. The company also plans to cut debt by Rs 350 crore. The shares ended the day at Rs 808.40, up 20 per cent.

YES Bank shrugs MSCI action
Shares of YES Bank jumped 3.76 per cent to Rs 69 on BSE despite the index aggregator MSCI excluded the lender from the India index.

Sun Pharma dives
Drug maker Sun Pharma was the biggest loser among Sensex stocks as it plunged 4.2 per cent to Rs 421.80 a day after the company posted a profit at Rs 1,064 crore. Post earnings, most brokerages have maintained their ‘buy’ rating on the stock and sees up to 22 per cent potential upside.

ICICI Bank rejoices
MSCI announced an increase in ICICI Bank’s weightage in its India index to 5.42 per cent from current 3.12 after the most recent rejig. The shares of the lender climbed 2.25 per cent following the news, settling at Rs 489.45 on BSE.

Realty biggest gainer
The aftereffect of the government’s Rs 25,000 crore booster on Wednesday was apparent on realty sector as Nifty Realty index jumped 1.66 per cent to 281.05. It was the biggest gainer among sectors on NSE. DLF (up 5.4 per cent) and Indiabulls Real Estate (up 4.4 per cent) were at the forefront of the rally.

Pharma sector loses the most
Heavy cuts in Sun Pharma, Glenmark (down 3 per cent), Aurobindo Pharma (down 2.7 per cent) and Lupin (down 2.57 per cent) pulled the Nifty Pharma index lower by 2.24 per cent to 7,787.

Broader markets bleed
All broader market indices ended the day with losses on NSE. Nifty Midcap index was down 0.5 per cent to 16,713.35 while Nifty Smallcap shed 0.3 per cent. Nifty 500 closed with a cut of 0.83 per cent to 9,683.

Key Sensex movers
IT giants Tata Consultancy services and Infosys together dragged the 30-share pack about 100 points. FMCG major ITC also chipped in bleeding 45 points. ICICI Bank and IndusInd Bank provided some support, adding 92 points together.

Most active stocks
YES Bank was the most active stock on NSE in terms of value of the transactions. It was followed by ICICI Bank, Indiabulls Housing Finance, IndusInd Bank and DLF. In terms of trade volume, the top five stocks on NSE were YES Bank, Vodafone Idea, Sintex, Indiabulls Housing Finance and ICICI Bank.