After Market: YES Bank logs biggest one-day gain in 14 years; 405 stocks giving bullish signals

YES Bank share skyrocketed 33 per cent on Thursday, ending a five-day losing streak, but most other banks failed to catch up. Bharat Petroleum continued its dream run to climb 40 per cent in the last 10 sessions.

Tata Motors also registered healthy gains despite vehicle sales nearly halving from the 2018-level.

Metal stocks, on the other hand, were hammered, dragging Sensex nearly 200 points to 38,100 level. Similarly, Nifty closed 47 points down at 11,313.

“The broader market has been consolidating after a strong recovery. This upmove is an attempt to gain the lost momentum with an objective of conquering previous highs. Nifty has strong support at 11,100 level. As long as the same is held, we expect 12,100 can be conquered in the next few weeks. On the other hand, breach of the same would result in significant selling pressure. Trades can take long bets with support of 11,100. Investors are advised to do selective accumulation,” said Sahaj Agarwal, Head of Derivatives, Kotak Securities.

Here is a lowdown on key movers and shakers of Thursday’s session:

YES Bank leaps
Yes Bank, in a major turnaround, jumped 33 per cent to Rs 42.55 as investors snubbed Reliance Nippon Asset Management invoking pledged shares. Clarification from the management of selling of shares by officials also helped the cause. The stock clocked biggest single-day gain in 14 years.

"Pledged shares selling is done and loan book has fallen on a quarterly basis in order to conserve capital. The capital raising will be crucial for the bank, which if done will be sizeable positive," said Anusha Raheja, BFSI Research Analyst at LKP securities.

BPCL continues dream run
Bharat Petroleum was again one of the top gainers among Nifty stocks, climbing 7.5 per cent to Rs 531. Since September 19, the stock has swelled 40 per cent on corporate tax rate cut and talks of divestment. In the last nine sessions, the stock has closed in the red just once.

Tata Motors jumps
Shares of Tata Motors rose 6.5 per cent despite the vehicle manufacturer reporting dismal sales numbers. The company posted a 50 per cent fall in its domestic sales numbers at 32,376 units against 64,598 vehicles sold during the same period in 2018. Total commercial vehicle sales were down 45.4 percent at 28,079 units against 51,419 units, YoY.

Metals lose shine
Metals stocks were one of the biggest losers with Vedanta leading the pack. All but one of the 15 constituents of Nifty Metal ended in the red. Vedanta was down 4.7 per cent, Hindalco 4 per cent, Coal India and Tata Steel dropped 3.4 per cent each. Overall, Nifty Metal index skidded 3 per cent.

Banks fall… again!
Despite YES Bank’s outperformance, Nifty Bank slid 1 per cent. IDFC First Bank, IndusInd Bank dropped over 3 per cent each; Kotak Mahindra Bank and HDFC Bank fell 2 per cent each. In five sessions till Tuesday, bank stocks lost up to 42 per cent of their market value and over Rs 1 lakh crore in total market capitalisation.

Traders will be eyeing RBI Policy meet outcome on Friday, wherein It is expected to cut rates again.

Volatility spikes
The measure of volatility, India VIX, surged 5.6 per cent climbing to 17.7 level.

Nearly 340 securities hit lower circuits
Around 340 securities hit lower circuit on BSE against 140 that hit the upper circuit. This include Indiabulls Integrated Services, Lakshmi Vilas Bank, Coffee Day Enterprises, SPML Infra and Indiabulls Real Estate, among others.

Most active stocks
YES Bank was the most active stocks in terms of volume and value with over 58 crore transactions worth Rs 23,300 crore. Vodafone Idea, Tata Motors, SBI and Indiabulls Housing Finance were other most traded stocks in terms of volume. In terms of value, the list included IndusInd Bank, SBI, BPCL and Axis Bank.

Over 400 stocks above 50-DMA
As many as 405 stocks jumped above their 50-day exponential moving average generating positive trends for the stocks. They included BPCL, Indian Oil, ICICI Bank, NMDC and HDFC Bank, among others. In general, the 50- and 200-day EMAs are used as signals of long-term trends.