Market Movers: IndusInd, YES Bank tank; 135 stocks send out bullish signals

Banking stocks were in the limelight on Tuesday as two private lenders came out with their quarterly earnings. IndusInd Bank slipped nearly 4 per cent while Bandhan Bank ended 1 per cent higher in Mumbai trading post their Q3 numbers.

YES Bank continued its decline, plunging further 8 per cent. All these actions led the banking indices to end lower on NSE.

BSE flagship Sensex gained 92 points to 41,952, while its NSE counterpart Nifty edged 32 points higher to 12,362.

“The market is moving ahead ignoring the sudden jump in inflation with an optimistic view on the Budget and earnings growth visible in ongoing Q3 results. The month-on-month bounce in inflation is expected to settle since a large part of the gains are one-time in nature,” said Vinod Nair, Head of Research, Geojit Financial Services.

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

IndusInd slips after Q3 show
Shares of IndusInd Bank fell 3.85 per cent to Rs 1,481 after the company said its asset quality worsened and provisions increased 72 per cent to Rs 1,043.45 crore in December quarter from Rs 606.68 crore in the same quarter a year ago.

YES Bank plunges
Traders continued to punish YES Bank for the third straight day, as the stock fell 8.43 per cent more to Rs 38.55. It has slumped 18.49 per cent since January 9.

Bandhan Bank edges higher
Shares of Bandhan Bank closed 1.03 per cent higher at Rs 518 after the company reported a 120 per cent year-on-year (YoY) rise in net profit at Rs 731 crore for December quarter compared with Rs 331 crore reported for the same quarter last year.

Religare shares jump 5%
Shares of Religare Enterprises hit the 5 per cent upper circuit after value investors Ashish Kacholia and Mukul Agrawal bought stake in the company. The stock closed 4.98 per cent higher at Rs 49.50. Kacholia picked up 40 lakh shares while Agrawal bought 26 lakh shares at Rs 44 per share on Monday.

HDFC, ITC lift Sensex
HDFC, ITC and Axis Bank were the biggest contributors to Sensex’s rise, adding 100 points together. Reliance Industries, IndusInd Bank and Kotak Mahindra Bank capped gains bleeding 93 points.

Most active stocks
IndusInd Bank was the most active stock in terms of turnover on NSE, followed by Tata Global Beverages, YES Bank, Reliance Industries and Infosys. YES Bank topped the charts in terms of transactions volume, followed by Vodafone Idea, Tata Global Beverages, SAIL and TV18 Broadcast.

Broader indices outperform
Broader market indices were at the forefront of the rally on Tuesday. Nifty Smallcap edged 0.81 per cent higher to 6,164 and Nifty Midcap advanced 0.71 per cent to 17,651. Nifty 500 gained 0.33 per cent to 10,075.

Flop show from banking index
Banking indices on NSE closed in the red. Nifty Bank dipped 0.33 per cent while Nifty Private Bank was down 0.47 per cent and Nifty PSU Bank 0.26 per cent. The biggest gainer among sectoral indices was Nifty Media that added 2.1 per cent, followed by Nifty FMCG, up 1.41 per cent.

135 stocks give bullish signal
As many as 135 stocks closed above their 50-day exponential moving average giving a bullish signal. They include ITC, Spencer’s Retail, Aurobindo Pharma, Exide Industries, Sun TV Network, Bharti Infratel, FirstSource Solution and Sadhana Nitro, among others. The 50-DEMA is a trend indicator used by technical analysts.