ETMarkets After Hours: Bank stocks fuel rally; India Vix at multi-year low
NEW DELHI: It seems nothing can stop the bulls on Dalal Street right now.
With the rupee on a dream run, frontline stocks in rally mode and the Reserve Bank of India expected to remain accommodative this week, things can’t get better than this.
All these factors made a perfect backdrop for Indian equity indices to hit all-time closing highs on Monday.
So, what moved the market on the first session of a new financial year? Here’s an analysis of broader trends and stock-specific actions from the day’s market.
Solution in sight: Banking stocks were among the biggest gainers on Monday with the Nifty Bank index rising 0.48 per cent to 21,547 amid hopes of speedy resolution of the bad loans problem ailing the domestic lenders. Shares of ICICI Bank surged 3.54 per cent to Rs 286, Axis Bank gained 2.08 per cent to Rs 501 and IDFC Bank perked up 0.84 per cent to Rs 59.80.
Left high and dry: Liquor stocks continued to remain under pressure as the Supreme Court ban on the sale of alcoholic beverages along highways came into force from April 1, 2017. Shares of United Spirits tanked 5.88 per cent to Rs 2,046 on NSE, Ravi Kumar Distilleries plunged 4.31 per cent to Rs 11 while Radico Khaitan slipped 3.52 per cent to Rs 132.
Gaining muscle: Shares of Reliance Industries (RIL) hit a fresh 52-week high on Monday after the company said its telecom venture Reliance Jio had 72 million customers applying for Prime membership. The stock ended 3.94 per cent up at Rs 1,371.
Don’t worry, be happy: India VIX, or the volatility index, plunged by a massive 7.47 per cent to 11.49, its all-time closing low. The higher the reading, the stronger the chances of a likely rise in volatility in the market over the next 30 days.
Most active stocks: Shares of Unitech were among the most active in terms of volume on Monday. It was followed by Suzlon and JP Associates. Unitech tanked 8.9.3 per cent to Rs 5.10, while Suzlon Energy inched up 0.79 per cent to Rs 19.25 and Jaiprakash Associates slipped 1.09 per cent to Rs 13.60.
Spurt in OI: Futures of Shree Cements saw the biggest spike in open interest at 302 per cent. It was followed by Piramal Enterprises and Max Financial Services. Shree Cements ended flat at Rs 17,084, Piramal Enterprises gained 1.84 per cent to Rs 1,938 and Max Financial Services fell 1.88 per cent to Rs 566.
With the rupee on a dream run, frontline stocks in rally mode and the Reserve Bank of India expected to remain accommodative this week, things can’t get better than this.
All these factors made a perfect backdrop for Indian equity indices to hit all-time closing highs on Monday.
So, what moved the market on the first session of a new financial year? Here’s an analysis of broader trends and stock-specific actions from the day’s market.
Solution in sight: Banking stocks were among the biggest gainers on Monday with the Nifty Bank index rising 0.48 per cent to 21,547 amid hopes of speedy resolution of the bad loans problem ailing the domestic lenders. Shares of ICICI Bank surged 3.54 per cent to Rs 286, Axis Bank gained 2.08 per cent to Rs 501 and IDFC Bank perked up 0.84 per cent to Rs 59.80.
Left high and dry: Liquor stocks continued to remain under pressure as the Supreme Court ban on the sale of alcoholic beverages along highways came into force from April 1, 2017. Shares of United Spirits tanked 5.88 per cent to Rs 2,046 on NSE, Ravi Kumar Distilleries plunged 4.31 per cent to Rs 11 while Radico Khaitan slipped 3.52 per cent to Rs 132.
Gaining muscle: Shares of Reliance Industries (RIL) hit a fresh 52-week high on Monday after the company said its telecom venture Reliance Jio had 72 million customers applying for Prime membership. The stock ended 3.94 per cent up at Rs 1,371.
Don’t worry, be happy: India VIX, or the volatility index, plunged by a massive 7.47 per cent to 11.49, its all-time closing low. The higher the reading, the stronger the chances of a likely rise in volatility in the market over the next 30 days.
Most active stocks: Shares of Unitech were among the most active in terms of volume on Monday. It was followed by Suzlon and JP Associates. Unitech tanked 8.9.3 per cent to Rs 5.10, while Suzlon Energy inched up 0.79 per cent to Rs 19.25 and Jaiprakash Associates slipped 1.09 per cent to Rs 13.60.
Spurt in OI: Futures of Shree Cements saw the biggest spike in open interest at 302 per cent. It was followed by Piramal Enterprises and Max Financial Services. Shree Cements ended flat at Rs 17,084, Piramal Enterprises gained 1.84 per cent to Rs 1,938 and Max Financial Services fell 1.88 per cent to Rs 566.
