Wednesday, May 23, 2018

After Hours: Vedanta melts, MACD shows Nifty50 is poised for weakness

NEW DELHI: Global cues, a free fall in the rupee and weakening macros dragged the domestic equity benchmarks lower on Wednesday. The S&P BSE Sensex slipped 88 per cent, or 306 points, to 34,345. NSE’s Nifty lost 1 per cent, or 106 points, to close at 10,430. 

Here’s a look at the top movers and shakers of Wednesday's trade: 

VedantaNSE -6.41 % meltsShares of Vedanta fell to their lowest level since July 5, 2017 in the intraday trade after at least nine people were killed in Tamil Nadu when police fired at violent protesters calling for the closure of a copper smelter run by Vedanta Resources. The stock ended at Rs 252.70 apiece on BSE, down 6.23 per cent. 


Tata Motors disappoints with Q4 nos 
Auto major Tata Motors reported a 49.20 per cent YoY drop in consolidated profit at Rs 2,176.16 crore for the March quarter, which was way short of the Rs 4,030 crore profit estimated by analysts in an ET Now poll. Shares of the company ended 0.49 per cent higher at Rs 309.25 apiece on BSE. READ MORE 

Spurt in open interestBPCLNSE -5.95 % witnessed the biggest spurt in open interest at 23.18 per cent, followed by Tata SteelNSE -6.37 % (20.95 per cent) and Indraprastha Gas (20.70 per cent). 


Who moved my SensexHDFC BankNSE -1.13 % (down 1.22 per cent), Reliance Industries (down 1.58 per cent) and ITC (nearly 2 per cent) contributed the most to 306-point fall in the index. Other contributors included HDFC (down 1.43 per cent) and Tata Steel (down 7 per cent). 


Overbought/oversold stocksTechnical indicator RSI (Relative Strength Index) showed Vinati Organics (up 0.56 per cent) has entered the overbought zone while KSK Energy Ventures (down 4.60 per cent), Rural Electrification Corporation (down 0.69 per cent) and IVRCL were among the stocks that slipped into the oversold territory. 

Bearish crossover for NiftyTechnical indicator MACD or moving average convergence divergence showed bearish crossover on Nifty. When the MACD slips below the signal line, it gives a bearish signal on the charts, indicating that the price of the security/index may experience a downward trend or vice-versa. 


Most active stocksReliance Communications (down 1 per cent), SBI (up 4 per cent) and JP Associates (down 3.54 per cent) were the most active stocks in terms of volume while Strides ShasunNSE 5.40 % (up 3 per cent), Tata Steel (down 6 per cent) and PC Jeweller (up nearly 3 per cent) were most active in terms of value. 



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