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Market Movers: SpiceJet, InterGlobe Aviation tank; 314 stocks flash sell signal

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NEW DELHI: Aviation stocks took a hit on Monday after the government announced a ban on all flights to and from the UK till the end of this year. On the other hand, Mahindra & Mahindra too slipped more than 6 per cent after the company said its loss-making South Korean arm SsangYong Motor Company (SYMC) has filed for bankruptcy.

Overall, the benchmark equity indices BSE Sensex and NSE Nifty snapped their six-day winning streak as market participants preferred to book profit amid weak global cues and concerns over a new strain of the virus leading to fresh restrictions in European countries. The 30-share Sensex tanked 1,406.73 points, or 3 per cent, to close at 45,553.96. Likewise, the broader NSE Nifty tanked 432 points, or 3.14 per cent, to settle at 13,328.

Vinod Nair, Head of Research, Geojit Financial Services said, “In fear of a new wave of coronavirus and reports of the rapid spreading of new virus strain in the UK, a deep correction was triggered in the equity market. Travel restrictions imposed by several countries to and from the UK have added concerns of yet another lockdown.”

Here is a lowdown on what happened in today’s trade:


Aviation stocks tumble
Shares of SpiceJet and InterGlobe Aviation tanked up to 10 per cent after the Civil Aviation Ministry said all flights from the UK to India and vice versa will remain suspended from Wednesday to December 31 amid the emergence of a mutated variant of the coronavirus there. Shares of SpiceJet cracked 9.99 per cent to Rs 91.45, while InterGlobe Aviation settled 8.71 per cent down at Rs 1,507.

Who moved my Sensex
All the 30 components of the Sensex pack ended in the red. With a fall of 9.15 per cent, ONGC emerged as the top loser in the benchmark equity index. It was followed by IndusInd Bank (down 6.98 per cent), Mahindra & Mahindra (down 6.26 per cent) and State Bank of India (down 6.19 per cent). Index heavyweight Reliance Industries too declined 2.62 per cent, while IT majors Infosys and TCS slipped also lost over 1 per cent.

Promoter/ designated person action: GE Shipping, Newgen Software Technologies
Promoter Gopali Mulji of Great Easter Shipping disposed 10,000 shares of the company on December 18, BSE data showed on Monday. The scrip closed 6.81 per cent lower at Rs 249.85.

Designated person Atul Kumar Pharasi of Newgen Software Technologies sold 5,000 shares of the company between December 15 and 18. The scrip settled 5.30 per cent down at Rs 254.80.

Stocks at 52-week high
Over 100 stocks scaled 52-week highs on the NSE. Some of the stocks in the list included 20 Microns, Cadila Healthcare, Cera Sanitaryware, Automotive Axles, Almondz Global, Golden Tobacco, HIL, Hindustan Motors, Lakshmi Machine Works and Khandwala Securities, among others. On the other hand, Jump Networks and Ravinder Heights scaled their new 52-week lows.

Stocks that hit lower circuit
As many as 499 stocks hit lower circuits on the NSE. These included SpiceJet, Tata Steel PP, Hindustan Copper, Equitas Holdings, Jaiprakash Power, Nucleus Software and Jaiprakash Associates, among others.

314 stocks that flash sell
Some 314 stocks on the NSE flashed the ‘sell’ signal on the MACD indicator during Monday’s trade. They included ONGC, BHEL, Tata Power, Bank of Baroda, SAIL, Indian Oil Corporation, Canara Bank, ITC, Vedanta, Ashok Leyland and NTPC, among others.

Most active counters
With a total traded quantity of 34.16 crore shares, Vodafone Idea emerged as the most active stock on the NSE in terms of volume. It was followed by YES Bank (16.89 crore), RTN Power (13.91 crore) and Tata Motors (7.55 crore). On the other hand, Reliance Industries, (Rs 4,026 crore), Larsen & Toubro (Rs 2,706 crore), Bajaj Finance (Rs 1,816 crore) and HDFC Bank (Rs 1,666 crore) stood among most active in terms of value.

Midcaps, smallcap underperform
In the broader market, the BSE Smallcap and Midcap indices underperformed largecaps. The former declined 4.57 per cent to 16,956, while the later settled 4.14 per cent down at 17,064. However, MTNL, Tasty Bites, BCG, Kiri Industries and Persistent advanced up to 12 per cent in the smallcap space. Honeywell Automation (up 3.48 per cent), Mphasis (up 1.49 per cent) and LTI (up 0.70 per cent) also defied gravity and emerged as top gainers in the midcap space.

IPO update: Antony Waste Handling Cell
Antony Waste Handling Cell’s initial public offering got fully subscribed within the first few hours of opening on Monday. The company has joined the likes of Burger King India and Mrs Bectors Food Specialities to have received oversubscription in a few hours of opening for subscription. The initial public offering (IPO), to raise about Rs 300 crore, received bids for 1,28,59,294 shares against 66,66,342 shares on offer, according to NSE data till 4.30 PM (IST).

Where is Nifty headed?
Aditya Agarwala, Senior Technical Analyst, YES Securities, said the Monday’s fall came after a series of Hanging Man and Doji candlesticks formed over a period of 2 weeks indicating a weakening uptrend. “A failure to move back above 13,400 may trigger deeper corrections dragging the Nifty lower to levels of 13,000-12,800. Moreover, RSI has also turned below the 60 level confirming a temporary pause in the uptrend. However, on the flip side a trade back above 13,400 may trigger short covering rally to levels of 13,500-13,600,” he added.

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