NEW DELHI: Don’t you think of late Dalal Street has been performing like the Indian Cricket team? But, as they say, in stock market you move two steps forward, one step back.
After recovering from multi-month lows following the demonetisation move, the domestic equity market is again edging lower. Despite India VIX easing off on Monday, investors are limiting their bets ahead of the lean holiday season.
The market may have traded in a narrow range, but there were plenty of interesting trends and stock-specific movements through the day. We captured those stories hereunder.
Rally on oil & gas counter: The BSE Oil and Gas index rose nearly 1 per cent on Monday after shares of the oil marketing companies (OMCs) zoomed following a hike in petrol and diesel prices. Petronet LNG gained 3.04 per cent to Rs 387, IOC rose 2.92 per cent to Rs 305 and GAIL perked up 2.23 per cent to Rs 424.
IT stocks scrapped through: The Nifty IT index was the only sectoral gainer on NSE, managing a measly 0.01 per cent gain. The gain came on the back of a fresh fall in the rupee, which has come under selling pressure in the recent past following the second Fed rate hike in a decade. Shares of HCL Tech rose 0.66 per cent to Rs 826, KPIT gained 0.62 per cent to Rs 138.30 and Wipro perked up 0.13 per cent to Rs 464.10.
New kid on the block: Laurus Labs on Monday made a strong debut, as the scrip got listed at Rs 490, a 14.49 per cent premium to issue price of Rs 428 apiece. However, the scrip came off the day’s high to close at Rs 480.50, a premium of 12.27 per cent on BSE.
VIX eased off: The volatility index on the NSE fell by 2.72 per cent to 14.84 despite a 0.43 per cent plunge in the Nifty50 to 8,104. During the course of the day, the NSE benchmark had slipped below the psychologically crucial 8,100 level. The index suggests a likely rise in volatility in the market over the next 30 days.
Most active stocks: Shares of Alok Industries were the most traded in terms of volume on Monday. It was followed by Laurus Labs, IFCI and Prakash Constrowell. Shares of Alok Industries surged 19.64 per cent to Rs 3.35, IFCI rose 0.36 per cent to Rs 27.95 and Prakash Constrowell plunged 4.50 per cent to Rs 5.30.
Spurt in OI: Engineers India saw the biggest surge in open interest (OI) on Monday at 23.38 per cent. It was followed by Page Industries at 20.73 per cent and Bharat Financial Inclusion at 17.07 per cent. Shares of Engineers India rose 3.34 per cent to Rs 316.60, Page Industries slipped 0.56 per cent to Rs 13,850 and Bharat Financial Inclusion tanked 6.12 per cent to Rs 602.