HDFC twins drag Sensex to below 33,800 after mega funding plan; RCom zooms 35% as ADAG shares surge

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Updated: December 20, 2017 4:27:13 PM

Indian stock markets ended almost flat with Sensex and Nifty closing down 0.18% each led by a slump in heavyweight shares of HDFC Bank. HDFC, Reliance Communications, and ITC in late afternoon trade.

During the day, the benchmark Sensex index shuttled between 33,956.31 and 33,754.94 while the broader Nifty hovered in a range of 10,494.45 – 10,437.15. (Image: Reuters)

Indian stock markets ended almost flat with Sensex and Nifty closing down 0.18% each led by a slump in heavyweight shares of HDFC Bank. HDFC, Reliance Communications, and ITC in late afternoon trade. Shares of HDFC and HDFC Bank emerged as the biggest losers among the Sensex stocks even after mega fundraising announcements. BSE Sensex lost 59.36 points or 0.18% to settle at 33,777.38 and NSE Nifty tripped 19 points or 0.18% to finish at 10,444.2. During the day, the benchmark Sensex index shuttled between 33,956.31 and 33,754.94 while the broader Nifty hovered in a range of 10,494.45 – 10,437.15. In the late trade, shares of almost all companies of Anil Dhirubhai Ambani Group surged more than 5% with the debt-laden telecom venture Reliance Communications rising as much as 45% in the intraday trade.

Shares of Wipro, ONGC, Hero MotoCorp, L&T, Infosys, Coal India, HUL, ICICI Bank, Tata Motors, TCS gained up to 1.54% while Dr Reddy’s, Bharti Airtel, Tata Steel, HDFC, HDFC Bank, NTPC, M&M, SBI, Maruti Suzuki, RIL, and ITC lost up to 1.8% among the Sensex stocks. The heavyweight shares of companies such as HDFC Bank, HDFC, RIL, ITC, Maruti Suzuki, Bharti Airtel, and State Bank of India contributed the most to the Sensex decline. Collectively these 7 stocks alone washed off about 118 points out of 59-point drop while a little uptick in Infosys, L&T, and ICICI Bank added about 47 points. The stock of RCom witnessed massive trading volumes, rising 44.94% to hit the day’s high of Rs 18.51 on BSE before closing 35.24% higher at Rs 17.27 while the stock rose 44.7% to Rs 18.45 on NSE. More than 30 crore shares exchanged hands on both BSE and NSE with about 27.3 crore shares on NSE alone.

In a major movement in the stock market today, shares of India’s largest automaker Maruti Suzuki hit the five-digit mark of Rs 10,000 crore for the first time ever, rising by 2% intraday before closing 0.68% lower at Rs 9,737.65 on BSE. India’s most valuable lender HDFC Bank on Wednesday approved a mega-fundraising plan of Rs 24,000 crore to fund its growth. HDFC Bank said that it would raise up to Rs 24,000 crore to fund its growth by selling shares to domestic and international investors including a preferential issue to its parent company HDFC Ltd. Following the announcement, shares of HDFC Bank hit an all-time high of Rs 1,905, rising as much as 1.05% before ending 0.91% down at Rs 1,868.05 while the stock of HDFC closed 0.98% lower at Rs 1,692.9.

Shares of India’s blue-chip steel maker, Tata Steel dropped nearly by 2.5% on Wednesday even as the board of Tata Steel has approved Rs 12,800 crore fundraising via the rights issue of equity shares. The stock of Tata Steel opened 1.08% higher at Rs 718, which was its day’s high price also. But in a quick session of early morning trades, Tata Steel fell as much as 2.48% to the day’s low of Rs 692.65 before closing down 1.09% at Rs 702.55 on BSE.

Edelweiss Financial Services on Wednesday announced the acquisition of the securities business of Religare Enterprises, which includes securities and commodities broking, and depository participant services. In the deal, Edelweiss will take on the pan-India distribution of around 1,250 points of presence including over 90 branches, over 1 million clients and the employees of the business. Following the announcement, shares of Religare Enterprises hit the upper circuit, rising as much as 4.95% to the day’s high of Rs 73.15

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