Yes Bank: After Market: BHEL, Yes Bank have best show, TVS gains too; ZEE takes a knock

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NEW DELHI: BHEL registered the biggest weekly gains in last 23 years, thanks to a 22 per cent gain on Friday after reports that the government was planning to trim its holding in the PSU.

TVS Motors ended with healthy gains after posting a strong Q2 show. RIL inched higher ahead of its September quarter results due later on Friday.

Zee Entertainment lost 5.5 per cent, after it missed Street estimates on Q2 earnings. This dragged Nifty Media index 1 per cent lower, making it the sole sectoral loser on NSE.

BSE flagship Sensex ended 246 points higher at 39,298 while the 50-share Nifty rose 75 points to 11,661. Nifty Midcap and Smallcap indices outperformed their headline peer and rose 2 per cent and 1.7 per cent, respectively.

“The market witnessed a sharp rally on FII buying, progress in US-China trade talks and the UK-EU Brexit deal,” said Sanjeev Zarbade, VP for PCG Research at Kotak Securities.

Here is a lowdown on key movers and shakers of Friday’s session:

TVS Motor gains on Q2 show
TVS Motor Company raced 4.5 per cent ahead to close at Rs 457.15 after the company reported a 21 per cent growth in September quarter profit, thanks partly to exceptional gains. Brokerages had mixed view on the stock. Goldman Sach maintained a ‘buy’ rating with a price target of Rs 587, but CLSA recommended a ‘sell’ rating with a price target of Rs 380.

Zee Entertainment sinks 6%
Zee Entertainment sunk 5.5 per cent to Rs 250 on BSE as it missed Street estimates reporting profit at Rs 413 crore for the September quarter. Morgan Stanley retained an ‘underweight’ call while CLSA had a ‘buy’ rating with a price target of Rs 320.

BHEL surges on likely divestment
Shares of Bharat Heavy Electricals (BHEL) surged after a media report said the government is looking to sell its stake in the company. The government may consider bringing down its stake in BHEL to 26 per cent from 63.17 per cent, the report claimed. The stock ended up 22 per cent to Rs 54.30. The stock had its best weekly show since 1996, rising 25 per cent.

YES Bank biggest Nifty gainer
YES Bank continued its rally, rising further 8 per cent to close at Rs 51.30. It was the biggest gained in Nifty and Nifty Bank and fifth straight day of gains for the stock. On Thursday, the stock leapt over 15 per cent. This was also the best week for the stock since 2009, gaining 30 per cent.

RIL gains ahead of Q2 nos
Oil-to-telecom giant Reliance Industries nudged 1.4 per cent higher on BSE to RS 1,415. The company, during the day hit Rs 9 lakh crore mark in market cap, being the first company to do so. However, at the day end it slipped below the mark.

Broader market outperforms
The broader market outperformed its headline peers with Nifty Midcap rising 2 per cent and Nifty Smallcap index climbing 1.7 per cent. Venky’s, Persistent, Delta Corp and Indiabulls Real Estate were top smallcap gainers. BHEL, PNB Housing, GMR Infra and SAIL were top midcap gainers.

Media index sole loser
Nifty Media was the sole sectoral loser on NSE, ending with a 1 per cent cut. The index was dragged by Zee Entertainment, Dish TV (down 4 per cent) and Hathaway (down 4.5 percent). The top gainers in the pack was Zee Media and Inox Leisure each up 4 per cent.

RIL, HDFC Bank top Sensex movers
Reliance Industries and HDFC Bank were top positive contributors to Sensex, adding nearly 100 points. L7T, TCS and Maruti were other major positive contributors. ICICI Bank was the biggest drag on the 30-share pack, bleeding 17 points.

Most active stock
Heavy interest in Yes Bank shares kept it at the top on the list of most active stocks on NSE, again. In terms of value, the stock was followed by RIL, Indiabulls Housing Finance, Zee Entertainment and Maruti Suzuki. In terms of Volume, YES Bank was followed by BHEL, Vodafone Idea, Indiabulls Housing Finance and Tata Motors.

70 stocks oversold
As many as 70 stocks entered ‘oversold’ zone on relative strength index (RSI). They include Lakshmi Vilas Bank, Allahabad Bank, Thomas Cook, Union Bank of India and Bank of Maharashtra, among others. RSI is a popular technical indicator that is used to find trade setups. Stocks with RSI below 30 are considered oversold. However, being oversold does not necessarily mean bullish sign, as some stocks remain bearish in the oversold area for long.

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