ETMarkets After Hours: Avenue Supermarts doubles on listing day; banking, pharma stocks slip

Domestic equity indices extended their fall for the second straight day as lingering concerns over possible USFDA crackdown on select pharma firms triggered selling on the healthcare counter while banking stocks took a beating after a downgrade by global investment firm Morgan Stanley.

The 30-share BSE Sensex closed 33.29 points, or 0.11 per cent, down at 29,485, while the 50-share NSE Nifty index fell 5.35 points, or 0.06 per cent, to 9,121.

Here’s a look at the stocks and sectors that hogged limelight on Tuesday.

D-Mart’s dream debut: Shares of Avenue Supermarts on Tuesday made a spectacular debut on BSE, as its shares got listed at Rs 604, a 102.14 per cent premium over its issue price of Rs 299 apiece. Later, the scrip closed 117.37 per cent higher at Rs 649 against the issue price.




USFDA concerns hit pharma counter: Among the sectoral indices on BSE, the Healthcare index tumbled 1.44 per cent, followed by BSE Bankex (down 0.59 per cent), Telecom index (down 0.58 per cent) and Auto index (0.43 per cent). In the pharma space, shares of Divi's Laboratories slumped 20 per cent after the company said the US health regulator had issued an import alert on the products manufactured at one of its units in Visakhapatnam.



Listing impact: Shares of retail companies came under pressure after big debut of Avenue Supermarts on Dalal Street. V-Mart Retail closed 10 per cent lower at Rs 751.80. Trident and Future Retail settled 2.13 per cent and 1.13 per cent down at Rs 80.50 and Rs 254.35, respectively.



Hit by a global broker: Global investment firm Morgan Stanley downgraded HDFC Bank and Axis Bank to ‘equal weight’ and cut ICICI Bank and IDFC Bank to ‘under weight’, sending the stocks on a tailspin. Morgan Stanley believes earnings for large financials are likely to remain weak in FY2018 and FY2019. Shares of Axis Bank, ICICI Bank and IDFC Bank slipped 3.28 per cent, 1.07 per cent and 0.57 per cent, respectively. However, the HDFC Bank stock closed 0.28 per cent higher at Rs 1,441.



Fresh 52-week highs: Over 65 stocks hit their fresh 52-week higher in Tuesday’s trade on NSE. The list included Future Consumer, Escorts, Dilip Buildcon, Deep Industries, Kaveri Seed, MRF and Rallies India.



Spurt in OI: Stock futures of Divi’s Labs saw the biggest jump in open interest (OI) at 111 per cent. It was followed by OBC (40.50 per cent), Mahindra & Mahindra (up 23.72 per cent) and MindTree (up 17.28 per cent).



Most active securities: Idea Cellular emerged the most active stock in terms of traded volume on NSE on Tuesday. It was followed by D-Mart, JP Associates, Suzlon, Divi’s Labs and GMR Infra.