ETMarkets After Hours: Logistics high on infra status; cement stocks fall

NEW DELHI: Just a session after Moody’s rating upgrade for India, the euphoria evaporated on Monday as the benchmark indices got back to their recent trend of the rangebound trade despite heavy buying in energy, FMCG and financial stocks.

The S&P BSE Sensex closed flat at 33,360, just 17 points up, with Coal India (up 2 per cent) being the top gainer and Dr Reddy's (down 2 per cent) the worst laggard. The 30-share pack, which opened at 33,365 against the previous close of 33,342, hit an intraday high of 33,449 and 33,288, respectively.

The broader Nifty50 index of the National Stock Exchange once again failed to reclaim the 10,300 level and settled at 10,298, up 15 points with 27 constituents in the green and 22 in the red.


Although it was a rangebound session, a host of individual stocks and sectors made headlines during the day.

Let’s check out the top newsmakers:

Logistics stocks gain
Shares of the logistics companies advanced after the government gave infrastructure status to logistics sector, covering cold chain and warehousing facilities, a move that is likely to attract more funding at competitive rates for these segments. Reacting to it, the courier delivery services company, Gati surged over 6 per cent on NSE to Rs 141. Another company, VRL Logistics too climbed nearly 2 per cent on BSE.

Sensex rejig impact
Shares of IndusInd Bank and YES Bank advanced after it was announced that both the lenders will make an entry in the BSE’s benchmark index Sensex from December 18. The stock of IndusInd Bank ended over 1 per cent higher at 1650 apiece while that of YES Bank gained over 2 per cent to Rs 313.

On the other hand, drug firms Cipla and Lupin slipped in the trade. The move is a part of Asia Index’s semi-annual reconstitution results.

Biocon jumps on FDA's EIR
Shares of Biocon advanced over 7 per cent after the company confirmed that the USFDA issued an establishment inspection report (EIR) in relation to the GMP inspection of its aspetic drug product facility that was audited between May 25-June 3, 2017. The FDA has classified the outcome of this inspection as VAI (voluntary action indicated) and the EIR states that the inspection is closed. The scrip settled at Rs 423 apiece, up 7 per cent on BSE.

Acquisition buzz fires up Monnet Ispat
Shares of Monnet Ispat climbed 11 per cent in intraday trade after reports that Tata Steel, JSW Steel, Vedanta and Shyam Steel have put in their bids to acquire Monnet Ispat. Monnet Ispat is one of 12 accounts identified by the Reserve Bank of India for insolvency proceedings under the Insolvency and Bankruptcy Code. The stock on Monday settled at Rs 33.70 apiece, up 7 per cent.

Cement stocks crack
Shares of cement makers dropped up to 5 per cent after the ET reported that the government is considering banning import of pet coke — a cheap but a widely-polluting fuel used by cement, paper, brick kiln, chemicals and textile industries — to cut industrial pollution that’s contributing to hazy skies. Shares of Shree Cements slipped over 4 per cent while Ambuja Cements and Ultra Tech Cement shed 3 per cent and 2 per cent, respectively.

Spurt in open interest
Shree Cements saw the biggest spurt in open interest contracts at 43.03 per cent, followed by Tata Power (23.13 per cent) and Tata Global Beverages (16.70 per cent).