Mapping the market: Government budget move aids stocks; 63 Moons eclipsed, GTL rallies

NEW DELHI: Haruhiko Kuroda, the 71-year-old Bank of Japan (BoJ) Governor, did it for Japan, and equity markets across Asia and Europe stood together to applaud the effort.

For once, markets the world over forgot to wait for Fed Chair Janet Yellen’s speech later in the day, which has every possibility of turning the sentiment sour. Kuroda had taken the sheen off Ms Yellen’s show.

But it did not take long for fears to cripple investors again.

The BSE benchmark plunged about 230 points from the day’s high, before ending 16 points lower at 28,507. The Nifty50 closed the day almost flat at 8,777.

A couple of stocks stood tall despite a change in market sentiment. Some stocks remained rigid and went south throughout the session.

Here’s a look:
Rail-Union Budget marriage fixed, stocks rally: Shares of companies whose fortunes are linked to orders from Indian Railways jumped after the Union Cabinet cleared merger of the Rail Budget with the Union Budget. Shares of Titagarh Wagons climbed 2.81 per cent to Rs 120, Kalindee Rail rose 1.33 per cent, Texmaco Rail advanced 1.48 per cent, Stone India surged 4.21 per cent and Kernex Microsystems added 1.96 per cent.

GTL rallied as promoters had a noble idea: Shares of GTL Infrastructure hit the 20 per cent upper circuit limit at Rs 3.43 after the board of the debt-ridden telecom tower firm said it would offer its lenders to convert the existing debt into equity shares and become majority shareholders. The move by the company is made to reduce the complexity of its borrowing and secure a suitor, two people familiar with the details told ET.

New moon for 63 moons tech: Shares of 63 moons Technologies (erstwhile Financial Technologies) plunged 3.18 per cent to Rs 80.70 after CBI arrested founder of FTIL Group, Jignesh Shah, for third time in two years. CBI sources told ET that Shah was arrested after being unable to "satisfactorily" reply to the agency's queries related to his and others' alleged connivance with Sebi officials in getting approval and renewal for erstwhile MCX-SX (now MSEI).

Monsanto gained as Bayer announced open offer: Shares of Monsanto India climbed 2.12 per cent to Rs 2,446 after German pharma and chemicals major Bayer group announced mandatory open offer to buy up to 26 per cent additional stake in the company for over Rs 1,100 crore.

Eicher, PCJ saw spurt in OI: Stock futures of Eicher Motors saw the biggest spurt in open interest (OI) at 26.55 per cent. PCJ, UBL, Colgate-Palmolive and Bharat Electronics saw their open interest rise up to 18 per cent. The stock of Eicher Motors jumped 3.38 per cent, while that of Jubilant Foodworks 2.82 per cent. A rise in OI and fall in stock price is considered a negative setup or vice-versa.

Yes Bank, Wockhardt among most active stocks: Yes Bank was the most actively traded stock on NSE in terms of traded value. The counter witnessed trading worth Rs 456 crore during the session. It was followed by Wockhardt (Rs 332 crore) and Axis Bank (Rs 327 crore). Tata Motors, SBI and HDFC were other highly traded stocks for the day.