Mapping the market: L&T Tech has poor debut, RJ touch lifts Adlabs, Morepen gains

NEW DELHI: At a time when it looked like as if global concerns were ebbing after the Fed decision to hold rate, less-than-expected expansion in European PMI readings reminded stocks investors that liquidity is the only thing that is robust, the health of the global economy is far from satisfactory.

That reminder emphasised the view that there is a growth scare and it would keep haunting markets every time they try to race ahead of fundamentals.
The Sensex posted triple-digit loss to end at 28,668, down 0.36 per cent. The Nifty50 could not anchor the 8,850 level well, settling the week at 8,831.

Here are a couple of stocks and sectors that kept buzzing through an otherwise disappointing trading day:

L&T Tech had an uninspiring debut: L&T Technology Services (LTTS) could not sustain 7 per cent listing gains as the scrip ended the day flat at Rs 860 on NSE over its issue price of Rs 860. The stock had opened at Rs 920. The Rs 900 crore IPO was subscribed 2.53 times. The IPO had been sold in the price band of Rs 850-860 between September 12 and September 15.


Selling by funds weighed on Parag Milk: Parag Milk Foods lost 4.05 per cent to settle at Rs 304 as the sentiment was hit after the India Opportunities Growth Fund -Pinewood Strategy sold 15 lakh shares of the company at an average price of Rs 312 in a bulk deal on Thursday. Live update


Jhunjhunwala buying sent this stock soaring: Shares of Adlabs Entertainment zoomed 20 per cent to Rs 100 after NSE data showed Insync Capital Partners, which has ace investor Rakesh Jhunjhunwala and his wife Jhunjhunwala among directors, bought equities in the company. Live update



Morepen Labs jumped on clarification: The stock rose 5.44 per cent to Rs 26 after the company denied reports that it was looking to sell its over-the-counter (OTG) brands to focus on active pharmaceutical ingredient and home diagnostics business as growth drivers. Live update


Bharat Financial rises on QIP issue: This stock jumped 4.04 per cent to Rs 846 even as the company’s qualified institutional placement (QIP) issue opened on Thursday. The NBFC said the meeting of the capital raising committee of the board of directors will be held on September 27 to consider and approve the issue price for the QIP.


SRF, Axis Bank saw spurt in OI: Stock futures of SRF saw the biggest spurt in open interest (OI) at 95.69 per cent on NSE. Axis Bank, Indo Count and Reliance Capital saw their open interest rise by up to 47 per cent. Shares of SRF saw a 9.90 per cent spurt, while those of Axis Bank fell 2.39 per cent. A rise in OI along with a rise in stock price is seen as a positive setup and vice-versa.


RIL, LTTS among most active stocks: Axis Bank was the most actively-traded stock on NSE in terms of traded value. The counter witnessed trading worth Rs 1,715 crore during the session. It was followed by Reliance Industries (Rs 781 crore) and L&T Technology (Rs 723 crore). Bharat Financial, ICICI Bank and Reliance Capital were the other highly-traded stocks for the day.