Indian equity benchmarks snapped its three-day rally. The S&P BSE Sensex Index fell as much as 0.37 percent to 35,643.19 and the NSE Nifty 50 Index fell as much as 0.44 percent to 10,716.25.
The market breadth was tilted in favour of sellers. All the sectoral gauges compiled by NSE fell, led by the NSE Nifty PSU Bank Index’s 1.39 percent decline.
Yes Bank Worst Performer On Sensex, Nifty After Director Quits
The shares of Yes Bank fell as much as 6.4 percent to Rs 191.60. The lender’s independent (non-executive) director Rentala Chandrashekhar resigned from the bank’s board with immediate effect, according to its stock exchange notification.
The stock was the worst performer on Sensex and Nifty. The scrip declined 33 percent in the past 12 months.
Bajaj Finance Gets Its Most Bullish Price Target Yet
The shares of Bajaj Finance its expected to reach Rs 3,000 levels, according to an international brokerage and research firm HSBC.
The research house initiated coverage on the stock with a buy rating and the price target implies a potential 27.1 percent from the last regular trade. This is the is the highest price target so far among the analysts tracked by Bloomberg.
Shares of Bajaj Finance fluctuated between gains and losses to trade at 2,359 apiece.
Oil India Gains On Buyback Plans
The shares of Oil India rose as much as 1.8 percent to Rs 204.35.
The company’s board approved raising foreign currency debt securities worth Rs 4,000 crore. Board also approved buyback of 4.45 percent of total paid-up share capital, at Rs 215 per share aggregating to Rs 1,086 crore, according to its stock exchange filing. The Record date is set for Dec. 03.
The stock traded at 6.5 times estimated forward earnings per share compared to 8.7 times for the two-year historical average.
Petronet LNG Gets A new Buy Rating, Shares Gain
Petronet LNG received a new ‘Outperform’ rating on the stock from international brokerage firm Macquarie.
Shares of the company is expected to reach Rs 270, the research company said in a report. The price target implies a potential upside of 25.1 percent from Monday’s closing price. Macquarie finds Petronet LNG’s valuations attractive compared to its Asia-Pacific peers.
Shares of Petronet LNG rose as much as 1.5 percent to Rs 219.