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NEW DELHI: The bulls tightened their grip on Dalal Street on Thursday in hopes of economic stimulus from the government.
Meanwhile, Sebi relaxation in fundraising regulations for India Inc helped lift market sentiments.
Private banks and IT stocks saw heavy buying, as investors lapped up these shares at low valuations.
FMCG stocks that have resisted the downturn in the markets saw some profit booking.
Here is a lowdown of the movers and shakers of Thursday’s session on Dalal Street:
IT stocks see spike in price, volumeCash-rich IT stocks were in huge demand as analysts expect them to tide over Covid-related difficulties better.
TCS jumped 6 per cent to Rs 1,877 while Infosys advanced 6.67 per cent to Rs 678.45 and HCL Tech gained 3.61 per cent to Rs 478.30.
All of them saw 3-4 times spike in volume.
They alone contributed 250 points in Sensex’s 480 point jump.
Private banks at the forefrontPrivate banks were brother-in-arms with IT stocks as they also saw a spike in volume and share prices.
Kotak Mahindra Bank was the biggest gainer in the 30-share Sensex pack, jumping 8.59 per cent to Rs 1,249 after the company announced plans to raise capital and reduce promoter stake.
ICICI Bank gained 5 per cent to Rs 352.
HDFC Bank and Federal Bank gained about 2 per cent each.
Voda, Hathway shineSome other stocks also shone in the buying frenzy.
Vodafone Idea spiked 9.34 per cent to Rs 4.33 per cent after its UK-based parent company Vodafone Group decided to infuse much-needed $200 million in the company.
Hathway Cable - Datacom jumped further 15 per cent to Rs 21.90 ahead of its quarterly result scheduled later in the day.
The stock has jumped 38 per cent in just two sessions.
Britannia above 200-DMAFMCG names saw profit booking.
Nifty FMCG was the biggest sectoral loser on NSE, dropping 1.37 per cent as its constituents HUL fell nearly 3 per cent to Rs 2,321.
Nestle, Marico and McDowell also closed in the red.
Britannia pared its early gains ahead of its quarterly results, but crossed above 200-DMA on technical charts, which is a bullish sign.
Stocks that hit upper, lower circuits?As many as 353 stocks hit the upper circuit on Thursday on BSE.
They include ITI, HFCL, Graphite India, Wabag and all stocks of Future Group.
Meanwhile, 215 stocks slumped to their lower ceiling including Next Mediaworks, Shilpa Medicare and CL Educate.
Stocks that climbed at 52-week high?Over 30 stocks hit their year-high during the trade on Thursday.
They include Alembic Pharmaceuticals that reported a 81 per cent rise in its consolidated net profit for the March quarter at Rs 224.93 crore, Alkyl Amines Chemicals and GMM PFaudler.
Look, who are giving ‘buy’ signals?During the day, as many as 20 stocks on BSE crossed above their signal line on the MACD indicator.
They include mostly small and midcap names such as Hathway Bhawani Cable, Aartech Solonics, IndiaNivesh, Hindusthan Urban Infra and Motor - General, among others.
Some media names ‘overbought’Sharp spikes in stock price of certain media names have made them ‘overbought’ in the market according to the RSI indicator.
Hathway Cable and Zee Media crossed above 70-mark on the indicator.
Among others, Jaiprakash Associates, Tata Teleservices, Lupin, Reliance Capital and Dishman Carbogen turned overbought.
Where is Nifty headed?Nifty witnessed extension in the pullback.
Structurally, it turned out to be a sharp one thus bringing the index closer to the recent high of 9,390.
“Nifty is trading close to a very crucial resistance zone.
The bears are likely to make a comeback here unless the index takes out 9400 on closing basis.
Near term support zone, on the other hand, shifts higher to 9170-9150,” said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.
This article first appeared/also appeared in https://economictimes.indiatimes.com/markets/stocks/news/market-movers-voda-hathway-shine-30-stocks-climbed-52-week-highs-353-top-upper-circuits/articleshow/75325120.cms
