Market Movers: Gas distributions stocks rally; 36 stocks flash ‘buy’ signals

Gas distributions stocks rally; 36 stocks flash ‘buy’ signals


Shares of city gas distributors including Indraprastha Gas (IGL) and Mahanagar Gas (MGL) hogged the limelight on Friday after the petroleum and natural gas regulator notified regulations for unified gas transmission tariff structure. On the other hand, CG Power hit the upper circuit after Murugappa Group firm Tube Investments of India (TII) acquired a controlling stake in it.
Overall, the benchmark equity indices ended lower after a volatile session, dragged by losses in index heavyweight Reliance Industries and IT majors Infosys and TCS. The 30-share BSE index closed 110.02 points or 0.25 per cent down at 44,149.72. The broader NSE Nifty declined 18.05 points or 0.14 per cent to 12,968.95.

Vinod Nair, Head of Research, Geojit Financial Services said, “Today’s market momentum was driven by uncertainty related to efficacy of Covid vaccine and expectation of Q2 GDP data. Although GDP is expected to improve compared to the previous quarter, the recovery in Indian economy is likely to be lower in comparison to its global peers.”

Here is a lowdown on what happened in today’s trade:

Cadila Healthcare gains

Shares of Cadila Healthcare advanced over 6 per cent after reports that the drug maker is expected to introduce its Covid-19 vaccine by March next year “if all goes well”.

The Ahmedabad-based drug maker will submit the results of its phase-2 trials next week, which “will ascertain the safety, dose and efficacy of the potential vaccine”, the report said. Following the development, the stock settled 6.57 per cent higher at Rs 450.10.

CG Power hits upper circuit

CG Power and Industrial Solutions hit the upper circuit after it said Murugappa Group firm Tube Investments of India (TII) has acquired a controlling stake in it and now holds 50.62 per cent stake in the company. The scrip settled 4.97 per cent higher at Rs 41.15.

Gas transmission firms gains

Shares of gas transmission companies rallied up to 14 per cent after the regulator notified regulations for unified gas transmission tariff structure and simplified it. Indraprastha Gas gained 10.89 per cent to Rs 496.25, while Mahanagar Gas settled 14.35 per cent higher at Rs 1,063.15. Gujarat Gas also advanced 1.15 per cent to Rs 348.10.

Who moved my Sensex?

As many as 18 components in the Sensex pack ended in the red with Power Grid falling the most (2.63 per cent). It was followed by HCL Technologies (down 2.39 per cent), ONGC (down 2.12 per cent), Axis Bank (down 1.75 per cent), TCS (down 1.53 per cent) and Mahindra & Mahindra (down 1.23 per cent). On the other hand, Asian Paints (up 2.85 per cent), Titan (up 2.32 per cent) and Tech Mahindra (up 2.20 per cent) capped the downside.

Promoter action: Surya Roshni/Genus Power Infra

Promoter group Surya Roshni Employees Welfare Trust of Surya Roshni bought 21,000 shares of the company on November 23 and November 24, BSE data showed. Shares of the company closed 0.52 per cent up at Rs 261.

Promoter and Director Kailash Chandra Agarawal revoked 84.50 lakh pledge shares of Genus Power Infra on November 25. The scrip closed 1.55 per cent down at Rs 28.55.

Stocks hit fresh 52-week high/lows

Some 83 stocks on the NSE scaled their fresh 52-week high during the day. The list included stocks such as Aarti Surfactants, Alkyl Amines, APL Apollo Tubes, Biofil Chemical, CG Power, Dalmia Bharat and DB Realty among others. On the other hand, Jump Networks, Shoppers Stop, Vishal Fabrics, DP Abhushan and Standard Industries scaled their fresh 52-week lows on the NSE.

Stocks that hit upper circuits

As much as 329 stocks on the BSE hit their upper circuits on the BSE. Some of the stocks in the list included 63 Moons, Refex, Edelweiss Financial Services, DHFL and Aarti Surfactants, among others.

Most active counters

With a total traded quantity of 109.51 crore shares, YES Bank emerged as the most active stock on the NSE in terms of volume. It was followed by NTPC (21.69 crore), Vodafone Idea (21.12 crore) and Tata Motors (12.59 crore). On the other hand, Kotak Mahindra Bank (Rs 14,982 crore), Bajaj Finance (Rs 6,048 crore), Adani Green (Rs 5,149 crore) and Reliance Industries (Rs 4,228 crore) stood among most active in terms of value.

36 stocks send bullish signals on MACD

Some 36 stocks on the NSE flashed the ‘buy’ signal on the MACD indicator during Friday’s trade. They included Coal India, TVS Motor, Sun TV Network, Voltas, Indian Hotels, Welspun India, Inox Leisure, Dish TV and Khadim India, among others.

Where is the Nifty headed?

Aditya Agarwala, Senior Technical Analyst, YES Securities said, Nifty forming a Doji candlestick pattern suggests indecision in the minds of market participants. “A sustained trade above 13,000 will resume the uptrend taking it higher to levels of 13,075-13,130. However, on the flip side, a move below 12,800 could trigger profit booking, dragging the index lower to levels of 12,700. Technical indicator RSI has also turned down after forming a negative divergence suggesting that a temporary pause in the uptrend may be on the cards,” he added.

Credit: Stocks-Markets-Economic Times

Leave A Comment

Your email address will not be published. Required fields are marked *