Riding on strong global cues amid sustained inflows from foreign institutional investors, NSE benchmark Nifty extended its gains into the sixth straight session on Tuesday.The 30-share Sensex pack advanced 224 points to 38,407, extending its rally into the fourth straight session. Nifty settled 52 points up at 11,322.
Metals, banking, oil and gas and energy stocks were most sought, as investors sold telecom and healthcare names.
“The rally was in sync with positive global cues, on the back of expected stimulus from the US, improving economic data points from China and the first coronavirus vaccine getting registered in Russia,” said Vinod Nair, Head of Research, Geojit Financial Services.
Overseas investors have poured in more than Rs 10,000 crore in the domestic equity market in August so far, data available with depository NSDL showed.
Here is a lowdown on what happened in Tuesday’s session:
Stocks that hit upper circuits
Over 400 stocks on BSE hit the upper limit set by the exchange. They included Indiabulls Real Estate, YES Bank, Reliance Infra, Welspun India, Welspun Corporation, Lemon Tree and GE T&D, among others.
Stocks that gave ‘sell’ signals
Some 11 stocks flashed ‘sell’ signals as they crossed below the signal line on the MACD indicator. They included Canara Bank, HCL Technologies, Edelweiss Financial Services, UltraTech Cement, Fortis Healthcare, Repco Home Finance, Gokul Agro Resources, Inventure Growth and Esab India, among others.
Insider trading: KCP
S Rajiv Rangasami, one of the promoters of KCP Ltd, sold 85,000 shares of the company in the open market during July 6 and August 6, the BSE data showed on Tuesday.
Nifty pharma index slips most
Nifty Pharma index recorded its biggest one-day fall since July 27 amid profit taking, closing 1.42 per cent down at 11,772. Shares of Alkem Laboratories declined the most at 6 per cent, followed by Torrent Pharma (down 4.59 per cent), Cadila Healthcare (down 2.46 per cent) and Cipla (down 2.09 per cent).
Shree Cement slips post Q1 results
Shares of Shree Cement retreated nearly 4 per cent to Rs 21,500 after the company’s consolidated profit declined 13 per cent year-on-year to Rs 329.60 crore for the quarter ended June 30. It had posted Rs 379.67 crore profit for the year-ago period.
Triveni climbs on buyback move
Shares of Triveni Engineering soared nearly 10 per cent to Rs 77.75 after the company on Monday approved buyback of 61.90 lakh equity shares at Rs 105 per share. The company posted 150.23 per cent YoY growth in June quarter standalone profit at Rs 80.40 crore.
Broader markets underperform
The broader indices — BSE Smallcap (down 0.23 per cent) and BSE Midcap (down 0.20 per cent) — underperformed the benchmark Sensex. On the other hand, the BSE500 index gained 0.27 per cent. In the midcap index, Emami (up 8.77 per cent) and Indian Bank (up 7.62 per cent) rose the most, while Eros Media (up 16 per cent) and GMM (up 14 per cent) emerged top gainer in the smallcap index.
Where is Nifty headed?
Nifty reclaimed the 11,300 mark on Tuesday and formed a Doji pattern for the second straight session. Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said the back-to-back Doji patterns near the crucial resistance of 11,400 could be sign of tiredness of the bulls at the higher levels. “Such patterns more often result in the beginning of profit booking in the underlying from the highs,” he said.
Source: ET Markets