Market movers: Vodafone in focus, pharma names rally; 2 stocks give sell signals
Here is what happened in Friday’s session.
by Shubham Raj
NEW DELHI: The bulls took domestic equity indices higher for the third consecutive session on Friday amid negative global cues and the biggest spike in daily virus cases at home.
The market had a poor start on weak global cues, but sentiment improved as the session progressed amid media reports that government panels have called for not extending the lockdown further.
Meanwhile, ETNow quoted sources as saying that the government has kept its options open for another stimulus package.
Barring IT and media, all other sectors gained with BSE Pharma index gaining over 3 per cent. ONGC, Bajaj Auto, ITC, Sun Pharma and Nestle India were the top gainers among the blue chips.
Here is what happened in Friday’s session:
Vodafone Idea flip-flops
In a dramatic day for Vodafone Idea, the stock rallied nearly 35 per cent after reports that Google was eyeing a 5 per cent stake in the debt-ridden telco. However, the stock pared much of the gains, and closed just 12.71 per cent higher at Rs 6.56 after the company clarified that “there was no proposal as reported by the media that is being considered at the board.”
Nifty Bank index on a roll
Banking names were in huge demand this week. Nifty Bank Index rallied for all days, jumping nearly 12 per cent. Federal Bank was the biggest gainer in the pack, up 20 per cent, while none of the index constituents lost value. On Friday, the index added 0.66 per cent led by over 9 per cent gains in IDFC First Bank.
Midcaps, smallcaps rally all days
Broader market indices were on a roll during the week as Nifty Smallcap and Nifty Midcap rose on all days through the week. They added 4 per cent and 5 per cent weightage, respectively. On Friday, Nifty Smallcap index jumped 0.86 per cent while Nifty Midcap advanced 1.09 per cent.
Pharma names @52 week highs
Three pharma stocks kissed their 12-month high during the session. They included Aurobindo Pharma, Cipla and JB Chemicals and Pharma. Bayer Cropscience, Dixon Technologies and PI Industries were among other 40-odd securities that hit their highs in a year.
Insider trading: Bajaj Auto, Adani Ports
Deepa Bajaj, one of the promoters of Bajaj Auto, acquired 30,000 shares in the company, following which the stock gained 4.43 per cent to Rs 2,712.05. Similarly, promoters of Adani Ports acquired 16 lakh shares. The stock closed down 2.35 per cent.
Stocks that hit upper circuit limits
With the market seeing fag-end buying, as many as 275 stocks hit their daily upper limits set by BSE. They included Symphony, Shilpa Medicare, Quess Corps, KRBL. PNC Infra, Polycab India, Infibeam Avenues, KPIT Tech and Gayatri Projects, among others.
Stocks that gave ‘buy’ signals
Some 137 stocks gave ‘buy’ signals on BSE as the prices crossed above the signal line of MACD indicator. Among them were NCC, M&M Financial, HPCL, Bata India, HDFC, MTNL, Dabur India, Torrent Power and Munjal Auto.
Stocks that gave ‘sell’ signals
Some 32 stocks gave ‘sell’ signals as they crossed below the signal line. They included Shangar Decor, Sun TV, Greaves Cotton, JMT Auto, Essel Propack and Alkali Metals, among others.
Where is Nifty headed?
The upside momentum continued in the market for the third consecutive session and Nifty closed the day decently higher by 90 points. A long bull candle was formed after opening lower, which indicates buy on dips action in the market, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Nifty is now heading towards the immediate resistance of 9730-50. Hence, one may expect minor profit booking at the highs, which is likely to be a buy on dips opportunity,” he said.