The domestic equity market extended gains for the fourth straight session on Tuesday, aided by gains in rate-sensitive financial majors including HDFC, HDFC Bank and ICICI Bank, with focus shifting to the outcome of the RBI’s monetary policy meeting scheduled from October 7-9.
BSE Sensex zoomed nearly 601 points to 39,575, while NSE Nifty settled 159 points higher at 11,662.
Ajit Mishra, VP – Research, Religare Broking said, “The bulls continued to dominate as the benchmark indices registered strong gains led by supportive global cues. We may see a shift in focus with the beginning of the earnings season. Besides, the RBI has announced new dates for the MPC meet and the outcome will be known on October 9. We thus expect the rate-sensitive pack to remain volatile in the near future.”
Here is a lowdown on what happened in Tuesday’s trade:
Who moved my Sensex
With a rally of 8 per cent, HDFC emerged as the top contributor in Tuesday’s rally. The scrip hogged momentum after the company on Monday said its individual loan disbursements in the second quarter of 2020-21 reached 95 per cent of the level in the year-ago period and September witnessed the strongest recovery since the outbreak of Covid-19 pandemic, suggesting business is returning to pre-crisis levels. Among the other top gainers in the Sensex pack, Mahindra & Mahindra, IndusInd Bank, Asian Paints, Bajaj Finance and HDFC Bank also gained between 2 per cent and 3.50 per cent.
Infibeam soars 5%
Shares of Infibeam Avenues got locked at 5 per cent upper circuit limit after the company signed a deal to license its ecommerce and payment software to Jio Platforms, Reliance Jio’s digital platform venture. The stock settled at Rs 82.55 on BSE against the previous close of Rs 78.65.
BSE Finance was the top sectoral gainer as it advanced 3.04 per cent, with all of its constituents in the green. BSE Realty, Bankex, Auto, Consumer Discretionary and Industrials also gained between 0.75 per cent and 2.50 per cent. On the other hand, Metal, Oil & Gas and Power indices declined 0.58 per cent, 0.22 per cent and 0.19 per cent, respectively.
Promoter action: Opto Circuits (India), Kesar Terminals
Promoter Jayesh Chandrakant Patel sold a total of 3,26,747 shares of Opto Circuits (India) over September 29-30, reducing his stake to 2.81 per cent. On the other hand, promoter group Kesar Corporation of Kesar Terminals purchased 3,500 shares from the open market on September 30, as per data available with BSE on Tuesday.
Stocks at 52-week high
A total of 56 stocks scaled 52-week highs on the NSE. These included 8K Miles, Bafna Pharma, Bhansali Engineering, Berger Paints, Indiabulls Ventures, GTL, Gujarat Ambuja, Asian Paints and Advanced Enzymes, among others.
Stocks that hit upper circuit
As many as 313 stocks rose by their daily limit on the BSE. These included Himatsingka Seide, Repco Home, Sadbhav Engineering, Network 18, Infibeam Avenues and Reliance Infra, among others.
Stocks that flash buy
A total of 144 stocks flashed ‘buy’ signals on BSE, as they crossed above the signal line on the MACD indicator. These included IDFC First Bank, SBI, Indian Hotels, ONGC, JSW Steel, Laurus Labs and GIC Housing, among others.
Most active stocks
With a traded quantity of 17.21 crore shares, Vodafone Idea emerged as the most active stock in terms of volume. It was followed by Tata Motors (16.20 crore), Ashok Leyland (4.31 crore), YES Bank (4.11 crore), IDFC First Bank (3.50 crore) and Trident (3.15 crore). On the other hand, HDFC, TCS, Tata Motors and Reliance Industries emerged as the most active in terms of value.
Likhitha Infrastructure, whose IPO has been extended till Wednesday, attracted 9.50 times bids till Tuesday evening. The issue has received bids for 4,84,24,750 shares till 4.30 pm (IST) against the issue size of 51,00,000 shares.
Where is Nifty headed?
Aditya Agarwala, Senior Technical Analyst, YES Securities, said Nifty is in fifth wave impulse move and the ongoing uptrend can extend beyond the recent peak of 11,795 to levels of 12,065 and 12,400, which is 161.8 per cent Fibonacci extension level of the previous decline.