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Burger King shares: Market Movers: Burger King trebles from issue price, realty stocks jump; 66 counters flash buy

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MUMBAI: Robust gains in HDFC twins and IT majors drove benchmark equity indices to new highs on Wednesday. During the session, Nifty formed a small positive candle with a long lower shadow, indicating an upside breakout of the small range at 13,600.

Barometer Sensex rose 0.87 per cent to 46,666.46 points, while peer Nifty advanced 0.85 per cent to 13,682.70 points.

Realty stocks saw a spike as investors expect the pick up in residential sales to continue into a solid recovery, while Burger King India trebled from its issue price, and is showing no signs of slowing down.

“Indian market is effortlessly rallying to record highs on a daily basis tracking firm global markets. Increasing prospects of US stimulus measures, hopes of an effective vaccine and a conclusive Fed meeting to announce a positive policy are lifting market sentiments across the globe,” said Vinod Nair, Head of Research at Geojit Financial services.

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


Burger King on a relentless uptrend
The latest debutant on the bourses, Burger King India, climbed another 20 per cent to hit a high of Rs 199.25. With this, the stock is now 232 per cent higher or 3.3 times from the issue price of Rs 60.

Realty stocks jump
BSE Realty index was the top sectoral gainer and it rose 5.03 per cent, on hopes that a recovery in residential sales was here to stay after it picked up in the country’s top cities. Indiabulls Real Estate, DLF, and Sobha led the gains as they advanced 12.42 per cent, 9.62 per cent and 4.86 per cent, respectively. Oberoi Realty and Godrej Properties added 4.41 per cent and 4.05 per cent, respectively.

PNB tanks
State-run lender Punjab National Bank plunged 6.54 per cent to Rs 37.90 after it set the floor price for its proposed Rs 7,000 crore qualified institutional placement (QIP) at Rs 37.35 per share. The stock fell as the QIP price was set at a 7.9% discount to Tuesday’s closing price of Rs 40.55.

Mrs Bectors IPO sees robust response
The Rs 541-crore initial public offer (IPO) by Mrs Bectors attracted more than 8 times subscription on Day 2 of the bidding process so far. By 3.30 pm, the issue received bids for 11,06,27,500 shares, which was 8.36 times the issue size of 1,32,36,211 shares.

Designated person/promoter action: YES Bank, Mangalore Chemicals
A designated person Vinod Khot, and an immediate relative, collectively bought 92,000 shares of YES Bank in July-August. The stock rose 3.12 per cent to Rs 18.85.

Promoter & Director Akshay Poddar bought 33,178 shares of Mangalore Chemicals and Fertilizers on December 14. The stock dropped 0.90 per cent to Rs 43.85.

Stocks that scaled 52-week high
A total of 325 shares logged 52-week highs on the BSE. These included 3i Infotech, Adani Enterprises, Adani Ports, Affle India, Asian Paints, Ashok Leyland, Butterfly, Gandhimathi Appliances, Equitas Small Finance Bank, Godrej Properties, Havells India, IndiaMART InterMESH and Hindustan Copper, among others.

Stocks that hit upper circuit
As many as 474 stocks rose by their daily limit on the BSE. These included Tejas Networks, Himatsingka Seide, Inox Wind, Suven Life Sciences and 3i Infotech, among others.

Stocks that flash buy
A total of 66 stocks flashed ‘buy’ signal on BSE, as they crossed above the Signal Line on the MACD indicator. These included Indiabulls Real Estate, HDFC, Bombay Dyeing, Havells India, Westlife Development, Voltas and Dollar Industries, among others.

Where is Nifty headed?
According to Ashis Biswas, Head of Technical, CapitalVia Global Research, the market’s short-term technical condition shows an upward shift in the prevailing market range, and it is likely to range between 13,550 and 13,780.

“We expect the market to gain momentum, leading to an upside projection till the 13,780 levels,” Biswas added.

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