Arjun Yash Mahajan, Head-Institutional Business, Reliance Securities, said, “Domestic equities continued to maintain its northward move on favourable global cues due to the announcement by Moderna about the efficacy of its Covid-19 vaccine. A visible improvement in the outlook of corporate earnings led midcap and smallcap stocks to witness sharp up move today. The trend is expected to continue in the near term. Going forward, as the underlying trend remains strong for markets in the context of economic recovery and earnings recovery, the market is unlikely to witness any meaningful correction in the near to medium term.”
Here is a lowdown on what happened in today’s trade:
Who moved my Sensex
Shares of Tata Steel climbed the most 6.24 per cent to Rs 522.80. The scrip jumped after the company said it has initiated the process to separate Tata Steel Netherlands and Tata Steel UK. The company said it was talking to SSAB Sweden for a potential deal with respect to Tata Steel Netherlands, a process that could take six to nine months. Its UK assets will be dealt with independently, it said. On the other hand, State Bank of India, HDFC Bank, Bajaj Finance, Axis Bank, Larsen & Toubro and Maruti Suzuki also gained between 1.50 per cent and 5 per cent each. However, NTPC (down 2.69 per cent), HCL Technologies (down 1.87 per cent), ONGC (down 1.86 per cent) and Infosys (down 0.85 per cent) capped the upside.
Tata Motors climbs 6%
Shares of Tata Motors climbed over 6 per cent after a report suggested that the carmaker has seen healthy demand for a range of vehicles during the festive season. ET NOW, quoting sources, said bookings for Tata Motors increased by 95 per cent and that of retail sales were up 90 per cent when compared with the festive season of last year. The scrip later settled 6.11 per cent higher at Rs 158.
BPCL cracks over 4%
Shares of Bharat Petroleum Corporation Limited (BPCL) cracked over 4 per cent after reports that the government on Monday received ‘multiple’ bids for buying out its stake in India’s second-biggest fuel retailer BPCL but billionaire Mukesh Ambani’s Reliance Industries (RIL) as well as supermajors Saudi Aramco, BP and Total did not make a bid. The scrip closed 4.42 per cent down at Rs 394.45.
Snowman Logistics extends rally
Cold chain logistics company Snowman Logistics extended its rally for the sixth straight session on Tuesday amid reports that extremely low temperature of minus 70 degrees Celsius is required for storing a potential Covid-19 vaccine developed by Pfizer. Shares of the company have gained nearly 69 per cent to Rs 60 on November 17 from Rs 35.60 on November 9.
Promoter action: Greaves Cotton, Tanla Platforms
Promoter Karun Carpets of Greaves Cotton acquired a total of 97,000 shares on November 13 and 14. Shares of the company closed 0.27 per cent higher at Rs 73.75.
Promoters Mobile Techsold Pvt Ltd of Tanla Platforms acquired 17.10 lakh shares of the company on November 17. The scrip hit upper circuit of 5 per cent and closed at Rs 415. In a recent update, the company on November 12 informed bourses that it has become a part of the MSCI India Domestic Small Cap index.
Stocks that hit 52-week highs
Some 101 stocks scaled 52-week highs on NSE. They included Aarti Surfactants, Adani Enterprises, Adani Green, Ambuja Cements, Butterfly Gandhimathi Appliances, Blue Dart Express, Gati Grasim, Havells, Subros, Vaibhav Global and NIIT, among others.
Stocks that hit upper circuits
Some 359 stocks rose by their daily limits on BSE. These included Zuari Global, IIFL, Thomas Cook, DB Realty, BGR Energy, Tata Steel PP, Ruchi Soya and Noida Toll, among others.
Most active counters
With a total traded quantity of 63.57 crore shares, Vodafone Idea emerged as the most active stock on the NSE in terms of volume. It was followed by YES Bank (19.27 crore), Tata Motors (8.26 crore) and State Bank of India (8.05 crore). On the other hand, Reliance Industries (Rs 4,324 crore), Tata Steel (Rs 3360 crore), Bajaj Finance (Rs 2,589 crore) and HDFC Bank (Rs 2,177 crore) stood among most active in terms of value.
Stocks that gave ‘buy’ signals
About 51 stocks on NSE crossed above the Signal Line of MACD indicator, flashing ‘buy’ signals. They included Tejas Networks, JM Financial, Siyaram Silk, Birla Soft, Colgate Palmolive, Dishman Carbogen, Dhampur Sugar, Can Fin Homes and Linde India, among others.
Where is Nifty headed?
Ashis Biswas, Head of Technical Research, CapitalVia Global Research, believes that 12,770 is going to be a key support level for the market during the next few trading sessions. “Any break below this level, we may expect a short term correction till 12,480. On the upside, as there is significant divergence in most of the oscillators like RSI, MACD.
We expect market participants to use any rally to book profits rather than building a fresh position. Any significant rally from here is unlikely before we see some correction. 12,930-12,950 is likely to act as a supply zone,” he added.