Market Movers: Bajaj Finance, ITI fly; YES Bank hit again; 49 stocks flash buy signals

Shares of Godfrey Phillips were among major losers on Wednesday, even though the company clarified that it was not aware of any stake sale plans by its promoters. The stock plunged 9 per cent. Bajaj Finance rallied 5 per cent after reporting record quarterly profits. CG Power jumped 5 per cent following quarterly earnings.

BSE flagship Sensex gained 231 points for the day to 41,198 while its NSE counterpart Nifty rose 73.70 points to 12,129.

"A recovery in the global market and likely dovish stance from FOMC offered relief to the domestic market. This time the importance of Budget is substantial, due to high expectations. The Budget will be a blockbuster one even if a decent part of wish list is fulfilled. The event risk is high this time,” said Vinod Nair, Head of Research, Geojit Financial Services.

Here is a lowdown of the movers and shakers of Wednesday’s session on Dalal Street:

Record high net lift Bajaj Finance
Shares of Bajaj Finance jumped 4.95 per cent to Rs 4,421 after the company reported highest ever consolidated net profit for December quarter at Rs 1,614 crore on the back of healthy interest income.

Chola Finance drops 1%
Cholamandalam Financial Holdings, a Murugappa Group company, reported Rs 38.48 crore standalone profit for October-December quarter, 2019. Shares of the company slipped 1.07 per cent to Rs 547 following the announcement.

Airtel seeks to remove name from DEL
Bharti Airtel said it is working to get the company's name removed from 'denied entry list'. The comment by the telecom operator came after the Commerce Ministry put Bharti Airtel in DEL for non-fulfilment of export obligation under an export promotion scheme. Shares of the company dipped 0.17 per cent to Rs 490.05.

IDBI Bank to raise Rs 1,500 cr
IDBI Bank said it proposes to raise Rs 1,500 crore from bonds to fund growth. Shares of the lender slipped 0.29 per cent to Rs 34.60.

CG Power loss widens
CG Power and Industrial Solutions reported widening of its consolidated net loss to Rs 1,595.21 crore in quarter ended in September 2019, from Rs 101.83 crore loss year ago, mainly due to lower income. However, shares of the company jumped 4.92 per cent to Rs 10.66.

RIL offers road tech to NHAI
Reliance Industries has approached the National Highways Authority of India (NHAI) to offer its 'waste plastic-to-road' technology that uses end-of-life plastic for road construction. The stocks of the company gained 0.57 per cent to Rs 1,479 at the end of Wednesday’s trade.

YES Bank sells Rel Power shares
Shares of Reliance Power dropped 4.79 per cent to close at Rs 1.79 after YES Bank sold over 3 crore shares in an open market transaction on Tuesday.

ITI stages solid rebound
Shares of ITI ended a four-day losing streak and gained 5.35 per cent to Rs 87.70 after the company extended FPO offer period and readjusted its price band.

Wabag gets Rs 760 cr order
Shares of VA Tech Wabag jumped 4.27 per cent to Rs 223.50 after the company secured multiple orders worth over INR 760 crore across the globe.

Godfrey denies promoter stake sale
Cigarette maker Godfrey Phillips denied reports that its promoter KK Modi group was planning to sell its stake in the company evoking a strong rebuttal from Lalit Modi, who called the company "blatant liars". Shares of the company slumped 9.14 per cent to Rs 1,247.

TaMo shares jump 7%
Shares of Tata Motors spiked over 6.79 per cent to Rs 188.05 after Edelweiss Securities upgraded the auto major to ‘Buy’ with a revised target price of Rs 245 (Rs 140 earlier).

Volatility eases on D-Street
Barometer of volatility in the market, India VIX, slumped 5.17 per cent to 16.40. This reflects that traders see relatively lower volatility going ahead.

Broader indices mixed
Broader market indices were mixed as Nifty Smallcap skid 0.16 per cent to 5,327 while Nifty Midcap advanced 0.22 per cent to 18,273. Nifty 5000 was up 0.53 per cent to 10,009.

Nifty Pharma sole loser
Nifty Pharma index was the sole loser among sectoral indices on NSE. The index was down 0.09 per cent at 8,412. Nifty FMCG was the biggest gainer, up 1.29 per cent to 31,426. Nifty Auto, Nifty Metal and Nifty Financial Services were among other major gainers.

HDFC Bank, ITC lift Sensex
HDFC Bank was the biggest positive contributor at 52.87 points while ITC and Bajaj Finance chipped in with 49 points each. Infosys, RIL and Larsen and Toubro were among other major contributors.

49 stocks flash ‘buy’ signals
Over four dozen stocks gave buy signals on BSE as they crossed above the signal line on MACD indicator. They include CCL Products, Alembic, Biocon, Axis Bank, Bharti Infratel, Rites, ABI Life, Bajaj Finance and Hindustan Petroleum among others.