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    Market Movers: Pharma bleeds, realty gets a high; 75 stocks give buy signals

    Synopsis

    These are the key trends of the session from Wednesday’s rally.

    Market Movers: What changed for D-Street while you were sleepingGetty Images
    Bank, auto and metal stocks saw some buying but pharma and FMCG names remained under pressure.
    NEW DELHI: Investors flocked to the blue chips on Wednesday after the Prime Minister set the stage overnight for announcements of Covid relief measures. Smallcaps and midcaps also took the cue and drove up the indices to two-month highs.

    But by close, the indices pared some gains as Covid-19 cases continued to rise. Bank, auto and metal stocks saw some buying but pharma and FMCG names remained under pressure.

    We tried to capture the key trends of the session from Wednesday’s rally:

    Pharma slides for 3rd day
    Announcements by Indian companies to procure license for Covid therapy drugs could not save pharma stocks from battering. Sun Pharma and Aurobindo Pharma fell over 2 per cent to Rs 453.90 and Rs 676. While Biocon, Divi’s Labs, Lupin and Piramal Enterprises dropped 1-2 per cent driving Nifty Pharma 1.07 per cent lower, marking the third straight day of its fall.

    Q4 impact: Maruti, Kotak, Nestle
    Kotak Mahindra Bank that beat the Street estimate with its March quarter profit rose 2.35 per cent to Rs 1,186.50, while Maruti Suzuki, which also released in quarterly numbers on Wednesday, gained 1.72 per cent to Rs 5,035.25. Maggi maker Nestle India, which came out with its numbers on Tuesday, plunged 5.38 per cent to Rs 16,518.70.

    Realty stocks hit upper circuits

    A number of realty stocks hit the upper circuit in Wednesday’s trade ahead of the announcement of economic stimulus. They included Sobha, Indiabulls Real Estate and Shankara Building Projects. Among other stocks that hit the upper limits were Lemon Tree, Inox Wind, SpiceJet, Edelweiss Financials and DHFL, among 250 others.

    Insider trading: Sacheta metals, Mindtree

    Directors of Sacheta Metals acquired about 1,000 shares through an open market purchase, following which the stock gained 2.57 per cent to Rs 11.99. Similarly, a designated person at Mindtree bought 2,500 shares of the company. Among other transactions, a large number of shares of Solara Active Pharma were invoked leading to 1 per cent fall in prices. Uttam Tibrewal, a director at AU Small Finance Bank, pledged nearly 11.3 lakh shares, following which shares of the company jumped 5 per cent.

    Stocks that hit lower circuits
    Over 200 stocks hit the lower circuit on BSE as well. They included Gayatri Projects, Reliance Capital, Sadbhav and Jain Irrigation System, among others.

    Stocks giving buy signals
    As many as 75 BSE-listed stocks gave ‘buy’ signal as they crossed above the signal line on MACD indicator. They included Arvind, Tata Power, Tata Teleservices, NMDC, IRCTC, BEML, SJVN and Ircon International, among others.

    Stocks that gave ‘sell’ signals
    As many as 39 stocks gave sell signals based on the same indicator, including Reliance Capital, JK Paper, Karur Vysya Bank, Godrej Agrovet, IndiaMART and Va Tech Wabag, among others.

    Where is Nifty headed?

    The market continued to trade in a range after correction seen at inception of the series. Options data suggested limited downside for the near term with high possibility of consolidation for the next week, said analysts. “For the medium term, we would expect the index to test 9,800-10,000 levels. Support on the down side support is seen at 8,900. Banking and metal stocks can be accumulated while energy stocks are expected to remain under pressure,” said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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