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Monday, August 2, 2021

Market Movers: Banks lead, Eicher Motors hits 52-week high; 379 stocks turn overbought

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Mumbai: Shares of private banks made a strong comeback on Monday, even as smallcaps again outperformed their largecap peers in a session that saw the 30-share BSE Sensex form a ‘Golden Crossover’ on its daily chart. Remember, Nifty had formed a similar pattern in Friday’s session. This signals bullish undercurrent.

Among specific stocks, Deepak Nitrite stood out as it hit a record high, as did Eicher Motors, which scaled its 52-week high. Those were some of the key highlights of a session that saw the Sensex rise nearly 1 per cent to 38,799, and Nifty climb 0.8 per cent to 11,466.

“Global cues got a boost after US regulators authorised the use of blood plasma from recovered patients as a treatment option. On the domestic front, favourable government policies continued to push markets higher especially midcaps and smallcaps,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services.

Here is a lowdown of what happened in Monday’s trade:

Banks lead the charge
Banking stocks were among the top gainers, with BSE Bankex rising 2.5 per cent. Private lenders topped the ranks: Kotak Mahindra Bank rose 3.5 per cent to Rs 1,386.90, while IndusInd Bank climbed 3 per cent to Rs 519.10. HDFC Bank advanced 2.9 per cent to Rs 1,116.80 and ICICI Bank 2.4 per cent to Rs 380.20.

Smallcap stocks outperform
BSE Smallcap index outperformed the frontline indices, rising 1.6 per cent, as investors turned to the second-rung stocks after valuations became stretched in largecaps. Universal Cables, Fine Organic Industries, Agro Tech Foods, Anant Raj, and Panama Petrochem rallied 20 per cent each.

Deepak Nitrite hits record high
Chemicals maker Deepak Nitrite continued its uptrend as it rose to a record high of Rs 779.85 earlier in the day, on reports last week that the Directorate General of Trade Remedies (DGTR) recommended provisional anti-dumping duty on phenol imports from Thailand and the US. The stock later pared some gains and closed 16.3 per cent higher at Rs 756. It has more than doubled for the year to date.

Eicher Motors hits new 52-week high
Eicher Motors surged as much as 10 per cent to a 52-week high of Rs 2,389 after the scrip went through as stock split which resulted in its share capital base increasing ten-fold and stock prices coming down by one-tenth of the last closing price. The stock later erased most of its gains, and closed 0.23 per cent higher at Rs 2,176.85.

Profit booking drags Varroc
Varroc Engineering dropped 7.3 per cent to Rs 326.55, as traders locked in gains after the stellar rally seen in the counter last week. The supplier to global car makers and domestic bike makers saw its shares jump more than 66 per cent last week, and topping the BSE 500 pack.

Insider Buy-Sale: Max Financial, LT Foods
Max Financial Services dropped 1.4 per cent to Rs 549.70, after promoter Max Ventures Investment Holdings pledged 7,65,000 shares of the company, while LT Foods shed 2.4 per cent to Rs 58.30, even as promoter group Raghuvesh Holdings revoked pledge on 39,91,000 shares.

[email protected] highs
As many as 218 stocks hit a 52-week high on the BSE. They included 3i Infotech, Aarti Drugs, Asian Paints, CG Power & Industrial Solutions, Deepak Nitrite, Deepak Fertilizers, eClerx Services, Eicher Motors, Emami and Hero MotoCorp, among others.

Stocks that hit upper circuit
limits
A total of 459 stocks rose by their upper limit on the BSE. They included Fine Organic Industries, Adani Green Energy, Repco Home Finance, Arvind Fashions and Sadbhav Engineering, among others.

Stocks that turned overbought
On the back of strong investor interest, as many as 379 stocks turned ‘overbought’ as they crossed above the 70-mark on the RSI indicator. They included Zee Entertainment Enterprises, Tata Power, Ashok Leyland, Jindal Steel & Power, NTPC, Tata Steel, NHPC and Asian Paints, among others.

Where is Nifty headed?

Analysts expect the stocks rally to continue. “Going ahead, the market may continue its positive momentum in the near term driven by positive news flows around vaccine development and favourable policies,” said Khemka of Motilal Oswal. “However, intermittent profit booking may continue in between given tepid economic data and lofty valuations,” he said.

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