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Sunday, February 28, 2021

Market Movers: Wipro hits over 20-year high; 125 stocks preparing for rally

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Intense buying in IT and banking counters took the benchmark equity indices higher for the third straight session on Monday. Sensex closed 277 points higher at 38,973, while Nifty settled 86 points up at 11,503.

S Ranganathan, Head of Research, LKP Securities, said, “The market opened firmly in the green with TCS, buoyed by the buyback news, leading the charge ahead of its earnings, and well supported by the IT sector.”

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

TCS m-cap above Rs 10 lakh crore

IT major Tata Consultancy Services (TCS) became the second domestic company after Reliance Industries (RIL) to attain a market valuation of more than Rs 10 lakh crore. The share price of the company advanced 7.30 per cent to Rs 2,706.85 ahead of its board meeting on October 7 to consider a share buyback proposal.

A tepid debut
Shares of Angel Broking made a weak debut on the bourses. The scrip closed nearly 10 per cent down at Rs 275.85 on the BSE against the issue price of Rs 306 apiece. Likewise, it settled 10 per cent lower at Rs 274.25.

Wipro @ 20 year high
Shares of IT firm Wipro scaled fresh over 20-year high of Rs 335.90 amid the ongoing rally in the sector. However, the stock later closed 6.73 per cent higher at Rs 334. Overall, the complete IT pack hogged the momentum on the back of a recent order by a US federal judge blocking the enforcement of a temporary visa ban by President Donald Trump’s administration on several work permits, including the H-1B visa.

During the past 20 years, Wipro had touched a closing high of Rs 360.90 on February 21, 2000 and a low of Rs 30.21 on May 30, 2003.

Promoter action: Somany Ceramics
Promoter Group Ameya Somany bought a total of 30,000 shares of Somany Ceramics on September 30 from the open market, hiking their stake to 0.15 per cent. The scrip closed 2 per cent down at Rs 196.35.

Stocks at 52-week high
A total of 58 stocks scaled 52-week highs on the NSE. These included Adani Green Energy, Adani Enterprises, 8K Miles, Bafna Pharmaceuticals, Excel Industries and Coforge, among others.

Stocks that hit upper circuit
As many as 341 stocks rose by their daily limit on the BSE. These included Himatsingka Seide, Repco Home, Intellect Design, Sadbhav Engineering, Welspun India, among others.

Tata Steel shines
Shares of Tata Steel advanced nearly 5 per cent after reports that Chinese steelmaker Jingye has expressed an interest in taking over Tata Steel’s UK operations.

Stocks that flash buy
A total of 125 stocks flashed ‘buy’ signals on BSE, as they crossed above the signal line on the MACD indicator. These included Wipro, RBL Bank, Bandhan Bank, DLF, TV18 Broadcast, Tech Mahindra and Jindal Steel and Power, among others.

Vedanta delisting process starts
Shares of Vedanta inched higher as the reverse book-building process for delisting of the stock began. The scrip settled 0.25 per cent higher at Rs 137.80. The indicative floor price for the bidding process is set at Rs 87.25 per equity share. Analysts said that the revised consolidated book value of the company at Rs 89.38 projects a very conservative view of the company’s business and the floor price does not reflect the true value of the stock.

Where is Nifty headed?
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan, believes that Nifty is structurally showing signs of fatigue after a run-up in the last few sessions.

“The hourly momentum indicator has triggered a bearish crossover with a negative divergence, which implies that the near term momentum has started showing weakness. On the downside, 11450-11430 is an immediate support zone below which larger decline can be expected,” he said.

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