Market Movers: Financials lead charge; Paisalo surges; 45 stocks blink sell

Market Movers: Financials lead charge; Paisalo surges; 45 stocks blink sell

MUMBAI: A rally in financials drove benchmark equity indices to another all-time high on Monday, in a session that saw Nifty moving above the previous swing high. Benchmark Sensex rose 380 points to 47,354 points, while peer Nifty climbed 124 points to 13,873 points.

Lenders contributed the most to the benchmark’s gains, in a session where gainers were more than double the number of losers on the BSE.

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

Financials lead charge
Top private lender HDFC Bank advanced 1.15 per cent to Rs 1,412.90, while mortgage lender Housing Development Finance Corp (HDFC) climbed 1.25 per cent to Rs 2,485. Peer ICICI Bank rose 1.28 per cent to Rs 520.20.

Paisalo Digital soars

Shares of Paisalo Digital jumped 19.6 per cent to Rs 623.50 after SBI Life Insurance Company acquired 9 per cent stake in the finance company via open market.

Promoter action: Avonmore Capital, Sadbhav Engineering
Promoter Rakam Infrastructures bought 22,000 shares of Avonmore Capital & Management on December 24. The shares rose 3.16 per cent to Rs 17.

Promoter Sadbhav Engineering bought 1,50,000 shares of Sadbhav Infrastructure Project on December 12. The stock jumped 6.2 per cent to Rs 21.40.

Stocks at 52-week high
A total of 264 stocks scaled their 52-week highs on the BSE. These include 3i Infotech, Adani Enterprises, Adani Ports, Bajaj Auto, Berger Paints, IndiaMART InterMESH, Sun Pharmaceutical Industries and Tata Consultancy Services, among others.

Stocks that hit upper circuit
As many as 441 stocks rose by their daily limit on the BSE. These included Borosil Renewables, Suven Life Sciences, Majesco and Adani Power, among others.

Stocks that flash sell
Some 45 stocks flashed ‘sell’ signals on BSE, as they slipped below the signal line on the MACD indicator. These included Uttam Galva Steels, Sical Logistics, HDFC AMC, JB Chemicals and Deepak Nitrite, among others.

Where is Nifty headed?
According to Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited- Investment Advisor, as Nifty has sustained over the crucial level of 13,750, one can expect the volatility to expand, which could lead to an upside projection till the levels of 13,990.

“The momentum indicators like RSI, MACD indicate the positive outlook may continue and market breadth may improve further,” he said.

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