Market movers: JMC Projects, Kalpataru Power get big orders; 120 stocks give buy signal

Market movers: JMC Projects, Kalpataru Power get big orders; 120 stocks give buy signal

NEW DELHI: Profit booking in banking and IT stocks did drag the market a bit on Wednesday, but buying into auto and metal heavyweights gave enough lift to benchmark indices to propel them to fresh new highs.

In December, indices have closed in the red for just three days. The current rally has been extended to the sixth straight session. But the volatility has also inched up indicating nervousness in the market.

The 30-share pack Sensex climbed 133.14 points, or 0.28 per cent, to 47,746.22. Its broader peer, NSE Nifty advanced 49.35 points, or 0.35 per cent, to 13,981.95. The market opened on a positive note, however, profit taking in the middle led to some choppiness during the session. On the sectoral front, auto, metal and realty were the top gainers in today’s trade.

“We reiterate our bullish yet cautious stance and suggest using dips to add quality stocks. On the domestic front, auto sales data and economic indicators would be a key monitorable. Further, global cues would be actively tracked by investors,” said Ajit Mishra, VP – Research, Religare Broking.

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

Kalpataru Power up 3%
Shares of Kalpataru Power Transmission gained over 3 per cent after the company secured new orders worth Rs 900 crore in the domestic and overseas markets. The stock jumped 3.36 per cent to close at Rs 318.30 on the BSE. During the day, it gained 4.61 per cent to Rs 322.15.

JMC Projects advances 4%
Shares of engineering firm JMC Projects gained nearly 4 per cent after the company said it has bagged orders worth Rs 698 crore in the domestic market. The stock jumped 3.76 per cent to close at Rs 68.95 on the BSE. During the day, it gained 5.34 per cent to Rs 70.

AstraZeneca gains 2%
The Indian arm of British-Swedish pharma giant AstraZeneca Pharma gained 2.34 per cent to Rs 4,545.10 after the vaccine manufactured by the company got a nod from UK drug regulators. Chances are it may get India approval soon.

RITES announces dividend
Shares of PSU firm RITES rose 0.92 per cent to Rs 269.25 after the company said its board has approved a dividend of Rs 5 per share. The move comes after the government pushed state-owned firms to announce dividends.

Who gave buy signal?
Over 120 stocks listed on the BSE gave a buy signal on Wednesday as they crossed above the Signal Line on the MACD indicator. They included Snowman Logistics, India Cements, Gati, IGL, ITD Cementation and Spencer’s Retail, among others.

264 stocks at 52-week highs
Nearly 265 scrips hit 52-week high during the session. They included Asian Paints, Bajaj Auto, Bajaj Finance, Berger Paint, Dabur, HCL Tech, Kotak Mahindra Bank, Info Edge, Tech Mahindra and UltraTech Cement.

373 names hit upper circuit
Thanks to massive demand, nearly 375 stocks hit the upper circuit on BSE. India Cement, Borosil Renewables, Yarii Digital, Majesco, Tejas Networks and JP Associates were among top names.

Where is Nifty headed?
Technically, with the Nifty surging higher to new life highs, the short term trend remains up. We expect the index to make further new life highs in the coming sessions. Short term supports to watch are now at 13,864, said Subash Gangadharan, Technical and Derivative Analyst, HDFC Securities.

“The short term trend remains up. The intermediate uptrend too is still intact and we are likely to see new life highs in the coming sessions. It is important that the support of 13,864-13,842 is not broken for the uptrend to sustain,” he added.

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