Overall, purchases at HDFC Bank along with ICICI Bank, Axis Bank, Reliance Industries and ITC pushed the benchmark equity indices higher for the third consecutive session. The 30-share BSE Sensex gained about 445.87 points to 44,523, while the 50-share Nifty index advanced 128.70 points to 13,055.
Vinod Nair, Head of Research at Geojit Financial Services, said: “The market is slowly rising with more confidence that the Covid19 vaccine will be available soon in India. It can provide an advantage to India compared to the rest of the world. Foreign inflows are already at a new monthly high due to risk in strategy in healthier emerging markets like India. Recently, the broader market, including small and mid-caps, has started to perform better, which may continue in the short term as large caps look expensive after the strong rally from the Covid low.
Here is a truth about what happened in trading today:
HDFC Bank reaches an all-time high
Before closing 3.47 percent higher at Rs 1,443.25, HDFC Bank shares climbed to their new all-time high of Rs 1,445 after CLSA raised the lender’s price target to Rs 1,700. “The transition from the bank’s CEO has been smooth and the lender continues to work on its five-pillar strategy to drive growth targeting newer geographies or ecosystems and the bank is redefining systems or processes, bringing Opex’s efficiency to medium term still has room for improvement. With lower asset quality risk, we increased our target price from Rs 1,525 to Rs 1,700, ”said CLSA.
Adani Ports earns more than 4%
Adani Ports & Special Economic Zone (APSEZ) shares advanced more than 4% after the ports and logistics company said it ranked 14th on the 2020 Dow Jones Sustainability Emerging Markets Index, in the global transportation and infrastructure sector. Of transport. The bond closed for the day at Rs 391.90, up 4.48 percent, from its previous close of Rs 375.10.
Lakshmi Vilas bank tanks for the sixth day
Lakshmi Vilas Bank shares continued to face selling pressure for the sixth straight session and have plunged more than 53 percent in the period after the private lender’s moratorium. On Tuesday, the stock plunged 9.88 percent to Rs 7.30, its lowest circuit limit, as well as a one-year low, on the BSE.
Promoter Action: UPL Ltd, Adani Green, Action Construction
Promoter group Uniphos Enterprises had acquired 97,250 shares of UPL Ltd on November 19 and 20, BSE data showed on Tuesday. The stock closed 0.27 percent at Rs 427.45.
Action Construction’s promoter Vijay Agarwal acquired 39,000 shares of the company on November 20. The bond closed 1.122 percent lower at Rs 93.30.
Adani Green Energy’s promoter group, Adani Trading Services LLP, revoked 1,10,00,000 pledged shares on November 23. Shares of Adani Green rose 2.11 percent to Rs 1,204.95 on the BSE.
Stocks hit a new 52-week high
Up to 88 stocks on the NSE climbed to their new 52-week high for the day. Some of the accountants on the list included Adani Ports, Adani Green, Adani Enterprises, Affle India, Kotak Mahindra Bank, Kajaria Ceramics, Eicher Motors, Dixon Technologies, and Videocon Industries, among others.
Actions that hit higher circuits
Some 370 shares reached the maximum limits of the EEB circuit. This included Future Retail, Future Lifestyle, Future Enterprises, Future Consumer, DHFL, and Reliance Infra, among others.
Most active counters
With a total amount traded of 44.89 million shares, Vodafone Idea emerged as the most active stock on the NSE in terms of volume. It was followed by YES Bank (17.29 crore), BHEL (7.54 crore) and IDFC First Bank (4.83 crore). On the other hand, HDFC Bank (Rs 2,871 crore), Reliance Industries (Rs 2,787 crore), Bajaj Finance (Rs 2,065 crore) and Axis Bank (Rs 1,884 crore) were among the most active in terms of value.
Actions that gave ‘buy’ signals
About 30 stocks on NSE crossed above the MACD indicator signal line, flashing “buy” signals. Among them were TCS, Lupine, Laurus Labs, HUL, Dr Reddy’s Labs, Magma Fincorp, Nava Bharat Ventures, Wipro and Torrent Power, among others.
Where is Nifty headed?
Ashis Biswas, Head of Technical Research at CapitalVia Global Research, believes that holding above 13,040 is the key factor from a short-term perspective. “Our research suggests staying above this market level to gain momentum and open the door for a move to 13,170-13,190. We have seen momentum indicators like RSI and MACD rebound after staying neutral to bearish as of late. ”
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