Realty stocks were battered the most and finished as sectoral laggards, while benchmark Sensex dropped 323 points to close at 38,980, and peer Nifty shed 85 points to end at 11,519.
Here is a lowdown on what happened in Thursday’s trade:
Happiest Minds spreads smiles
Happiest Minds Technologies had a stellar debut in the bourses, as it jumped 123.49 per cent to Rs 371, from the issue price of Rs 166. Following the strong debut, the IT services firm now commands a valuation that is in line with its global peers and is capturing most of the gains.
Realty stocks prove key drag
Real estate developers were among the worst losers, with BSE Realty index dropping 1.87 per cent – the most among sectoral indices. DLF dropped 4.04 per cent to Rs 156.80, while Indiabulls Real Estate shed 2.97 per cent to Rs 58.80. Sunteck Realty fell 2.79 per cent to Rs 282.45.
JB Chemicals extends rally
Drug maker JB Chemicals and Pharmaceuticals rose for the fifth straight session, and logged a record high of Rs 1,145.15 in the day. It closed 10.20 per cent higher at Rs 1,068.40, taking the gains over the last five days to 35.66 per cent. The stock has been rallying on robust June quarter earnings, as the company said its net profit in the June quarter nearly doubled from a year ago.
Apollo Hospitals rallies 5%
Hospital chain Apollo Hospitals rallied 5.23 per cent to Rs 1,777.35, as brokerages said they were upbeat on the prospects of the stock. Edelweiss maintained its buy rating on the stock with a target price of Rs 1,955, as it believes FY22 outlook seems robust with occupancy expected to revert to normal level and cost saving benefits playing through as the company aims to achieve 20 per cent structural reduction.
Promoter action: Aarti Industries, Minda Industries:
Promoters Nikhil Holdings and Jaya Chandrakant Gogri sold a total of 68,446 shares of Aarti Industries. The stock dropped 1.69 per cent to Rs 1,105.20. A clutch of promoters including Nirmal Kr Minda and Suman Minda, designated persons, directors and employees’ immediate relatives hiked their stake in Minda Industries as they collectively lapped up 71,78,864 shares of the company. However, the stock fell 3.76 per cent to Rs 354.40.
Stocks that hit upper limits
Despite a weak market, more stocks hit their upper limit than those that fell by their lower limit on the BSE. The 288 stocks that hit upper circuit included Ramco Systems, Butterfly Gandhimathi Appliances, Manaksia Steels and KG Petrochem, among others. These stocks mostly belonged to mid, and small and microcap categories.
Stocks that flash buy signals
A total of 125 stocks flashed ‘buy’ signals on BSE, as they crossed above the signal line on the MACD indicator. These included Cipla, Exide Industries, Vedanta, Cummins Gati, Aarti Industries and UltraTech Cement, among others.
Where is Nifty headed?
Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said Nifty’s short-term trend seems to have turned into profit booking mode. “Unless immediate resistance of 11,600 is not broken on the upside we could see broader range movement of ups and downs in the market,” he said. “Initial support is placed at 11,430-11,400 levels and a move below this area could drag Nifty down to lower 11,200-11,180 levels.”