Market movers: Dabur shrugs off Turkish concerns; 31 stocks give buy signal

Concerns over rising COVID-19 cases and global bond yields have weighed on investor sentiment in recent weeks.

Surging virus cases have made investors reconsider their optimism for economic recovery as localised lockdowns return. On the other hand, rise in global bond yields have made emerging market equities less attractive to foreign investors in recent weeks.

For the day, the Nifty50 index ended 0.1 per cent, or 7.60 points, lower at 14,736.40 while Sensex closed at 49,771.29, down 0.2 per cent or 86.95 points.

In the broader market, shares of midcap companies displayed strength as the Nifty Midcap 100 index rose 0.8 per cent. The Nifty Smallcap 100 closed largely flat for the session.

Here are the major movers in today’s trade:

RIL weak on concerns over Aramco deal
Shares of Reliance Industries ended in the red even though they came off their day’s low as dealers suggested investors were disappointed by the lack of update by Saudi Aramco in their recent investor call on the potential stake acquisition in RIL’s energy business. The stock closed 0.9 per cent lower.

Dabur shrugs off Turkish concerns
Shares of Dabur India managed to shrug off the concerns surrounding its business exposure to Turkey where the sudden sacking of the country’s central bank has sparked a financial rout. Dabur is said to have around 3-4 per cent exposure of its consolidated business in Turkey, but analysts suggested that any impact will be small.

Adani Group stocks surge
Shares of Adani Group companies rose 5-11 per cent amid rising optimism on the group companies’ financial health as well as their earnings growth. The group’s decision to bring in new investors in some businesses and take the inorganic growth route in others has also helped its companies gain traction with investors in recent months.

Over 160 stocks hit 52-week highs
As many as 165 stocks hit their fresh 52-week high in today’s session despite the lacklustre performance of the market, reflecting that the underlying strength of the market remains robust despite some weakness in recent sessions.

What gave buy signal?
As many as 31 stocks listed on the National Stock Exchange gave a buy signal based on MACD indicators including names like Bandhan Bank, Escorts, Page Industries, and Godrej Consumer Products.

What’s ahead for the market?
Traders sold both the out-of-money call and put options of the Nifty50 index suggesting that they remain indecisive over the direction of the market in the coming sessions. In the futures segment, some traders unwound their long positions in the March contract ahead of the derivatives series expiry on Thursday.

“We expect the current consolidation to continue in the index, in absence of any major trigger,” said Ajit Mishra, vice president of research at Religare Broking.