Market Movers: Indiabulls Housing soars, Shree Cement slumps; 52 stocks give buy signal

MUMBAI: Benchmark equity indices staged a sharp comeback in the last few hours of trading, aided by short covering in shares of banks and positive cues from most global markets.

Earlier in the day, indices had fallen sharply on continued concerns over soaring COVID-19 cases and deaths in the country. The second wave in India has led to genuine concerns of slowdown in the economic recovery.

For the day, the Nifty50 index ended 0.8 per cent, or 109.8 points, higher at 14,406.2, while Sensex closed at 48,080.7, up 0.8 per cent or 374.9 points.

In the broader market, the gains were largely in-line with their large-cap peers as Nifty Smallcap 100 and Nifty Midcap 100 closed 0.9 per cent and 0.5 per cent higher, respectively.

Here are the major movers in today’s session:


Indiabulls Housing surges on HDFC pact
Shares of

ended over 6 per cent higher after the company said it has entered into a partnership with Housing Development Finance Corp for co-origination of loans. The partnership gives a boost to Indiabulls Housing’s profile given recent concerns over corporate governance at the company.

Shree Cement falls on governance concerns
Shares of Shree Cement fell nearly 3 per cent after The Economic Times revealed that the company’s promoters transferred Rs 3,000 crore worth of shares for a pittance to private entities and the lack of disclosures by the company regarding the transaction.

Steel stocks surge on price hike
Shares of steel producers remained in an island of green as their relentless rally found new legs after analysts said the companies had likely undertaken price hikes for the third time this month, which will immensely boost their profitability.

Inox Wind rises for the wrong reason
Shares of Inox Wind jumped 20 per cent on news that Inox Air had reached full capacity in its production of medical oxygen that is in high demand in the country due to COVID-19 pandemic. However, Inox Air only shares a promoter with Inox Wind and does not share any material benefits with the renewable energy company.

What gave buy signal?
As many as 51 stocks listed on the National Stock Exchange gave buy signals based on MACD indicators. Names included ICICI Bank, TV18 Broadcast, Hindustan Zinc, Jain Irrigation and Jubilant Foodworks.

What’s ahead for the market?
Traders bought the out-of-money call options of Nifty50 suggesting that they expect today’s gains to sustain in the coming sessions. In the futures segment, traders covered their short positions in the April contract of the index as Open Interest fell 1.2 per cent.