Who moved my market: Market Movers: Angel Broking, midcap IT stocks soar; 38 scrips give buy signals
The proposal, if approved, could help accelerate India’s stunting vaccination program given the acute shortages being faced by the country. India’s seven-day average vaccination rate has fallen below 2 million doses per day this week at a time when the country is reporting over 350,000 new cases every day.
For the day, the Nifty50 index ended 0.7 per cent or 107 points higher at 14,724.8, while the BSE Sensex closed at 48,949.8, up 0.6 per cent or 272.2 points.
In the broader market, the gains were prominent as the Nifty Midcap 100 and Nifty Smallcap 100 index ended 0.9 per cent and 0.7 per cent higher, respectively.
Here are the major movers in today’s session:
Midcap IT steals the show
Shares of midcap information technology firms were on a tear today in the wake of strong earnings and guidance of peer Coforge. Coforge said it expects revenues to grow over 17 per cent in 2021-22, one of the few companies on the Street to give specific growth guidance for the next financial year. Shares of Coforge, Happiest Minds, Intellect Design, Mindtree, and Mphasis ended 4-18 per cent higher.
Angel broking soars on AMC plans
Shares of the brokerage firm ended 20 per cent higher after the company announced plans to enter the asset management business. The company said that it intends to focus on systematic investment plans and low-cost passive funds, which help reduce cost of distribution and management.
Tata Chemicals slumps
Shares of the company fell another 3 per cent today after falling 8 per cent on Wednesday due to the lack of clarity on the company’s proposed plans to enter lithium-ion battery manufacturing. The stock has seen multiple downgrades over the past two days as analysts said that investors had factored in too much optimism for the company.
Wockhardt surges on vaccine hopes
Shares of the drugmaker surged 9 per cent on perception that the waiver of intellectual property rights on Covid-19 vaccines could help the company accelerate its plans to manufacture vaccines in India for marketing in the country and to other global markets.
What gave the buy signals?
As many as 38 stocks listed on the National Stock Exchange gave buy signals based on the MACD indicators, including Subex,
, Aarti Drugs, Mindtree, and Adani Green.
What’s ahead for the market?
Traders aggressively bought the 15,000-strike price call option of the Nifty50 index, suggesting that they expect the index to test that level in the coming sessions. In the futures segment, traders added long positions in the May contract of the index as Open Interest rose 7 per cent on a provisional basis.
“Markets are consistently rewarding traders who are focusing more on sector and stock selection during the prevailing consolidation phase. We expect this trend to continue at least in the near future,” Ajit Mishra, vice president of research at Religare Broking.
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