Market Movers: Sugar stocks turn sweeter; over 20 stocks send ‘buy’ signal on MACD

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NEW DELHI: Sugar stocks, including Magadh Sugar, Bajaj Hindusthan and Avadh Sugar, turned sweeter on Thursday with a rally of up to 14 per cent. Siemens also jumped more than 11 per cent after its September quarter results. Overall, the benchmark equity indices resumed their upward journey after a day’s breather, supported by buying in banking and financial counters, as the November series derivative contracts expired amid largely positive global cues.

The 30-share BSE Sensex gained 431 points to around 44,260, while the 50-share Nifty index settled 129 points higher at 12,987.

Vinod Nair, Head of Research at Geojit Financial Services, said, “Today, the market regained its momentum during the second trading half, on the monthly derivative expiry day, led by the bounce in the banking sector. Investors are awaiting the release of Q2 GDP data tomorrow, the market expects contraction on a YoY basis but an improvement on a QoQ basis, reflecting the recovery in economic activity. The recovery is expected to further rise in Q3, and the market optimism is also high with the news that vaccine will be available in early 2021.”

Here is a lowdown on what happened in today’s trade:


Who moved my Sensex?
As many as 25 components in the Sensex pack ended in the green with Tata Steel gaining the most 5.16 per cent. It was followed by Bajaj Finance (up 2.95 per cent), Bajaj Auto (up 2.60 per cent), HDFC (up 2.20 per cent), HCL Technologies (up 2.16 per cent) and Axis Bank (up .13 per cent). On the other hand, Maruti Suzuki (down 0.85 per cent), ONGC (down 0.74 per cent) and IndusInd Bank (down 0.47 per cent) capped the upside.

Sugar stocks rally
Majority of sugar stocks ended higher on hopes of a positive outcome from today’s virtual meeting of sugar millers with Union Commerce Minister Piyush Goyal. Magadh Sugar gained the most 12.39 per cent. It was followed by Bajaj Hindusthan (up 11 per cent), Avadh Sugar (up10 per cent) and Mawana Sugars (up 9.96 per cent). Keshav Lahoti, Associate Equity Analyst, Angel Broking, believes that the industry will request the government to continue with the sugar export programme and increase the minimum support price of sugar. The market is expecting that the government might announce an export subsidy scheme to remove surplus sugar inventory in the system. The export subsidy will help sugar millers to earn better profitability and manage cash flow effectively.

Siemens surges post Q2 results
Shares of Siemens advanced over 11 per cent despite the company reporting a 4.7 per cent fall in net profit at Rs 333 crore for the September quarter, mainly on higher expenses due to lockdown. Profit was impacted due to expenses of Rs 285 crore incurred during the lockdown period. The scrip closed 11.63 per cent higher at Rs 1,520.90.

InterGlobe Aviation cracks
Shares of InterGlobe Aviation declined over 2.50 per cent after foreign brokerage Citi downgraded the stock to ‘sell’ from ‘neutral’ with a target of Rs 1,400. The brokerage said that the market share of the aviation company might have peaked. It believed that there are many imponderables regarding sustainability of the September quarter drivers. Following the development, the stock closed 2.50 per cent down at Rs 1,551.

Future Retail tanks
Shares of Future Retail plunged 5 per cent after the Court of Singapore International Arbitration Centre (SIAC) turned down a plea by the company to be excluded from being a party to the Amazon-Future Coupons’ arbitration proceedings. In October, a single-judge bench of V K Rajah had given an interim arbitration award, barring Future Retail Ltd (FRL) from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party. The scrip settled 4.99 per cent down at Rs 86.65.

Promoter action: Archies and Godrej Agrovet
Promoter group Shweta Moolchandani of Archies bought 15,000 shares of the company on November 24, BSE data showed. Shares of Archies closed 4.95 per cent down at Rs 13.82. Promoter Godrej Industries of Godrej Agrovet bought 6,601 shares of the company on November 23. The scrip closed 0.53 per cent up at Rs 512.40.

Stocks hit fresh 52-week high/ lows
Some 60 stocks on NSE scaled their fresh 52-week high during the day. The list included stocks such as Action Construction, Amara Raja Batteries, DB Realty, Dixon Technologies, EID Parry, Grasim Industries and Hindalco Industries, among others. On the other hand, DP Abhushan, Jump Networks, Keerti Knowledge and Skills, Vishal Fabrics and Sintercomm India scaled their fresh 52-week lows on the NSE.

Stocks that hit upper circuits
More than 300 stocks on the BSE hit their upper circuits on the BSE. Some of the stocks in the list included DB Realty, Wockhardt, Route Mobile, Tanla Platforms and Affordable Robotic & Automation Ltd, among others.

Most active counters
With a total traded quantity of 27.33 crore shares, Vodafone Idea emerged as the most active stock on the NSE in terms of volume. It was followed by YES Bank (12.63 crore), Siti Networks (6.69 crore) and SBI (6.42 crore). On the other hand, Bajaj Finance (Rs 2,986 crore), Reliance Industries (Rs 2,321 crore), Axis Bank (Rs 2,157 crore) and HDFC Bank (Rs 1,970 crore) stood among most active in terms of value.

Over 20 stocks send bullish signals on MACD
More than 20 stocks on the NSE gave ‘buy’ signal during Thursday’s trade. They included Zee Entertainment, JSW Steel, Siemens, NMDC, LT Foods, HCL Technologies, NHPC, HUL and Taj GVK, among others.

Where is Nifty headed?
Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities, said Nifty formed a bullish candle above the crucial level of 13,000 that would lift the market to 13,180-13,200 levels as per option statistics. “On the downside, 13,000 and 12,930 would be support points. The dollar Index is consistently falling and currently it is nearer to the crucial support of 91.99. In case, the dollar breaks the level of 91.99 then it would generate more buying flows for the emerging market,” he added.

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