Market Movers: Realty stocks soar, IndusInd Bank jumps; 79 stocks blink sell

Mumbai: A late selloff in RIL and banking stocks erased most of the gains in benchmark indices on Thursday, even as Nifty formed a small bearish candle, and analysts said stock may see a small profit taking going ahead.

Trade was volatile due to the expiry of August series F&O contracts. Realty stocks stole the show after Maharashtra cut stamp duty in an attempt to lure home buyers. SBI and IndusInd Bank jumped as UBS raised its ratings on the stocks to ‘buy’ from ‘sell’. Hindustan Aeronautics (HAL) tumbled more than 14 per cent after its offer for sale (OFS) kicked off.

Sensex ended the day 40 points higher at 39,113 points, and Nifty 10 points up at 11,559.

Here is a lowdown on what happened in Thursday’s trade:
Realty stocks soar
BSE Realty index soared 6.6 per cent as realtors with exposure to Maharashtra witnessed robust gains after the state slashed stamp duty to 2 per cent from 5 per cent earlier for September-December period, a move welcomed by realtors and market analysts alike. Oberoi Realty climbed 6.9 per cent to Rs 393, while Sunteck Realty soared 7.2 per cent to Rs 275. Godrej Properties advanced 7.1 per cent to Rs 909.95.

HAL falls as OFS kicks off
Aerospace and Defence engineering firm HAL slumped 14.2 per cent to Rs 1,010, adjusting for the floor price of the offer for sale (OFS) that opened on Thursday. The government is selling up to 15 per cent stake, and the offer could fetch the exchequer around Rs 5,020 crore. The non-retail portion of the OFS was fully subscribed.

IndusInd Bank, SBI jump
Private lender IndusInd and top PSU bank SBI jumped 6.6 per cent and 2.81 per cent after brokerage UBS raised these stocks to ‘buy’ from ‘sell’ . The brokerage said even though it thinks asset quality risks for the two lenders remains higher than peers, the current valuations reflect most negatives, driving upgrades.

Promoter action: Motherson Sumi, Astron Paper
Promoter Samvardhana Motherson International revoked pledge on 90,00,000 shares of auto components major Motherson Sumi Systems. The company’s shares rose 0.3 per cent to Rs 117.05. Astron Paper & Board Mills dropped 1.33 per cent to Rs 44.50, after promoter and director Kirit Ganshyambhai Patel pledged 21,00,000 shares of the recycled paper manufacturer.

Stocks at 52-week highs
A total of 187 stocks hit 52-week high on the BSE. These included 3i Infotech, Aarti Surfactants, Affle (India), Indostar Capital Finance, Lasa Supergenics and Tanla Solutions, among others.

Stocks that hit upper circuits
As many as 405 stocks rose by their upper limit on the BSE. These included Dish TV, Future Consumer, Welspun India, Repco Home Finance, Reliance Infrastrcutre, Future Lifestyle Fashions, Hindustan Construction Co, Ramco Systems and Zee Media, among others.

Stocks that blink sell signals
A total of 79 stocks on BSE crossed below the signal line of MACD indicator, flashing ‘sell’ signals. These included Larsen & Toubro, Jain Irrigation, Vedanta, Lupin, Delta Corp, Welspun Corp, Eros International, Divi’s Laboratories and OnMobile Global, among others.

Where is Nifty headed?
Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said Nifty’s short-term trend continued to be choppy with positive bias. “Similar movement is likely to continue in the coming sessions. One needs to be cautious on longs, as there is a possibility of a sharp trigger of downward correction from the highs,” he said.