Market Movers: Infosys, ICICI Bank jump; ICICI Lombard at record high; 431 stocks hit upper circuit

MUMBAI: A rally in select index heavyweights led the benchmark equity indices higher to record new closing highs on Tuesday, helped by better than expected Q2 GDP numbers.

Market barometer Nifty has formed a bullish continuation formation, and based on the daily chart analysts believe it is heading for 13,200-13,300 levels in the near term.

The 30-share Sensex advanced 505.72 points or 1.15 per cent to end the day at 44,655.44, while 50-share Nifty climbed 140.10 points or 1.08 per cent to 13.109.05.

Amid stock specific movements, ICICI Lombard General Insurance hit all-time high on regulatory approval to acquire smaller rival Bharti Axa General Insurance, while recent debutant Route Mobile jumped 5 per cent after the company said it was contemplating two acquisitions.

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

Who moved my Sensex
Index heavyweights Infosys rose 3.33 per cent to Rs 1,137.25, while ICICI Bank jumped 2.63 per cent to Rs 485.25. Mortgage lender HDFC climbed 2.10 per cent to Rs 2,304.95.

ICICI Lombard hits all-time high
ICICI Lombard General Insurance Company jumped to an all-time high of Rs 1,500 after the company received 'in-principle approval' to acquire Bharti AXA General Insurance. The Insurance Regulatory and Development Authority of India (IRDAI), on November 27, gave an in-principle approval to the acquisition of general insurance business of Bharti AXA General Insurance Co by ICICI Lombard General Insurance.

Route Mobile hits upper circuit
Route Mobile jumped 5 per cent to Rs 1,107,15 after the cloud communications platform service provider said it is eyeing two acquisitions in the areas of conversational AI and virtual contact centre.

Promoter action: Adani Ports, Almondz Global
Promoter group Adani Tradeline LLP revoked the pledge on 4,24,000 shares of Adani Ports on November 26. The stock closed 2.60 per cent higher at Rs 422.70.

Promoter group Navjeet Singh Sobti HUF bought 3,594 shares of Almondz Global Securities on November 27. The stock shed 0.25 per cent at Rs 16.06.

Stocks at 52-week high
As many as 237 stocks hit their 52-week highs on the BSE. These include Aarti Surfactants, ACC, Adani Enterprises, Adani Gas, Adani Ports, Affle (India), Apollo Hospitals, Apollo Tyres, Cadila HealthCare, Divi’s Laboratories, EID Parry, Granules India, Hindalco, and Info Edge (India) among others.

Stocks that hit upper circuit
As many as 431 stocks rose by their daily limit on the BSE. These included DHFL, YES Bank, Edelweiss Financial Services, Indiabulls Integrated Services, Shemaroo Entertainment, 3i Infotech and Route Mobile, among others.

Stocks that flash buy signal
A total of 80 stocks flashed ‘buy’ signals on BSE, as they crossed above the signal line on the MACD indicator. These included DLF, Confidence Petroleum, Cipla, JSW Energy and Repco Home Finance, among others.

Where is Nifty headed?
According to Nagaraj Shetti, Technical Research Analyst, HDFC Securities, the short term trend of Nifty continues to be positive.

“Further upside above 13,145 is expected to negate couple of bearish patterns, as per daily and weekly timeframe chart and that is expected to could open the next upside levels of 13,500 in the near term,” said Shetti adding that immediate support is placed at 12,960.