Market Movers: Bajaj twins, IndusInd rock; IT in demand; 'buy’ signals in 90 stocks

NEW DELHI: The bulls’ juggernaut continued to roll on Dalal Street on Tuesday and the domestic equity indices gained for the fifth straight session, ignoring the trend in global markets and a rise in Covid-19 patient count in India.

BSE barometer Sensex jumped about 400 points from day’s low point while the 50-share Nifty gained over 100 points to close the day in the green. IT, bank, financial services and media stocks were in great demand, led by the Bajaj twins and IndusInd Bank.

Government stimulus and hopes for an economic turnaround have so far kept investor sentiment upbeat. “Any impact on the momentum, which has been driving the market along with liquidity, can lead to nervousness among investors,” said Vinod Nair of Geojit Financial Services.

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

VIX down for fifth day
India VIX, the measure of fear in the market, slipped further for the fifth straight session. The index closed 0.07 per cent lower at 25.17. This means traders on Dalal Street see relatively less volatility in the market going ahead.

IT index up for fifth day
The Nifty IT index gained for the fifth session, in tandem with the benchmark indices, and recovered 2 per cent from the day's low. Nifty added 2.07 per cent, led by up to 5 per cent gain in NIIT Tech, Info Edge, Infosys, HCL Tech and Mindtree, among others.

Nifty Auto index jumps for fourth day
Riding on relatively better vehicles sales in June compared with May, Nifty Auto index climbed for the fourth day, up 0.39 per cent. Bosch was the biggest gainer in the pack, up 12 per cent, while Eicher Motors, Bharat Forge, Maruti Suzuki and Ashok Leyland rose 0-4 per cent.

FMCG index snaps 6-day winning streak
The FMCG index snapped a six-day winning run as the constituent stocks saw profit taking. The index fell 0.42 per cent dragged by up to 3 per cent loss in ITC, UBL, Godrej Consumer, VBL and HUL.

Stocks@52-week highs
As many as 120 stocks hit 52-week highs on Tuesday, as the major indices gyrated between red and green. They included Alkyl Amines, Bharat Dynamics, Escorts, HAL, IDBI Bank, ITI, Navin Fluorine and TCS, among others.

Stocks that touched upper circuit
Nearly 370 stocks on BSE kissed their daily permissible upper limits during the trade. They included Ujjivan Small Finance Bank, Affle India, AU Small Finance Bank, Credit Access Grameen, Spandana Sphoorthy. Indiabulls Real Estate, J&K Bank, Lemon Tree Hotels and Varroc Engineering, among others.

Stocks that gave ‘buy’ signals
About 90 stocks gave ‘buy’ signals on BSE as they crossed above the signal line on the MACD indicator. They included Tata Motors, NBCC, MTNL, Rain Industries, Mangalore Chemicals, Tin Plate Company, City Union Bank, HCL Tech and Gujarat Pipapav, among others.

Where is Nifty headed?
After opening in the red, Nifty made an intraday low of 10,657 but bounced back later in the day aided by private banks and financial stocks. “Over the past several days, Nifty has been trading above its 50-day moving average with an upward rising channel formation which suggested further upside movement. Based on the above technical structure, we expect Nifty to face resistance in the 10,850-10,900 range, while downside support will come in at 10,570,” said Sumeet Bagadia, Executive Director at Choice Broking.