Midcaps and smallcaps again outperformed the frontline stocks, telecom major Vodafone Idea jumped on fund raising plans, while Future Group stocks witnessed a steep selloff and tumbled by their daily limit.
Here is a lowdown on what happened in Wednesday’s trade:
Voda Idea jumps
Vodafone Idea soared 11.47 per cent to Rs 9.91 after the telecom operator said its board of directors will meet Friday to consider proposals to raise funds.
Future Group slumps
Shares of various Future Group companies tumbled to hit their respective lower circuits. Future Enterprises shed nearly 5 per cent to close at Rs 19.15, while Future Retail slumped 10 per cent to Rs 131.50. Future Consumer was down 5 per cent at Rs 12.02, and Future Lifestyle Fashions fell 10 per cent to Rs 141.75.
Zee Entertainment soars
Shares of ZEE Entertainment Enterprises jumped 7.53 per cent to Rs 217 after the broadcaster unveiled a cinema-to-home service platform, ZEE Plex. The new digital distribution model for producers, Zee Plex, would be available on over-the-counter (OTT) platform Zee5, both in the country as well as overseas.
Adani Green hits record
Adani Green advanced 10 per cent to a record high of Rs 546 after the renewable energy company said it has been ranked as the largest solar power generation owner in the world by Mercom Capital, a clean energy communications and consulting firm. As per Mercom Capital’s study, Adani Green’s solar portfolio stood at 12.32 GW now, which exceeds the total installed capacity of the US in 2019. It is also ranked as top player in terms of 10.1 gigawatts of projects under construction, it said.
Broader market outperforms
BSE midcap and smallcap indices rose 1.26 per cent and 1.66 per cent respectively, while BSE500 climbed 0.77 per cent. There has been higher interest in the midcap and smallcap packs amid concerns that many largecap stocks may be richly valued, leaving little or no leeway to rise in the near term. Among the midcap stocks, United Breweries and Aditya Birla Fashion and Retail rose around 8 per cent each. In the smallcap pack, IndiaMART InterMESH jumped 19.5 per cent, while Techno Electric and Engineering rose 14.4 per cent.
Promoter action: Electrosteel Castings, Parag Milk Foods
Promoter GK Investments further hiked its stake in Electrosteel Castings to 5.38 per cent, as it lapped up 10,00,000 shares in the iron pipes maker. Electrosteel Castings rose 5 per cent to Rs 15.94.
Promoters and directors Devendra Prakash Shah, Pritam Prakash Shah and Netra Pritam Shah revoked pledge on a total of 20,00,000 shares of Parag Milk Foods. The dairy major’s shares rose 5.2 per cent to Rs 110.15.
Stocks that hit 52-week highs
A total of 90 stocks scaled 52-week highs on the BSE. These included Adani Green, Escorts, Infibeam Avenues, IndiaMART InterMESH, Rosaari Biotech and Godrej Industries, among others
Stocks that hit lower circuits
Even as market logged gains, as many as 315 stocks dropped by their daily limit, while 256 hit their upper circuit. The stocks that hit lower circuit included Future Retail, Future Lifestyle Fashions, Future Consumer, Future Enterprises, 3i Infotech and Vikas Multicorp, among others.
Stocks that turned overbought
On the back of relentless buying in recent sessions, as many as 37 stocks turned ‘overbought’ as they crossed above the 70-mark on RSI indicator. These included Zee Enterprises, InterGlobe Aviation, Sunteck Realty, Indiabulls Ventures, Astrazeneca Pharma and PTC Industries, among others.
Where is Nifty headed?
Nagaraj Shetti, technical research analyst, HDFC Securities, said the formation of a small positive candle, after Tuesday’s Doji pattern could indicate minor positive bias for the market. He believes Nifty’s short-term trend remains positive. “The market is gradually gaining some momentum on the upside. The underlying near term trend status remains weak and there is a chance of profit booking emerging at the higher levels,” Shetti said, adding that important supports need to be watched around 11,350-11,400 zone, while the next upside resistance to watch is at 11,600.