Market Movers: Midcaps, smallcaps extend gains; 80 stocks hit new 52-week highs

Midcap and smallcap stocks extended gains into the fourth straight session on Tuesday after market regulator Sebi on Friday tweaked the investment rules for multicap funds. But realty stocks declined in an otherwise upbeat market.

Equity benchmark Sensex closed nearly 288 points up at 39,044 while its NSE peer Nifty rose 82 points to 11,522.

“Firm global cues kept the market higher on Tuesday. We’re seeing noticeable buying across the board during this consolidation phase and it’s a positive sign,” said Ajit Mishra, VP - Research, Religare Broking.

He said the participation of the banking pack is critical for any directional move in the index. “Considering the prevailing scenario, we suggest keeping a close watch on the outcome of the US Fed meeting for further cues,” he said.

Here is a lowdown on what happened in Tuesday’s trade:
Who moved my Sensex
HDFC Bank (63 points) emerged as the top contributor on Sensex, followed by ICICI Bank (50 points), Reliance Industries (45 points) and HDFC (44 points). On the other hand, some selling in ITC and Maruti Suzuki capped the upside.

Promoter action: JSPL and Prozone Intu
Promoter group OPJ Trading and Gagan Infraenergy revoked the pledge on 10 lakh and 17 lakh shares, respectively, of Jindal Steel and Power last week, BSE data showed on Wednesday. On the other hand, promoter Provogue (India) of Prozone Intu Properties sold 87,000 shares of the company last week.

ADF Foods climbs 5%
Shares of ADF Foods jumped 5 per cent on Tuesday after Ashish Kacholia bought 1,48,871 shares of the company through a bulk deal on NSE on Monday. The ace investor purchased shares of ADF Foods at an average price of Rs 377.99 per share, taking the value of the transaction at around Rs 5.63 crore, data on the exchange showed.

Radico Khaitan rallies
Shares of Radico Khaitan advanced over 6 per cent after the company informed bourses that it has fully repaid all loans against pledged shares. The scrip closed 6.93 per cent up at Rs 443.45.

Smallcaps outperform
With a gain of 1.44 per cent, the BSE Smallcap index continued to outpace the BSE Midcap (up 0.85 per cent) as well as BSE 500 index (up 0.85 per cent). Shares of IDFC, Quick Heal, Aegis Logistics and IFB Industries gained over 10 per cent in the smallcap space. The BSE Smallcap index rallied over 4 per cent on Monday.

Realty only loser among sectoral indices
Barring the BSE Realty index (down 0.58 per cent), other sectoral indices ended in the green. BSE Telecom, Healthcare, Bankex, Power gained between 1 per cent and 2 per cent.

SpiceJet slips ahead of Q1 result
Shares of SpiceJet declined 0.47 per cent down at Rs 53.05 ahead of its financial results for the quarter ended June 30. After market hours, the company posted a consolidated loss of Rs 600.51 crore for the quarter ended June 30 against Rs 262.89 crore profit posted for the same quarter last year.

Stocks at 52-week highs
More than 80 counters hit fresh 52-week highs on the National Stock Exchange. Some of the companies in the list included Adani Green, Affle (India), Alembic, APL Apollo Tubes, DFM Foods, Deepak Nitrite and BSE, among others.

Stocks that hit upper circuit
As many as 304 stocks locked in at their upper limits on BSE. These included Adani Green, Sadbhav Engineering, Dishman Carbogen and Welspun Corporation, among others.

Stocks that flash buy signals
A total of 101 stocks flashed ‘buy’ signals on BSE, as they crossed above the signal line on the MACD indicator. These included Alok Industries, Firstsource Solution, UPL, Lupin, Siemens, SpiceJet, Engineers India and Mindtree, among others.

Where is Nifty headed?
Shrikant Chouhan of Kotak Securities says technically, Nifty formed a strong Bar Reversal Candle on the daily chart followed by Inside Body Candle, which clearly suggests non-directional activity. “Currently, the index is trading near important retracement level and the texture of the index suggests narrow rangebound activity is likely to continue in the next few sessions,” he said.