Majesco turns ex-dividend; 25 stocks flash ‘buy’ signal on MACD » TechnoCodex


Shares of Majesco hit upper circuit after the stock turned ex-dividend on Wednesday. On the other hand, Borosil Renewables extended its rally after the completion of fundraising through a qualified institutions placement (QIP). Overall, buying in IT majors Infosys and TCS, FMCG player HUL and energy-to-telecom behemoth Reliance Industries took the benchmark equity indices higher for the second straight session.

The 30-share BSE Sensex closed 437 points, or 0.95 per cent, higher at 46,444. Similarly, the NSE Nifty index gained nearly 135 points, or 1 per cent, to 13,601.

Vinod Nair, Head of Research at Geojit Financial Services, said, “Market is continuing its rally amidst concerns over new virus strain, lockdown and weak global cues, fuelled by IT, mid and small caps. The additional stimulus announced in the US did not gain much momentum in the global market as the quantum of the benefit was well-factored, but Europe and emerging markets are maintaining the buoyancy.”

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

Majesco turns ex-dividend
Shares of Majesco hit the upper circuit as they traded ex-dividend on Wednesday, and closed nearly 5 per cent from the adjusted previous close. The scrip settled 4.72 per cent up at Rs 12.20.

Borosil Renewables extends rally
Borosil Renewables extended gains for the fourth session in a row, and jumped to a record high, cheering the successful completion of fundraising of Rs 200 crore through a qualified institutions placement (QIP) last week. The small cap stock closed 19.99 per cent up at record high level of Rs 223.30.

Infosys hits new high
IT major Infosys scaled a new all-time high of Rs 1,259 after it won a multi-year deal from German automotive major Daimler to drive hybrid-cloud powered innovation and IT infrastructure transformation. While Infosys did not disclose the size of the deal, sources ET NOW spoke to pegged it at over a billion dollars, making it the second billion dollar deal for Infosys in a pandemic year, months after it won a large deal from Vanguard. However, the scrip settled 2.64 per cent higher at Rs 1,252.95.

Who moved my Sensex
As many as 26 components in the Sensex pack ended the day in green with HCL Technologies gaining the most 2.67 per cent. It was followed by Infosys (up 2.64 per cent), Mahindra & Mahindra (up 2.35 per cent), State Bank of India (up 2.14 per cent) and ITC (up 2.14 per cent). On the other hand, Titan, Power Grid, NTPC and HDFC declined up to 0.81 per cent.

Promoter action: Majesco, Ozone World
Promoter Girija Ram of Majesco sold 11.30 lakh shares of Majesco on December 18, BSE data showed on Wednesday. Other promoters and directors, including Ketan Mehta and Ashank Desai, together offloaded more than 28 lakh shares of the company between December 17 and December 21.

Promoter Jayeshkumar Kantilal Patel of Ozone World sold 21,248 shares of the company on December 21. The scrip settled 1.33 per cent up at Rs 84.

Stocks at 52-week high
Over 70 stocks scaled 52-week highs on the NSE. Some of the stocks in the list included 20 Microns, Asian Paints, Berger Paints, Biocon, Dish TV, eClerx, L&T Infotech, Linde India and HCL Technologies, among others.

Stocks that hit upper circuit
As many as 439 stocks hit upper circuits on the BSE. These included Ramky Infrastructure, Borosil Renewables, SpiceJet, Shree Renuka Sugars and Tera Software, among others.

Stocks that flash buy
Some 25 stocks on the BSE flashed the ‘buy’ signal on the MACD indicator during the trade. They included Wipro, Tata Consumer, Godrej Properties, Shree Renuka Sugars, Zen Technologies, HBL Power, Tilaknagar Industries, eClerx Services, Coforge, Bliss GVS Pharma and Ramky Infra, among others.

Most active counters
With a total traded quantity of 61.13 crore shares, Vodafone Idea emerged as the most active stock on the NSE in terms of volume. It was followed by YES Bank (21.60 crore), PNB (17.82 crore) and RTN Power (16.89 crore). On the other hand, Infosys (Rs 1,978 crore), Bajaj Finance (Rs 1,749 crore), Reliance Industries (Rs 1,744 crore) and Wipro (Rs 1,705 crore) stood among most active in terms of value.

Where is Nifty headed?
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas, said the bounce that started on December 22 turned out to be a sharp one. The pullback is heading towards the 78.6% of the retracement mark, which is near 13,640 for Nifty. That’s a key hurdle to watch out for as the bears can open a fresh round of fire near that level.

“The overall structure suggests that the short term correction is not yet over and the next leg of correction can bring the Nifty down to 13,000 in the short term. On the other hand, the recent high of 13,777 will act as a major barrier,” Ratnaparkhi said.





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