 "Markets witness stock-specific action, benchmarks ended with wild swings")
Markets witness stock-specific action on a day of wild swings
Stock-specific action was witnessed in markets on Monday, although the benchmark indices ended with wild swings.
Railtel, YES Bank, Vodafone Idea, and BHEL rose 2-6 per cent.
YES Bank gained 4.66 per cent after the private lender declared that it had received Rs 150 crore from a single trust in the security receipts portfolio after the NPA portfolio sale.
Shares of Vodafone Idea extended the Friday rally to 5.94 per cent. On Friday, the stock had gained over 20 per cent on the buzz that promoters are looking to inject equity into the beleaguered telecom company.
RailTel Corporation of India also rallied for the second straight day on the growing order book—the latest being a Rs 120.45 crore order from South Central Railway announced Thursday. The stock ended Monday's session with 4.35 per cent gains.
Also Read
The state-owned BHEL rose almost 6 per cent in early trade and closed 2 per cent higher. The stock rose amidst reports that the company has secured the position of the top bidder for a substantial Rs 19,422-crore turnkey contract. The contract involves the construction of a thermal power plant for NLC India in Talabira, Odisha.
Analysts said the focus was on locally driven stocks as the holiday season was on and foreign portfolio investors were largely absent.
"And major exchanges were shut. The volumes were less, and the focus was on local investor-driven stocks. From tomorrow, we will see activity resuming, and not much action will be seen on these five stocks. Institutional interest is limited in those stocks. Because institutional investors were not present, the volatility in other stocks was limited, and these stocks had more focus," said Deepak Jasani, head of retail research at HDFC Securities.
FPIs were net sellers worth Rs 856 crore, according to provisional data from exchanges. Foreign investors were net buyers of Rs 1.7 trillion in 2023, helping the Nifty end up with gains of 20 percent.