Bullish hat trick: Uninterrupted buying in fund stocks

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(Gujarat News Correspondent) Mumbai Ta. Wednesday, April 29, 2020

Corona epidemic Europe, amid signs of a slowdown in the US, a renewed buy in foreign fund stocks and an aggressive take on local fund-mutual fund stocks for three days in a row, signaling a easing of lockdown in US countries. After the Reserve Bank of India announced a special Rs 70,000 crore liquidity lifeline for mutual funds after the Franklin Templeton Mutual Fund announced the closure of its 9 debt schemes last week, the funds today IT-software services, automobile, oil-gas, capital goods stocks rose. Nseksane Today more diving 605.64 points to 32,720.16 and the Nifty spot thrusts were laying off 172.45 points to 9553.35.

Thus, the Sensex jumped 17.5 points to 30.15 and the Nifty closed up 7.5 points at 8.4 in a three-day rally. The Indian rupee also strengthened by 50 paise to a three-week high of 6.5 against the US dollar. International crude oil prices continued to rise this evening, with Nymex crude rising ૨ 3.01 to ૪ 17.8 a barrel and Brent crude rising ૧ 1.05 to ૪૯ 21.8. Global stock markets were also volatile today.

For the third day in a row, the BSE Bankex Index jumped 31.8 points to close at 7,612.8 on buying in banking and finance stocks. Among banking stocks, Citi Union Bank rose by Rs 10.50 to Rs 19, HDFC Bank by Rs 4.5 to Rs 4.5, State Bank of India by Rs 3.50 to Rs 150, ICICI Bank by Rs 10.9. Increased to Rs. Indiabulls Housing Finance jumped by Rs 4.5 to Rs 12.5, Hudco jumped by Rs 1.50 to Rs 4.5, HDFC Ltd jumped by Rs 151.5 to Rs 19, Bandhan Bank jumped by Rs 15.5 to Rs. 2.50, IIFL up Rs 4.5 to Rs 5, ICICI Prudential up Rs 15 to Rs 205.50, Bajaj Finserv up Rs 19.05 to Rs 4.5, Bajaj Finance up Rs 2.50 2.50, ICICI Securities up Rs. 2.5 to Rs. 31.50, LIC Housing Fine Fans were up by Rs 4.5 to Rs 2.50.

Even in IT-software services stocks, the value of funds was bullish today despite the weakening of the dollar against the rupee. Oracle Finserv jumped by Rs 19.50 to Rs 4.5, HCL Technology by Rs 19.50 to Rs 21.50, Infosys by Rs 13.5 to Rs 2.50, TCS by Rs 2.50. 1,409.50, Tech Mahindra rose by Rs 4.5 to Rs 4.5, MindTree rose by Rs 15.5 to Rs 31.50.

Funds also rallied in metal-mining stocks. Amid reports of a global lockdown, the fund's metal stocks were hoping for a resumption of industrial activity.

Sail rose by Rs 2.50 to Rs 30.50, Hindalco by Rs 7.5 to Rs 115.40, Jindal Steel by Rs 4.5 to Rs 4.5, Hindustan Zinc by Rs 2.10 to Rs. 151.50, Tata Steel rose by Rs 4.5 to Rs 2.50, Coal India by Rs 2.50 to Rs 12.5, Vedanta by Rs 4.5 to Rs 3.15.

Oil and gas stocks also rallied today as international crude oil prices stopped falling for two consecutive days. Gail India rose by Rs 2.50 to Rs 3.10, Castrol India by Rs 4.5 to Rs 19.10, Petronet LNG by Rs 10.50 to Rs 2.50, ONGC by Rs 1.2 to Rs. 30.50, BPCL rose by Rs. 1.50 to Rs. 31.50.

There was widespread valuation in automobile stocks. Ashok Leyland rose by Rs 4.5 to Rs 4.5, Apollo Tire rose by Rs 2.50 to Rs 2.50, Exide rose by Rs 3.15 to Rs 19.50, Balakrishnan Industries rose by Rs 2.50 to Rs. 2.50, Motherson Sumi up Rs 2.50 to Rs 31.50, Mahindra & Mahindra up Rs 19.50 to Rs 3.05, Tata Motors up Rs 1.50 to Rs 2.15, Bajaj Auto Hero MotoCorp was up by Rs 2.50 to Rs 120.50, Bosch was up by Rs 4.5 to Rs 10,06.5.

Marketbroadth remained positive today as small net, mid cap, cash stocks continued to attract high networth investors with funds. Out of the total 6 scrips traded on the BSE, the number of gainers was 1,200 and the number of losers was 6. The only seller in 12 stocks was the lower circuit against the upper circuit of the only buyer in 5 stocks.

Foreign funds-foreign portfolio investors-FIIs were buying net worth of Rs 2.08 crore in cash today-Wednesday. Of this, a total of Rs 5,113 crore was sold against a total purchase of Rs 4.5 crore. Local funds-domestic institutional investors (DIIs) continued to buy stocks for the third day in a row today with a net purchase of Rs 4.5 crore in cash. Of this, a total of Rs 2.17 crore was sold against a total purchase of Rs 206.5 crore.

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