Market Movers: Steel stocks on fire, BBQ soars; 153 scrips give buy signal

MUMBAI: Benchmark equity indices ended considerably off their day’s high today on likely profit booking by some short-term investors and impact of the expiry of the weekly options contracts.

Earlier in the day, benchmark indices rose over 1 per cent on the back of the dovish monetary policy meeting of the Reserve Bank of India on Wednesday and hopes that the impact of the second wave of infections on growth will be minimal.

For the day, Nifty50 index ended 0.4 per cent, or 54.8 points, higher at 14,873.8, while the BSE-Sensex closed at 49,746.2, up 0.2 per cent or 84.5 points.

In the broader market, the gains were more prominent as the Nifty Midcap 100 and Nifty Smallcap 100 rose 0.5 per cent and 1.3 per cent, respectively.

Here are the major movers in today’s trade:


Steel stocks on fire
Shares of steel companies were the biggest movers of the day after companies from JSW Steel to SAIL suggested that they have undertaken another round of price hikes for their products in the domestic market leading to hopes of stronger profitability for these companies in the June quarter. Shares of JSW Steel, Tata Steel, SAIL, and Jindal Steel & Power ended 5-9 per cent higher.

Barbeque Nation keeps grilling gains
Shares of the company, which had a muted debut on Wednesday, managed to clock 20 per cent gain as investors took a contrarian view on the sector. Analysts suggested that while the second wave of COVID-19 infections dampens the near-term outlook, accelerating vaccination in the country may result in faster growth in the second half of the current financial year.

Fertiliser stocks rise on price hikes
Shares of fertilizer companies rose sharply after media reports said that prices of products were on the up due to higher input costs. Shares of Deepak Fertilisers, National Fertilizers, Rashtriya Chemicals, and others rose 2-12 per cent.

Over 200 stocks hit 52-week highs
In a sign of the breadth of the current market gains, over 200 stocks hit their 52-week highs during the session with many of them registering their lifetime highs. Prominent stocks that hit their 52-week highs include JSW Steel, Tata Steel, Graphite India, and Shree Cements.

What gave buy signal?
As many as 153 stocks listed on the National Stock Exchange gave a buy signal based on MACD indicators including Tata Motors, GAIL India, Hindustan Copper, Reliance Industries, and Tech Mahindra.

What’s ahead for the market?
Optimism among traders was high as they bought most out-of-money call options of Nifty50, suggesting that they expect the recent gains to sustain going ahead. The 15,000-strike price call option of Nifty saw the highest addition of open interest suggesting that traders expect the index to test this level soon.

If the Nifty50 is able to get past the 14,950-level on a closing basis, then it could move higher to 15,300-15,400, said Manish Hathiramani, technical analyst at Deen Dayal Investments.

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