Market Movers: HDFC Bank, Nalco, TaMo jump; 30 stocks give ‘buy’ signals

Heavy buying in shares of HDFC Bank after its strong performance in March quarter helped the benchmark indices close with gains, but a rise in Covid toll capped gains on Monday.

HDFC Bank jumped 4 per cent while its PSU bank counterparts UCO Bank, Central Bank of India and J&K Bank rose 20 per cent each. Tata Motors also registered healthy gains despite it reporting a drop in global sales.

BSE flagship Sensex closed 59 points, or 0.19 per cent, higher at 31,648 while the broader 50-share Nifty fell 4.90 points, or 0.05 per cent, to close at 9,262.

“A sharp increase in coronavirus cases is still a major cause of concern. As the earnings season progresses, the market may see a lot of stock-specific movement and hence we would advise participants to continue with a cautious approach and go for hedged bets,” said Ajit Mishra, VP for Research at Religare Broking.

Here is a lowdown of the movers and shakers of Monday’s session on Dalal Street:

Broader indices gain

Broader market indices gained, bucking the trend in the headline indices. Nifty Smallcap gained 0.36 per cent to Rs 4,105 while Nifty Midcap rose 0.51 per cent to 13,111. The Nifty500 ended flat at 7,617.

PSU bank stocks rally

Shares of PSU banks rallied in Monday’s trade. Central Bank, UCO Bank and J&K Bank advanced 20 per cent each, hitting upper circuit limits. Indian Overseas Bank, Indian Bank and Bank of Maharashtra rose 10-18 per cent. The Nifty PSU Bank index added 4.18 per cent to 1,370.

30 stocks give ‘buy’ signals

As many as 20 stocks on BSE crossed above the signal line to flash ‘buy’ signals. They included YES Bank, Simplex Castings, Ritco Logistics, Deccan Healthcare, Meera Industries, R Systems, Madhav Infra and NHC Foods, among others.

Infy gains ahead of Q4 nos

Shares of information technology giant Infosys jumped ahead of quarterly earnings scheduled for release later in the day. The stock closed 3.75 per cent higher at Rs 652. Later in the day, the company reported a 6.10 per cent year-on-year (YoY) rise in consolidated March quarter profit at Rs 4,321 crore compared with Rs 4,074 crore reported for the same period last year.

TaMo shrugs dismal sales data

Tata Motors said its group global whole sales, including that of Jaguar Land Rover, stood at 2,31,929 units in the January-March quarter, lower by 35 per cent over last year’s. However, shares of the company gained 4.75 per cent to Rs 80.50.

Kotak Bank lowers deposit rates

Kotak Mahindra Bank, the fourth largest private sector lender, slashed interest rates on savings deposits for the second time this month. The stock fell 0.75 per cent to Rs 1,177 following the news.


TVS Motor gains on Norton deal

Shares of TVS Motor jumped 2.01 per cent to Rs 307.45 after the company said it acquired Britain’s iconic bike manufacturer Norton Motorcycles for GBP 16 million (around Rs 153 crore).

HDFC Bank gains on Q4 show

Shares of HDFC Bank advanced 3.91 per cent to Rs 946 after the lender over the weekend posted a 15.4 per cent rise in consolidated net profit for March quarter on healthy interest income.

Only buyers for MEP Infra

Shares of MEP Infra jumped 5 per cent to the upper circuit of Rs 13.27 after the government allowed it to resume collecting tolls in Mumbai. There were over 9 lakh pending orders for the scrip.


Nalco jumps 7%

Shares of National Aluminium Company spiked 6.88 per cent to Rs 34.20 after the entity was granted a mining lease of the Utkal-D coal block by the Odisha government.