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Market Movers: Cadila, Ipca Labs jump; 123 stocks flash buy signals

Nifty Pharma index continued to rally for the second day after govt lifted curbs on drug exports.

, ETMarkets.com|
Last Updated: Apr 08, 2020, 06.12 PM IST
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Reliance Industries was the most active stock in terms of value of transactions.
Equity benchmarks closed in the red after a choppy session on Wednesday, but the broader market produced more gainers.

The pharma sector continued to rally, as the makers of hydroxychloroquine, a malaria drug used in treatment of Covid, jumped. Cadila Healthcare gained 13 per cent and IPCA Labs 6 per cent.

BSE flagship Sensex ended the session 173 points down at 29,893 while its NSE counterpart Nifty fell 43 points to 8,748. However, in the broader market the midcap and smallcap indices rallied about 2 per cent.

“The market awaits February IIP data due on Thursday and the outcome of the Opec meeting. Continue with hedged positions. We prefer index majors over the others for trading,” said Ajit Mishra, VP - Research, Religare Broking

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

Pharma logs gains again
Nifty Pharma index continued to rally for the second day after the government lifted curbs on drug exports. The index jumped 3.54 per cent thanks mainly to Cadila Healthcare, which added 13.01 per cent.

Most active stocks
Reliance Industries was the most active stock in terms of value of transactions. It was followed by Axis Bank, HDFC Bank, HUL and ICICI Bank. In terms of trading volume, Vodafone Idea topped the chart, followed by Tata Motors, SBI, Ashok Leyland and ICICI Bank.

Broader indices gain
Broader market indices outperformed the headline indices. Nifty Smallcap index jumped 1.79 per cent to 3,679 while Nifty Midcap also added 1.79 per cent to 12,143. NIfty500 gained 0.17 per cent to 7,161.

Snowman Logistics gain 4%
Shares of Snowman Logistics gained 4.48 per cent to Rs 31.50 after the company said all its warehouses were fully operational amid the nationwide lockdown to contain the coronavirus outbreak.

Adani Green’s Total deal
Shares of Adani Green Energy gained 5 per cent to Rs 166.95 after Total SA said it has invested Rs 3,707 crore in a solar energy joint venture with the domestic firm.

L&T gets ‘large’ order
Shares of engineering and construction giant Larsen & Toubro gained 0.75 per cent to Rs 807.65 after the firm said it has won a 'large' contract from the Indian Oil Corporation for capacity expansion of IOC's Barauni Refinery in Bihar.

Maruti Suzuki cuts production
The country's largest carmaker Maruti Suzuki India said in a regulatory filing that it cut production by 32.05 per cent in March. However, the stock jumped 3.25 per cent to Rs 4,697.

Gujarat Alkalies up 4%
Shares of Gujarat Alkalies and Chemicals hit the 10 per cent upper circuit limit after the company started partial operations at its Dahej complex. The stock, however, pared the gains to close at Rs 314.30, up 3.52 per cent.

123 stocks flash ‘buy’ signals
As many as 123 BSE stocks flashed ‘buy’ signals after the share prices crossed above the signal line on the MACD indicator. They include Ashok Leyland, Jindal Steel and Power, Indian Hotel, M&M Financial, Ashoka Buildcon, Havells India and Asian Paints, among others.
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