FIIs buy GAIL, Power Mech QIP likely soon: Dealing Room Check
With TCS ending lower on Thursday, the focus will be on how the street reacts to results of Infosys and HCLTech on the final trading day of the week.
Shares of GAIL ended with gains of over 4% on Thursday, ending higher for the third day in a row. The stock has now gained in five out of the last six trading sessions.
Sources within the dealing rooms told CNBC-TV18 that the stock witnessed strong volumes at the FII desk and the street is also expecting a corporate development to take place in the stock soon.
Shares of GAIL have gained 33% so far in 2023.
A Dull Options Expiry
The Nifty 50 had a rangebound weekly expiry session with the index ending little changed after trading in a 70-point range.
Dealers said that flows were muted at the FII desk but they bid well for PSU Banks.
Broader markets continue to outperform and earnings will continue to drive the near-term trend, according to the dealers.
With TCS ending lower on Thursday, the focus will be on how the street reacts to results of Infosys and HCLTech on the final trading day of the week.
Besides GAIL, these stocks made it to the dealing room chatter:
Power Mech Projects: The stock ended lower for the fourth day in a row on Thursday and has been under pressure this week. Dealers said that a fund raising announcement from the company via the QIP route is likely to be made soon. Shares of Power Mech have doubled so far in 2023.
Samvardhana Motherson: The stock ended little changed on Thursday but has gained for three days in a row. Dealers believe that the stock is witnessing strong flows at the FII desk today.
Eureka Forbes: Multiple block deals took place in the stock today. Dealers indicated that a leading domestic AIF has been an active buyer in the stock in today's session. The stock has oscillated between gains and losses over the last seven trading sessions.
(Edited by : Hormaz Fatakia)
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