FIIs buy HPCL, high delivery volumes likely in NMDC: Dealing room check
Dealing room checks also indicated that the Nifty 50 is next facing resistance at levels of 19,450.
Shares of HPCL ended higher by 6.3% on Tuesday, marking its best single-day performance of 2023 after its September quarter results.
Sources within the dealing rooms told CNBC-TV18 that the stock is seeing strong buying interest from FIIs recently and that the management also delivered strong commentary during its earnings call.
Tuesday's surge was also the eighth straight day of gains for HPCL. This is the longest winning streak for the stock since May this year, when the stock had gained for 11 sessions in a row.
A Day Of Consolidation
Benchmark indices ended with minor cuts on Tuesday as the market consolidated at higher levels.
Dealers indicated that Tuesday was a high volume day despite the consolidation and that flows were mixed with a negative bias.
Dealing room checks also indicated that the Nifty 50 is next facing resistance at levels of 19,450.
PSU stocks continued to outperform with state-run entities seeing basket buying recently. Despite the midcap index closing off the intraday high, it still remained a relative outperformer compared to the Nifty.
Besides HPCL, these stocks made it to the dealing room chatter:
NMDC: Shares of the mining company ended with gains of nearly 2% and have risen in three out of the last four trading sessions. Dealers said that FIIs were buyers in this stock and are expecting high delivery volumes in Tuesday's session.
Apollo Tyres: Shares of the tyre manufacturer ended with losses of over 2% and have oscillated between gains and losses over the last nine trading sessions. Dealers said that a leading long only FII has been an active seller in the stock recently.
Jyoti Structures: The stock ended 4.6% higher on Tuesday and has now gained for four consecutive trading sessions. The company's board meets today to consider a fund raising proposal and dealers said that a few HNI investors are likely to invest via preferential warrants.
(Edited by : Hormaz Fatakia)
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