Dealing Room Check: European fund buys Vodafone Idea, profit booking in GMR Airports
Flows were mixed but with a negative bias. Friday was yet another day which saw a slew of block deals. Deals worth over $330 million took place on Friday.
Shares of telecom operator Vodafone Idea Ltd. ended 9.4 percent higher on Friday, extending its gains for the fourth straight session.
Sources within the dealing rooms told CNBC-TV18 that the stock surged on buy flows at FII desks where a European fund has been an active buyer in the stock.
Friday's closing was the highest for Vodafone Idea since October 2022.
Another Weekly Loss
The Nifty 50 had to close above 19,310 to prevent a weekly loss but failed to do so. The index reported its fifth straight weekly loss, as financials led by HDFC Bank continued to drag.
Flows were mixed but with a negative bias. Friday was yet another day which saw a slew of block deals. Deals worth over $330 million took place on Friday.
All eyes are now on the Reliance Industries AGM on Monday, which was evident from the heavy volumes seen in shares of Jio Financial Services.
Besides Vodafone Idea, these stocks made it to the dealing room chatter:
IIFL Securities: The stock snapped a three-day losing streak, ending over eight percent higher on Friday. The stock also saw its biggest single-day gain since September last year. Dealers indicate that a leading domestic mutual fund is an active buyer in the stock.
GMR Airports: Shares witnessed profit booking on Friday after rising to its highest level since 2010 earlier. Although the stock is in the F&O ban, it saw some pressure. Kotak Institutional Equities has downgraded the stock to sell following the run-up.
Indian Hotels: The stock snapped a three-day losing streak and ended 2.5 percent lower. The stock is under pressure due to selling pressure from FIIs, dealers said.
(Edited by : Hormaz Fatakia)
Note To Readers
Disclaimer: The stocks discussed in this article are based on unconfirmed reports from dealing rooms. It is advised to carry out your own due diligence before making any investment decision.
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