Shares of Max Financial Services recovered from the day's low but ended 1.5 percent lower after a large block deal that took place in the stock today.
1.55 percent of the total equity or 53.45 lakh shares of the company were exchanged at Rs 649 apiece, according to data available. The transaction size was worth Rs 347 crore.
Sources within the dealing rooms tell CNBC-TV18 that the deal was a clean out trade from a large trust and that the supply has been well lapped up by domestic funds.
Shares fell to a 52-week low in intraday trade before recovering.
Last Hour Recovery
A last hour surge ensured that benchmark indices managed to end higher after three days of losses. After a lack of volumes, buying was seen from foreign investors, according to dealing rooms.
Dealers also indicated that a small "market at close" basket buying was seen at a leading FII desk.
Cement and steel stocks were well bid for by funds, as per the dealers. Going forward, they anticipate the range for the Nifty 50 index to be between 18,000 to 18,300.
Besides Max Financial, here are some other stocks that have been part of the dealing room chatter today:
Sapphire Foods: The stock ended higher after a two-day drop. Shares have also been witnessing consolidation off late. Dealers are expecting a large block deal to take place in the stock soon. The stock ended 1.2 percent higher and have gained nearly 13 percent this year.
APL Apollo Tubes: Shares ended over 2 percent higher on Tuesday and have gained in four out of the last five trading sessions. The stock has been on an uptrend as FIIs have been buyers, according to the dealers. They also anticipate high delivery volumes for the stock in Tuesday's session.
ITC: Nifty 50's best performer for the year is witnessing profit booking from higher levels. The stock has corrected nearly 6 percent from its 52-week high of Rs 360. Even as shares ended 0.8 percent higher on Tuesday, which was its first day of gains in seven sessions, dealers indicate that FIIs have been trimming their positions in the stock after it touched a five-year high earlier this month.
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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