Shares of Persistent Systems have outperformed most of its tech peers this week, gaining as much as 10 percent. The stock has recovered over 40 percent from its 52-week low and is now 15 percent away from its 52-week high.
Sources within the dealing rooms tell CNBC-TV18 that a leading long-only fund has been accumulating the stock recently.
The stock ended higher for the ninth straight session.
Taking A Pause
Benchmark indices finally ended an eight-day run of gains ending lower on Friday. Despite the drop, both Sensex & the Nifty 50 ended the week with gains. Flows were mixed but with a positive bias.
Dealers indicate that markets are consolidating after the recent upmove and that this trend may continue for a few more days, even as the market remains in an uptrend. On the downside, they see support for the Nifty 50 at levels of 18,300.
The day belonged to NBFC names that outperformed while autos continued to witness a bout of profit booking.
Besides Persistent Systems, here are some other stocks that have been part of the dealing room chatter today:
Macrotech Developers: Shares of the real estate developer ended higher for the second day on Friday after Chris Wood of Jefferies increased the weightage of Macrotech in his Asia Ex-Japan portfolio by six percent. The management, on CNBC-TV18 said that the new land parcels acquired by the company will fetch them sales worth Rs 3,500 crore. Dealers indicate that a selling pressure from a leading foreign investor is likely to be over, thereby triggering an upmove in the stock. You can watch the entire interaction of Macrotech's management here.
Aditya Birla Capital: Shares ended higher for the sixth straight day and also at a 52-week high on strong volumes. Dealing rooms indicate that the stock has been receiving strong buy flows recently and a leading HNI has been among the buyers.
Exide Industries: Both domestic mutual funds and foreign investors look to be lapping up shares of the battery manufacturer as dealers anticipate heavy volumes on the stock on Friday. Shares have ended higher in five out of the last six trading sessions.
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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