Shares of Bajaj Finance ended 4.3 percent higher, registering their best single-day performance in over a month. The stock has gained in two out of the last three trading sessions.
Sources within the dealing rooms told CNBC-TV18 that the stock has been buzzing off late due to strong buy flows at the FII desk. We had highlighted this during our dealing room check on September 30 as well. Post strong quarterly updates from banking and financial names over the last two days, the market is anticipating a strong update from Bajaj Finance as well.
Risk-On Rally
Financials, which have been leading the underperformance off late, were the biggest gainers, led by a bout of short-covering and fresh buying post some strong quarterly updates.
Dealing rooms indicate that flows on the FII desks are mixed but with a positive bias. Volumes though, are muted, as some global markets remain shut due to a holiday.
Despite Tuesday's rally, dealers still expect the near-term range for the Nifty to be between 16,700 to 17,300.
Besides Bajaj Finance, here are some other stocks that have been part of the dealing room chatter today:
United Spirits: Shares of the world's second-largest spirits company by volume gained 4 percent on Tuesday, ending among the top gainers within the F&O space. This was also the stock's best single-day performance in three weeks. Dealers indicate that the stock has been in focus due to strong buy flows at the FII desk.
Godrej Properties: The real estate major ended 3.7 percent higher on Tuesday and has gained in four out of the last five trading sessions. Dealers suggest that there has been interest for the stock among HNIs from where there have been buy flows in the stock. Promoters are also said to be buying shares of the company from the open market. As of the June quarter shareholding pattern, promoters held 58.4 percent stake in the company.
First Published: Oct 4, 2022 4:18 PM IST