Shares of Indiabulls Housing Finance are trading with gains of over 10 percent on Wednesday, September 13, bucking the broader market trend which continues to see pressure.
The stock is the top performer on the Nifty 500 index. This is the best single-day gain for the stock since August 28.
With today's move, the stock has recovered all of Tuesday's losses. The stock had ended 10 percent lower on Tuesday. Shares are also set to snap a four-day losing streak, during which it had declined over 12 percent.
Today's gains for Indiabulls Housing Finance are on volumes that are 90 percent higher than their 20-day average. A total of 2.78 crore shares of the stock have already been traded, surpassing Tuesday's volumes of 2.76 crore shares.
Shares are still trading above all of their key moving averages and its Relative Strength Index currently stands at 56.
Earlier in the day, 22.5 lakh shares of the company had exchanged hands in a large transaction worth Rs 40.8 crore. The number of shares exchanged amounts to 0.5 percent of the total equity.
The buyers and sellers in the transaction are still unknown.
Shares of Indiabulls Housing Finance are up 20 percent so far in 2023. The stock is still trading below its 52-week high of Rs 207.7, which it hit on August 31.
First Published: Sept 13, 2023 12:07 PM IST
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