Lemon Tree near 52-week high; Max Financial drops for third day: Stocks that kept dealers busy today

Indian equities endured yet another volatile trading session ahead of the monthly expiry. The NSE Nifty 50 index barely managed to cling on to the 17,000 mark, ending at 17,007, down 170 points from the day's high but recovering from the intraday low of 16,942.

Dealers suggest that flows continue to remain negative with banking stocks continuing to underperform. The Nifty Bank shed another 250 points on Tuesday, taking its overall drop to 3,500 points from its recent highs.

After plunging to new lows, technology stocks are witnessing some short covering according to dealers. Gautam Shah of Goldilocks Research told CNBC TV-18 in an interview earlier that the IT index, holding on to crucial levels in a tough market gives him confidence that the index is making an attempt to bottom out.

Max Financial: The stock ended lower for the third straight day and has ended lower in five out of the last six trading sessions, during which it has declined 10 percent. Dealing rooms suggest that a large block deal is likely to be seen in the stock in which the promoter entity could be the seller. Based on the June quarter shareholding patter, promoters hold only 14 percent stake in the company.

Ramkrishna Forgings: The forgings company had its best day in nearly two months after ending 6 percent higher in a weak market. Tuesday's move comes after the stock dropped nearly 10 percent over the last two trading sessions. Dealers indicate that a leading HNI has been an active buyer in today's block deal in which over 1 percent equity exchanged hands. In an interview to CNBC TV-18 last week, the company mentioned that the Electric Vehicles business will contribute to 3-4 percent of total sales in FY23.

Infosys: The IT bellwether ended higher for the second straight day after a four-day drop. Despite the gains, the stock is 30 percent below its 52-week high. Dealers suggest that there have been "market at close" buy flows at a leading FII desk in Tuesday's trading session. Earlier this month, brokerage firm Citi highlighted that the management is confident on delivering on its revenue guidance for the year ending March 2023. The software exporter's margin, however, will likely be at the bottom end of its guidance band of 21-23 percent for the year, according to the brokerage.