homemarket NewsTimken India gains after three days; Voltas rebounding: What kept dealers busy on Thursday?
Timken India gains after three days; Voltas rebounding: What kept dealers busy on Thursday?
Gains were led by the IT index while auto stocks underperformed on Thursday.
Shares of Timken India ended over 6 percent higher on Thursday, gaining after a three-day run of losses. The stock had also gained 20 percent in a single session two weeks earlier.
Sources within the dealing rooms told CNBC-TV18 that the stock gained on Thursday courtesy big buy flows coming from the FII desk.
The stock is now 7 percent away from its 52-week high.
Another Day Of Records
Benchmark indices ended off their intraday highs but hit new records during the weekly options expiry session. The S&P BSE Sensex hit a record high for the sixth straight session while the Nifty 50 hit new peaks for the fourth day in a row.
Gains on Thursday were led by technology names as the Nifty IT index mirrored the overnight performance from the Nasdaq to end 2.5 percent higher.
Auto stocks underperformed after sales numbers for the month of november. Eicher Motors and Bajaj Auto were among the top laggards.
Dealing rooms indicate flows were mixed on Thursday with small "market at close" basket buying seen at a leading FII desk. Broader markets outperformed on Thursday.
Financials too were mixed on Thursday with indications of profit booking seen in select PSU banks.
Besides Timken India, here are some other stocks that have been part of the dealing room chatter today:
Ajanta Pharma: The stock ended 1 percent higher on Thursday after a two-day drop. Shares have been consolidating off late. Dealing rooms are anticipating a large block deal in the stock soon.
Voltas: Shares gained nearly 3 percent on Thursday. The stock has now rebounded 5 percent from its 52-week low of Rs 803 it hit earlier this month. Dealers believe that selling pressure in the stock from a leading long-only foreign investor is likely to be over, causing the rebound.
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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