Market Movers: IndusInd Bank soars; L&T, Airtel rally; 78 stocks give ‘buy’ signals

NEW DELHI: Bulls remained in a commanding position on Dalal Street on Thursday, as benchmark equity indices extended the rally to a third straight session, as the government announced a slew of measures to cushion the impact of the coronavirus pandemic.

Banks and financials were at the forefront of the rally. IndusInd Bank leaped 45 per cent, while Bharti Airtel jumped 11 per cent. L&T, Bajaj Finance, Kotak Mahindra Bank and Bajaj Auto were other major gainers, adding 7-10 per cent each.

The 30-share pack Sensex jumped 1,411 points to 29,947 while the broader NSE Nifty advanced 323 points to 8,641.

“The hourly chart showed that Nifty broke out from a falling channel. Thus the bulls could stretch their arms till 8,750. On the higher side, however, the swing high of 8,883 remained invincible. So the Nifty hasn't violated lower top lower bottom formation on the daily chart. Unless Nifty crosses that swing high it can once again tumble back to the 8,000 level,” said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan.

Here is a lowdown of the movers and shakers of Thursday’s session on Dalal Street:

VIX further plunges 8%
India VIX, also known as the fear gauge of the market, dropped 8.4 per cent to 71.10. This means traders expect relatively lower levels of volatility in the market going ahead.

Rs 4.48 lakh crore added
Equity investors got richer by Rs 4.48 lakh crore, as the total market capitalisation of the BSE-listed firms jumped to Rs 113 lakh crore.

All sectors gain
All sectoral indices closed the day with gains on the NSE. Nifty Private Bank was the biggest gainer, up 8.27 per cent while Nifty Realty gained 7.28 per cent and Nifty Bank jumped 6.36 per cent. Nifty Financial Services and Nifty FMCG were among other major gainers.

Who moved my Sensex?
HDFC twins were the biggest contributors, adding over 400 points to the Sensex’s tally. Infosys added 143 points while Kotak Mahindra Bank chipped in with 111 points. HUL, BHarti Airtel and ICICI Bank were among other major gainers.

78 stocks give ‘buy’ signals
As many as 78 stocks flashed ‘buy’ as they crossed above the signal line on the MACD indicator. They included ONGC, ITC, RIL, Adani Power, BHEL, Infosys, Tata Steel, IndiGo and Union Bank of India, among others.

IndusInd Bank vaults 45%
After falling more than 80 per cent in the past 10 weeks, shares of IndusInd Bank witnessed a sharp rebound on the back of short covering in the counter. The scrip traded up 45.07 per cent at Rs 436.95

Delta Corp plans buyback
Shares of Delta Corp hit the upper circuit on Thursday after the company on Wednesday informed bourses that the board of directors on March 28 will consider the proposal for buyback of fully paid‐up equity shares. The scrip rallied 5 per cent to Rs 56.70.

RIL sees profit booking
After a massive 15 per cent jump on Wednesday, Shares of Reliance industries saw some profit booking. The scrip slipped 0.60 per cent to Rs 1,074 on a day when Sensex rallied nearly 5 per cent.

IB Real Estate to buy back shares
Shares of Indiabulls Real Estate gained 2.84 per cent to Rs 39.85 after the company said it will initiate a process to buy back equity shares worth up to Rs 500 crore.

Cipla gets USFDA nod
Drug major Cipla said it has received final approval from the US health regulator for generic Esomeprazole for oral suspension used for treatment of gastroesophageal reflux disease. Shares of the company gained 2.64 per cent to Rs 386.65.

UBI jumps 5%
Public lender Union Bank of India said it has set up an emergency funding window for its MSME and corporate customers impacted by the Covid-19 outbreak. Shares of the company gained 5.39 per cent to Rs 28.35.