Apart from a broader upbeat momentum, company-specific developments also dictated stock movements. Benchmark Sensex rose 0.28 per cent to 40,544.37 points, while Nifty climbed 0.20 per cent to 11,896.80 points.
The uptrend in the market was likely to continue, analysts said.
“Volatility is expected going forward but the market will maintain its optimism in-line with stock-wise Q2 results, size of the domestic stimulus and global developments,” said Vinod Nair, head of research at Geojit Financial Services.
Here is a lowdown on what happened in Tuesday’s trade:
IT stocks lead the charge
Software exporters led gains for the benchmark indices. Sector leader Tata Consultancy Services (TCS) rose 0.99 per cent to Rs 2,738.40, while rival Infosys advanced 0.85 per cent to Rs 1,135.10. Peer HCL Technologies jumped 4.19 per cent to Rs 880.05, while Tech Mahindra climbed 3.05 per cent to Rs 850.15.
ACC hits 52-week high on Q2 results
Cement maker ACC Ltd logged a 52-week high of Rs 1,622 after it reported a 19.8 per cent year-on-year (YoY) growth in consolidated profit after tax at Rs 364 crore during the July-September quarter. The stock pared some gains and closed 1.03 per cent higher at Rs 1,578.85.
Britannia tanks as Q2 report card disappoints
Top biscuit maker Britannia Industries tanked 5.89 per cent to Rs 3,551.50 after analysts cut the FY21 earnings estimates for the company by 4-6 per cent following its second quarter results. The maker of Good Day and Tiger biscuits reported a 23 per cent rise in consolidated net profit of Rs 495.20 crore for September quarter compared with a profit of Rs 405.37 crore in the same quarter a year ago.
DHFL jumps as promoter offers to repay loans
Dewan Housing Finance Corp Ltd (DHFL) hit the upper circuit as it jumped 9.95 per cent to Rs 15.25. Kapil Wadhawan, the jailed promoter of the crisis-hit mortgage lender, has offered his personal and family properties, which he claims are worth Rs 43,000 crore, for repayment of outstanding loans to the company.
Promoter action: Max Financial Services, Atul
Promoter Max Ventures Investment Holdings revoked the pledge on 13,8000 shares of Max Financial Services on October 16. The stock closed 1.26 per cent lower at Rs 579.60.
Promoter Arvind Farms revoked the pledge on 5,00,000 shares of Atul Ltd on October 19. The stock closed 1.49 per cent higher at Rs 5,930.60.
Stocks at 52-week high
A total of 111 stocks scaled 52-week highs on the BSE. These included ACC, Ambuja Cements, Asian Paints, 8k Miles, Berger Paints, JSW Steel and Tata Communications, among others.
Stocks that hit upper circuit
As many as 269 stocks rose by their daily limit on the BSE. These included DHFL, Oberoi Realty, Indiabulls Integrated Services, 8k Miles and Lasa Supergenerics, among others.
Stocks that flash buy
A total of 127 stocks flashed ‘buy’ signals on BSE, as they crossed above the Signal Line on the MACD indicator. These included HDFC Life Insurance, NTPC, Rail Vikas Nigam, Ircon International, NHPC, Oberoi Realty, Dabur India and Avenue Supermarts, among others.
Where is Nifty headed?
According to Nagaraj Shetti, technical research analyst, HDFC Securities, the short-term uptrend of Nifty remains intact with range bound action.
“The market could make an attempt to retest the crucial upper resistance of around 12,000-12,050 levels in the next few sessions. The immediate support is at 11,780,” said Shetti.