Bulk Deals: Madhusudan Kela picks up 9.5 lakh shares of SG Finserve, Dinesh Parekh offloads 3 lakh shares

Indian benchmarks hit over seven-week highs.

The following stocks were involved in bulk deals on March 24.

SG Finserve

In today's session, veteran investor Madhusudan Kela purchased 9.5 lakh shares at an average price of Rs 350.01 per share. On the flipside, another ace investor, Dinesh Parekh offloaded 3 lakh shares of the company at Rs 350 apiece.

Silkflex Polymers India

India Equity fund bought 88,000 shares of the company at an average price of Rs 74.68 per share.

MIC Electronics

Multitude Growth Funds acquired 15 lakh shares of MIC Electronics at an average of Rs 60 per share whereas Minerva Ventures Fund sold off 15 lakh shares at the same price.

Kamdhenu Ventures

Flyontrip Services Limited purchased 26.6 lakh shares of Kamdhenu Ventures at an average of Rs 9.88 per share.

As for the trade today, the market extended its winning streak for a sixth consecutive session, with benchmark indices Sensex and Nifty 50 posting strong gains. A broad-based rally, driven by heavyweight banking and IT stocks, propelled both indices to over seven-week highs.

The Nifty 50 decisively crossed the key psychological resistance of 23,500 intraday, while the Sensex surged 1,131.93 points or 1.47 percent to 78,037.44. The Nifty gained 328.25 points or 1.41 percent to end at 23,678.65. This sharp rebound pulled the Nifty 50 out of correction territory, turning it positive for the year, while the Sensex, though still slightly negative year-to-date, has also exited its correction phase.

A market is considered to be in a correction when it declines 10 percent from its peak, and after this six-day rally, both indices are now down less than 10 percent from their all-time highs.

Market breadth remained strong, with 2,389 stocks advancing, 1,582 declining, and 155 unchanged, though volatility persisted as the India VIX index surged 9 percent to around 14.

The rally was driven by multiple factors, including upbeat global cues, a stronger rupee, easing valuations, and renewed foreign institutional investor interest, with FIIs turning net buyers in four of the last five sessions after a month of relentless selling. Despite the gains, investors remain cautious amid heightened volatility, with global trends and domestic economic data expected to influence the market’s next move.

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