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Last Updated : Sep 17, 2020 12:57 PM IST | Source: Moneycontrol.com

D-Street Buzz: Over 100 stocks hit 52-week high on BSE; ZEE, HCL Tech top gainers, Tata Motors drag

The top gainers included Zee Entertainment, Dr Reddy's Labs, HCL Tech, Asian Paints and Infosys while the top losers included Tata STeel, Bajaj Finserv and ICICI Bank.

A man reacts as he looks at a screen displaying the Sensex results outside the Bombay Stock Exchange building, Mumbai, March 12. REUTERS
A man reacts as he looks at a screen displaying the Sensex results outside the Bombay Stock Exchange building, Mumbai, March 12. REUTERS

The Indian stock market is trading in the red weighed by India-China border tensions and as US Federal Reserve failed to offer further stimulus.

Sensex is down 261.36 points or 0.66 percent at 39041.49, and the Nifty shed 73.90 points or 0.64 percent at 11530.60.

Among the sectors, the metal index shed 1.5 percent dragged by Hindalco Industries which was down 4 percent followed by NMDC and Tata Steel which shed 2 percent each. The other losers included JSW Steel, Jindal Steel & Power, NALCO and Vedanta.

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From the auto space, Tata Motors was down 3 percent. The company's JLR EU new passenger car registrations in August slipped 23 percent YoY and 32 percent MoM, CNBC-TV18 reported.

The other losers included Bosch, Maruti Suzuki, Ashok Leyland, Eicher Motors and Bajaj Auto which traded lower by 1-2 percent each.

However, the IT index was trading in the green, up half a percent led by Mphasis which jumped 4 percent followed by HCL Tech, L&T Infotech and Mindtree among others.

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Research firm HSBC is of the view that supply-side normalisation and pick-up in cost related deals will lead Q2 recovery in the IT space. Deal signings in Q2 are weaker than teh firm's expectations adding that pipeline is strong, but conversions are slow, according to CNBC-TV18 report.

Deal conversion should improve by Q4 and sees strong growth in FY22. It continues to like the sector with medium to long-term perspective, it added.

India VIX is up 3 percent and is trading at 20.26 levels.

The top gainers included Zee Entertainment, Dr Reddy's Labs, HCL Tech, Asian Paints and Infosys while the top losers included Tata STeel, Bajaj Finserv and ICICI Bank.

125 stocks have hit new 52-week high on BSE including JB Chemicals, Mphasis, Dr Reddy's Labs, Linde India, Laurus Labs, Strides Pharma, HCL Tech, SRF, Infosys, Info Edge and Jubilant Foodworks among others.

Dr Reddy's Laboratories today said it has launched an over-the-counter (OTC) eye allergy drop Olopatadine Hydrochloride Ophthalmic Solution in the US market. The company and the Russian Direct Investment Fund (RDIF) have agreed to conduct clinical trials and distribute 100 million doses of Russia's Sputnik V Covid-19 vaccine in India.

The newly-launched product is the storebrand equivalent of Novartis AG''s Pataday, the drug major said in a regulatory filing.

The most active stocks included Happiest Minds, Dr Reddys Labs, HDFC Bank, Reliance Industries and Britannia Industries.

Happiest Minds Technologies witnessed strong buying interest on September 17 as the stock reported a whopping 138 percent spike intraday.

Given the stellar listing, experts advised booking partial or full profits for investors who invested for short term or listing gains, but medium and long term investors can hold the stock for long term as it is a strong candidate for portfolio.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Sep 17, 2020 12:57 pm
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