Shares of Finolex Cables gained for the first time after a six-day drop on Monday. The stock ended with gains of over 5 percent. The stock had corrected 13 percent during the six-session drop.
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Sources within the dealing rooms tell CNBC-TV18 that the stock has been seen buying interest from High Networth Individuals (HNIs) on Monday. Dealers suggest that settlement of the family tussle will be a key monitorable for the stock.
With Monday's gain, the stock has turned flat for the year, erasing all of its losses.
Some Relief
Benchmark indices ended higher after a four-day correction. The Benchmark indices ended with gains of as much as 3 percent. The Nifty 50 ended above the mark of 18,000 led mainly by financials. The PSU Bank index gained as much as 7.6 percent on Monday.
Dealers are calling this a pullback move from oversold levels. As the year draws to a close, flows are muted from foreign investors while domestic funds are selective buyers, according to dealers.
As mentioned, financials and broader markets saw a swift recovery after a brutal sell-off last week.
Dealers now see upside resistance for the Nifty 50 at levels of 18,200.
Besides Finolex Cables, here are some other stocks that have been part of the dealing room chatter today:
Dish TV: Shares of the cable and satellite network provider ended higher for the first time in eight trading sessions on Monday. The stock has gained only twice in the last 14 trading sessions. The last 14 trading sessions have seen the stock correct more than 20 percent. Dealers indicate that the stock was under pressure recently as a leading lender was a seller of the company's shares. Based on the September quarter shareholding pattern, Yes Bank holds close to 25 percent stake in the company.
Adani Ports: Shares of the Adani group company ended higher after declining for four days in a row. The stock had seen its second-biggest single-day drop of 2022 on Friday, when it declined 7.3 percent. Shares ended with gains of close to 1.5 percent. Dealers indicate that institutional investors have been buyers in the stock on Monday.
