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    Large deal in Best Agro, Max Healthcare near 52-week high: What kept dealers busy today

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    Large deal in Best Agro, Max Healthcare near 52-week high: What kept dealers busy today


    Dealing rooms anticipate large block deals in RateGain and Uno Minda. On the other hand, a long-only fund is said to have turned bullish on HDFC.

    Agrochemical company Best Agrolife snapped a two-day losing streak on Tuesday after two percent of the company's equity exchanged hands in a large trade.
    Incorporated in 1992, Best Agrolife provides insecticides, herbicides, fungicides and other crop-protection and food safety solutions to farmers.
    The stock ended three percent higher at Rs 1,249 and has recovered more than 75 percent from its 52-week low of Rs 716.
    Sources within the dealing rooms told CNBC TV-18 that a leading domestic Mutual Fund has been an active buyer in the stock. As of the quarter ending June, no major domestic mutual fund had a stake in the company. However, Nomura Singapore owns 1.47 percent in Best Agro while Resonance Opportunities Fund owns close to 9 percent stake.
    Extending Gains
    Indian equities ended higher for the second straight day after both S&P BSE Sensex and the NSE Nifty 50 ended with gains of a percent.
    Financials continued to lead the gains with the Nifty Bank index outperforming the benchmarks. The index has gained 700 points over the last two sessions.
    Dealers suggest that autos and metal stocks were the preferred bets among institutional investors today. Both the indices gained over 1.6 percent each.
    The focus is now on the two-day FOMC meeting which begins tonight. Dealers believe that the market has priced in a 75 basis point rate hike from the Federal Reserve.
    However, the recent outperformance has forced investors to chase Indian equities, even after a strong run-up. This sentiment was echoed by Hitendra Dave of HSBC in a conversation with CNBC TV-18 earlier today. "After having exited in hoards well up to the middle of this year, you can clearly see a bit of reversal (FIIs buying) because the adverse outcomes that were possibly anticipated have not happened," he said.
    Besides Best Agro here are some other stocks that have been part of the dealing room chatter today:
    HDFC: India's largest housing finance company gained for the second straight day. ending with gains of 1.7 percent. The stock has gained in five out of the last six trading sessions. It is in the news due to its impending merger with HDFC Bank. Dealers suggest that a leading long-only fund has turned an active buyer on the stock. As the name suggests, a "Long Only" fund takes only long positions in securities.
    RateGain: One of the last few IPOs of 2021, shares of this technology provider for travel and hospitality have halved from their peak. The stock ended lower for the second straight day. Dealers believe that a large block deal is likely in the stock, in which a leading private equity fund is likely to sell its stake. Nomura India Investment, Kuwait Investment Authority, Goldman Sachs Funds are some of the leading foreign names that feature among the company's shareholders.
    Uno Minda: The auto component manufacturer gained after a five-day drop, ending 1.2 percent higher. Dealing rooms anticipate a large block deal in this counter as well. However, the promoter entity is likely to be a seller in the large deal. As of the June quarter, promoter entities held 67.34 percent stake in the company.
    Max Healthcare: Pharma and hospital names were buzzing in today's session and Max Healthcare joined the party as well. The stock gained after falling for two straight days. Dealing rooms believe that the stock gained due to strong buy flows at the FII desk. Shares are six percent away from their 52-week high.
    Check out our in-depth Market CoverageBusiness News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18CNBC Awaaz and CNBC Bajar Live on-the-go!
    Note To Readers

    NOTE TO READERS Disclaimer: The stocks discussed in this article are based on unconfirmed reports from dealing rooms. It is advised to carry out your own due diligence before making any investment decision.

    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
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