Shares of Poonawala Fincorp ended higher for the second straight day, gaining 1.6 percent on Friday. Shares have now gained over 35 percent this year.
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Sources within the dealing rooms told CNBC-TV18 that the stock is in focus as the street anticipate a corporate development to take place in the stock soon.
The sources further added that the news may pertain to likely monetisation of the company's assets.
A Day Of Profit Booking; A Week Of Losses
Indian markets ended lower on Friday, capping a week of losses with the Nifty 50 index falling below its 20-day moving average. The market witnessed a bout of profit booking and basket selling at a leading FII desk according to dealers.
Tech stocks were the top laggards in Friday's session with the Nifty IT index declining the most in three months after HCL Tech cut guidance for the full year. The stock ended 7 percent lower. Credit Suisse also anticipates India's top four IT companies to decline between 10-27 percent if US Macros deteriorate further.
After the recent outperformance, PSU Banks were also facing a bout of profit booking and the index ended lower for the first time in seven trading sessions.
FII flows were mixed on Friday with market-at-close flows seen in many largecap names.
Besides Poonawala Fincorp, here are some other stocks that have been part of the dealing room chatter today:
Aarti Industries: Shares of the specialty chemicals company ended lower for the fourth straight day on Friday. Dealers indicated that the stock saw selling pressure from FIIs. Volumes on the stock are also likely to be higher.
Fusion Micro Finance: The stock ended 3 percent lower on Friday, declining for the second day in a row. The stock will be in focus as its anchor lock-in post its IPO will open on Monday.
