Indian Indices ended over 1.5 percent higher on Tuesday, snapping losses of the previous two sessions, as markets witnessed massive buying across sectors.
The Sensex ended 834 points higher at 49,398 while the Nifty rose 240 points to settle at 14,521. Broader markets also rose in trade with the Nifty Midcap index up 2.3 percent and the Nifty Smallcap index gaining 1.8 percent.
All sectors were also positive in trade today. Nifty Realty surged the most, up over 4 percent followed by Nifty Metal which rose 3 percent. Nifty Fin Services added 2.3 percent while the banking and auto sectors rose around 1.5-2 percent each.
Here are key stocks that moved the most today:
Indiabulls Real Estate: Shares of Indiabulls Real Estate surged over 11 percent after the company posted robust earnings for the December quarter. The real estate firm reported a 64 percent rise in YoY net profit at Rs 80.69 crore as against Rs 49.27 crore in the year-ago period. However, its revenue from operations however fell 41 percent to Rs 721.67 crore in Q3 versus Rs 1,232 crore last year.
Tata Motors: The stock jumped over 5 percent after brokerage house CLSA maintained a positive stance on the stock and said that the firm is its top 2021 pick in the Indian auto industry. It retained a 'buy' call with the target at Rs 290 per share. Resultant bull case valuation (TP at Rs 500) implies a 104 percent upside from current levels (Current TP at Rs 290). As per CLSA, expectations of a turnaround at JLR and India business could lead to a valuation re-rating.
India Cements: The stock rose 4 percent after ace investor Radhakishan Damani hiked stake in India Cements during the December 2020 quarter. Radhakishan Damani increased its stake in the firm by 0.54 percent in the third quarter of FY21. He held 3,51,32,665 shares or 11.34 percent stake in the company at the end of December quarter against 3,34,52,777 shares or 10.8 percent stake at the end of September quarter.
L&T Finance: The stock gained over 7 percent after the firm fixed January 22, 2021, as the record date, for its proposed Rs 3,000-crore rights issue, to determine the equity shareholders entitled to receive the rights entitlement in the rights issue. The stock will turn ex-date for the rights issue on Thursday, January 21. The non-bank lender on Monday said the company's rights issue offer will open on February 1 and will close on February 15. The company has fixed a price of Rs 65 per equity share for the offer and an entitlement ratio at 17:74 (17 equity shares for every 74 shares held in the company.
MindTree: The IT firm was up over 5 percent in intra-day trade after the company reported strong earnings for the third quarter of fiscal 2021, beating the street estimates. The company clocked a 28.7 percent sequential growth in consolidated profit at Rs 326.5 crore for the quarter ended December 2020. Analysts polled by CNBC-TV18 had estimated a net profit of Rs 270.5 crore. Consolidated revenue rose 5.1 percent to Rs 2,023.7 crore from Rs 1,926 crore and dollar revenue rose 5 percent sequentially to $274.1 million during the quarter. It pared some gains to end a percent higher in trade today.
(Edited by : Pranati Deva)
First Published: IST