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PNB Housing has best day in a month; Apollo Tyres near 52-week high: Stocks that kept dealers busy on Wednesday

PNB Housing has best day in a month; Apollo Tyres near 52-week high: Stocks that kept dealers busy on Wednesday

PNB Housing has best day in a month; Apollo Tyres near 52-week high: Stocks that kept dealers busy on Wednesday
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By Nimesh Shah  Oct 19, 2022 4:10 PM IST (Published)

Shares of PNB Housing traded with volumes that were at the highest level in a month.

Shares of PNB Housing Finance gained over 8 percent on Wednesday, the biggest single-day surge for the stock in a month. Volumes were also at the highest in a month.

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Sources within the dealing rooms told CNBC-TV18 that an industry veteran is likely to join the company soon.
The stock has gained nearly 10 percent over the last five days but remain 13 percent lower year-to-date.
Rupee Drags The Market Lower
Benchmark indices may have ended higher on Wednesday but they closed off the day's high after the currency made a new all-time low. The 66 paise fall in the currency was its biggest in a month. The NSE Nifty 50 index managed to close above the 17,500 mark.
Dealers indicate that the index may face resistance at levels of 17,600 on the Upside. Flows on Wednesday were positive with buying seen at leading FII desk today.
Earnings will continue to dominate near-term trends as market heavyweights like Hindustan Unilever and Reliance Industries will report their quarterly results on Friday while ICICI Bank will report numbers on Saturday.
Besides PNB Housing, here are some other stocks that have been part of the dealing room chatter today:
Apollo Tyres: Shares of the tyre company ended higher for the fourth straight day, gaining 2.5 percent. The stock has gained 6 percent in the last four sessions and is trading near its 52-week high. JPMorgan initiated coverage on the stock with an overweight rating and a potential upside of 32 percent from current levels. Dealers indicate that the stock is also buzzing due to strong buy flows at the FII desk.
Zomato: The food deliver service ended 1.3 percent lower on Wednesday, declining after gaining for three straight days. Despite the drop on Wednesday, dealers say that there have been strong buy flows on the FII desk off late. However, they also anticipate a large block deal in the stock soon. Shares of Zomato are down nearly 60 percent this year and remain below their IPO price.
MCX: Shares of MCX ended 1.6 percent higher on Wednesday, gaining for the second straight day. The stock has been buzzing in trade as dealing rooms indicate that a few domestic Mutual Funds have been active buyers in the stock off late. Shares are still trading 18 percent lower on a year-to-date.
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.

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