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United Spirits gains for fifth day; UTI AMC up 10% this week: What kept dealers busy mid week?

market | Nov 30, 2022 4:06 PM IST

United Spirits gains for fifth day; UTI AMC up 10% this week: What kept dealers busy mid-week?

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Dealers indicate that selling pressure from a large FII is now over in Maruti Suzuki India.

Shares of United Spirits ended 2.5 percent higher, ending higher for the fifth straight trading session. The stock is now 3 percent away from its 52-week high of Rs 958.

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Sources within the dealing rooms told CNBC-TV18 that foreign investors are buyers in the stock during Wednesday's trading session.
The five-day surge has also ensured that United Spirits erased its losses for the year and is now up 3.3 percent year-to-date.
Strong Recovery
Flows largely driven due to the MSCI rebalancing led a last-hour recovery in the benchmark indices. The rebalancing may have resulted in inflows of $530 million, which may inflate the FII buying number in Wednesday's trading session.
Broader market also moved in-line with the benchmark indices. Dealers indicate that institutional investors are using this rally in the broader market to book profits.
Besides United Spirits, here are some other stocks that have been part of the dealing room chatter today:
Maruti: Shares of India's largest passenger car maker saw a sharp spike in the last few minutes of Wednesday's trading session and ended 0.9 percent higher. The stock has been rangebound and has failed to see a 1 percent or higher move in either direction over the last eight trading sessions. Dealers indicate that selling pressure from a large FII is now over in the stock. A CNBC-TV18 poll expects a 21 percent jump in Maruti's overall sales to 1.68 lakh units.
UTI AMC: Shares of the asset management company have now gained in six out of the last seven trading sessions and are already up 10 percent this week. The focus is now on India's third largest PSU Bank - PNB, which received government clearance to divest its stake in UTI AMC in one or multiple tranches. As of September 30, PNB held 15.22 percent stake in UTI AMC. Dealing rooms are indicating that a strategic investor may look to buy that stake.
Fusion Micro Finance: The stock is consolidating post its quarterly earnings. The recent listing ended 1 percent higher on Wednesday, and is trading near its IPO price of Rs 370. Dealers indicate that a leading FII is selling the stock at current levels.
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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