Market Movers: Realty shines, YES Bank jumps, 236 stocks turn overbought

Mumbai: Domestic equity indices shrugged off weak global cues and forecasts of a sharp contraction in the India’s economic growth, and continued to march higher on Tuesday, buoyed by robust inflows.

BSE’s 30-share Sensex advanced 1.26 per cent to 38,528, while NSE’s 50-share Nifty rose 1.23 per cent to 11,385.

"The benchmark indices kept on gaining strength through the day, as opposed to mixed global cues. US-China political tensions and uncertainties over the US stimulus package kept global markets on the edge,” said Vinod Nair, head of research at Geojit Financial Services

Here is a lowdown of what happened in Tuesday’s trade:
Realty stocks outshine
BSE Realty index was the top sectoral gainer, as it advanced 4.2 per cent amid optimism backed by resumption of activity in the sector and the government's continued push to the infrastructure segment. Sobha jumped 8.08 per cent to Rs 246.80, while Sunteck Realty rose 7.53 per cent to Rs 229.80 and Indiabulls Real Estate gained 7.45 per cent to Rs 73.55.

YES Bank shares jump
Private lender YES Bank rose nearly 5 per cent to Rs 15.03 after chief executive and managing director Prashant Kumar said the lender has overhauled its risk and governance frameworks under a new management to save itself from reputational risks and come out as a brand committed to integrity.

Zee advances ahead of Q1 results
Zee Entertainment Enterprises rose 2.38 per cent to Rs 173.95 ahead of its quarterly earnings announcement. Post market hours, the broadcaster reported a 95 per cent plunge in profit, hurt by Covid-19 pandemic. It remains to be seen how the stock reacts to the numbers on Wednesday.

Birlasoft gets Microsoft push
CK Birla Group IT firm Birlasoft scaled a 52-week high of Rs 177.80 after it announced a global strategic cloud alliance with Microsoft. The collaboration will allow Birlasoft to support its enterprise clients with their cloud transformation needs, right from infrastructure to business applications. The stock later pared some gains and closed 14.1 per cent higher at Rs 171.25.

Stocks at 52-week highs
Some 179 stocks hit their 52-week highs on BSE. They included Bajaj Healthcare, Birlasoft, Emami, Jump Networks, Mcleod Russel India and Jindal Steel & Power, among others.

Stocks that hit upper circuits
Around 424 stocks hit their upper circuit limits on BSE. They included YES Bank, Opto Circuits, Welspun India, Welspun Corp, 3i Infotech, CG Power and Industrial Solutions, among others.

Stocks that turned overbought
Thanks to relentless buying in recent sessions, as many as 236 stocks turned ‘overbought’ as they crossed above the 70-mark on RSI indicator. These included Ashok Leyland, CG Power, Birlasoft, Tata Steel and Tata Consumer Products, among others.

Where is Nifty headed?
Nagaraj Shetti, technical research analyst, HDFC Securities believes Nifty’s short-term trend continues to be positive. “The 50-pack could encounter another overhead resistance around the 11,500-11,600 zone in the next few sessions and there is a possibility of another round of profit booking from the highs by the week end or by next week. Immediate support is now shifted to 11,350-11,300,” he said.