Spurt in OI
With a change of 48.13 per cent in the open interest (OI), United Breweries led the pack of stocks that witnessed the biggest spurt in open interest. It was followed by Cholamandalam Investment and Finance Company (28.57 per cent), Chennai Petroleum CorporationNSE 0.74 % (23.62 per cent), Bharat ForgeNSE -0.64 % (20.86 per cent) and Reliance Capital (20.28 per cent).
Stocks above & below 200 DMAs
Asian Paints, Nestle, Sobha, Berger Paints, Bank of Baroda, Adani PowerNSE -1.76 %, JSW Energy, NTPCNSE -1.03 %, Allahabad Bank, Cholamandalam Financial Holdings, Cummins India and Canara Bank were among the stocks that witnessed positive breakouts and traded above their 200-DMAs. On the flip side, Gabriel India, Prime Securities, Kesar Enterprises and Zensar Technologies were among the stocks that traded below 200-DMAs.
Top gainers and losers
Monday's rally was widespread as vindicated by the market breadth. On BSE, 2,019 stocks advanced against 609 stocks that declined and 185 that remained unchanged. Among them, Adani Enterprises (up 27.41 per cent), BLB (up 20 per cent), Milestone Furniture (up 20 per cent), Aksh Optifibre (up 20 per cent) and TRF (up 19.98 per cent) were the top gainers. On the other hand, SM Gold (down 20 per cent), Active Clothing (down 19.92 per cent), Vivo Bio Tech (down 17.36 per cent), Polyspin Exports (down 16.16 per cent) and Radhe Developers (down 16.06 per cent) led the pack of losers.
300 stocks show potential to rise
Momentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 300 counters on BSE, signalling that these stocks may witness gains in the coming sessions. Among those stocks were Adani Power, Adani Enterprises, Bank of Baroda, Reliance Capital, Axis BankNSE -0.46 %, ICICI Bank and Bank of India. Meanwhile, SM Gold, Dhruv Consultancy, Prime Securities, Natco Pharma and Vivo Bio Tech were among the 20 stocks that showed bearish crossovers.
Adani shares surge up to 27%
Shares of Adani group companies surged after a Bloomberg report suggested that the Queensland government may approve development of one of the biggest untapped reserves of the fossil fuel in Australia where Adani Group’s Carmichael coal project is located, which if fully developed, has the potential to more than double Australia’s thermal coal exports. Shares of Adani Enterprises (27.41 per cent), Adani Power (15.27 per cent), Adani Green Energy (14.97 per cent), Adani Gas (up 12.54 per cent), Adani Ports (9.10 per cent) and Adani Transmission (7.64 per cent) surged in this orderSBI shares surge 8%
Shares of State Bank of India (SBI) finished 8.04 per cent higher at Rs 344. The stock cut above resistance at Rs 340.06; 86.4 per cent Fibonacci projection level of an uptrend from March 23, 2018 (low) to August 10, 2018 (high). The stock may rise up to Rs 352.86, 100 per cent level, Reuters reported. Wave patterns suggest that SBI is in the third wave, typically the longest wave of a five-wave uptrend.
Bharti AirtelNSE 0.93 % climbs 4%
Shares of Bharti Airtel closed 3.76 per cent up at Rs 340.55 after the firm on Friday informed bourses that its Rs 25,000 crore rights issue has been over-subscribed as per the preliminary information received. The company's rights issue, which had opened on May 3, closed for subscription on Friday. "The company would like to bring to your notice that, based on preliminary information received, the rights issue has been over-subscribed," the the company said in a regulatory filing.
Bharat Forge jumps 7%
Shares of Bharat Forge jumped 6.63 per cent to Rs 484.95 after the company reported a nearly threefold jump in its standalone net profit to Rs 299.5 crore for the March quarter. The company had posted a standalone net profit of Rs 100.33 crore in the corresponding quarter a year ago, Bharat Forge said in a regulatory filing.
DRL plunges 6%
Shares of Dr Reddy's Laboratories (DRL) plunged 5.82 per cent to Rs 2588.05, a day after the pharma major reported a 44 per cent year-on-year (YoY) rise in profit at Rs 434.40 crore in the March quarter compared with Rs 302.20 crore in the same period last year. On a sequential basis, profit was down 10 per cent. Global brokerage Credit Suisse maintained its underperform view on the stock after the March quarter numbers because of weak sales and margins across regions. YES Securities has a sell recommendation on the stock with a target price of Rs 2,300.