IndiaMART shares jump 9%, largest single-day gain since July 2023

Shares of IndiaMART InterMESH Ltd witnessed strong buying interest on Dalal Street, surging as much as 9 per cent to hit a day’s high of Rs 2,304.95 on the BSE. 

At the time of last check, IndiaMART counter was holding firm, trading 8.50 per cent higher at Rs 2,294 over its previous close of Rs 2,114.25.

As per the exchanges' block deal data, Nalanda India Equity Fund Ltd picked up 11.18 lakh shares of the B2B e-commerce major in large transactions on January 14. These shares were absorbed at an average price of Rs 2,110 per share, driving the total transaction value to a substantial approx Rs 232 crore.

Today's surge in the stock is the most aggressive single-day price action that has seen in over two years. The last time the counter witnessed a similar spike was on July 21, 2023, when the stock settled 8.72 per cent higher at Rs 3,152.10 on the BSE, having touched an intraday high of Rs 3,205, up over 10 per cent against a previous close of Rs 2,899.30.

On the technical front, data from Trendlyne suggests the counter’s relative strength index (RSI) stands at 32, placing it in the mid-range. Meanwhile, the money flow index (MFI) is at 24.9, indicating the stock is technically oversold.