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BT50 Tuesday movers: Adani Green Energy, Power Grid, JSW Steel, RIL among top gainers

BT50 Tuesday movers: Adani Green Energy, Power Grid, JSW Steel, RIL among top gainers

With a rally of 5 per cent, Adani Green Energy topped the chart. Shares of the company advanced Rs 67 to Rs 1,407.95.

The gains also helped 38 stocks in the Business Today Top 50 list to settle the day in the green. The gains also helped 38 stocks in the Business Today Top 50 list to settle the day in the green.

Buying in select heavyweights such as Reliance Industries (RIL), Bharti Airtel and Kotak Mahindra Bank aided the benchmark equity indices to snap their four-day losing streak on Tuesday. The 30-share BSE Sensex closed 198.44 points, or 0.34 per cent, higher at 58,664.33. Likewise, the 50-share NSE Nifty index shut the shop at 17,503.35, up 0.50 per cent against the previous close.
 
The gains also helped 38 stocks in the Business Today Top 50 list to settle the day in the green. With a rally of 5 per cent, Adani Green Energy topped the chart. Shares of the company advanced Rs 67 to Rs 1,407.95.
 
Power Grid (up 4.02 per cent), JSW Steel (up 4 per cent), Coal India (up 3.95 per cent), NTPC (up 2.61 per cent), Hindustan Zinc (up 2.56 per cent) and Adani Ports (up 2.23 per cent) stood among other major gainers in the list. RIL, Kotak Mahindra Bank, Nestle, State Bank of India and Bharti Airtel also advanced over 1 per cent.
 
Shares of Reliance Industries hogged the limelight after ratings agency Moody's Investors Service said that the decision of the company to re-evaluate the transfer of its oil-to-chemical (O2C) business to a wholly-owned subsidiary and stake sale to Saudi Aramco will not impact the credit quality of the Mukesh Ambani-led company. Bharti Airtel gained after the company on Monday announced the list of revised mobile tariffs, which will come into effect from November 26.

BT50 stocks are the top players from the BT500 universe. These players are ranked based on the gain in their 12-month average market capitalisation between October 2020 and September 2021 against the same period a year ago.
 
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Commenting on Tuesday's market movement, Shrikant Chouhan, head of equity research (retail), Kotak Securities said, "Buying in late trades helped the market to recover from the intraday volatile sessions. Nifty found support near 17,200 and reversed sharply. The short-term formation is still on the weaker side, but due to the extremely oversold situation, the market registered a technical bounce back."
 
He further added that the index has also formed a bullish candle, indicating further upside from current levels. "For day traders, 17,400 would be the key level to watch out for. Above the same, a pullback rally can continue up to 17,600-17,650 levels. On the flip side, below 17,400, there is a strong possibility of one more leg of correction till 17,330-17,280," Chouhan added.
 
On the other hand, Asian Paints (down 2.60 per cent), Adani Transmission (up 2.43 per cent), Adani Enterprises (down 1.98 per cent), Infosys (down 1.81 per cent) and Axis Bank (down 0.35 per cent) stood among major losers in the BT top 50 list.
 
Barring the BSE IT index (down 0.19 per cent), other sectoral indices on the BSE settled the day in the green. The BSE Metal index gained the most 3.48 per cent. It was followed by Power (up 3.20 per cent) and Realty (up 2.35 per cent).
 
Ajit Mishra, VP-research, Religare Broking said, "Initially, participants reacted to the news of the rise in COVID-19 cases in various parts of the globe which led the benchmark indices to open gap down. However, healthy buying in select sectors such as metals, PSU banks, and realty stocks triggered gradual recovery as the day progressed."
 
"Participants should not read much into this rebound and wait for further clarity. Apart from the global cues, the scheduled monthly expiry would keep the volatility high in the coming sessions. We thus recommend continuing with a cautious stance and maintaining a hedged approach," Mishra added.

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