Stock Market: IFCI, MMTC Shine Bright with Strong Buying Interest

Stock Market Prediction: Dalal Street witnessed weakness on Wednesday. Both major indices closed lower.

The 30-share BSE Sensex slipped by 239.31 points to settle at 81,312.32, while the NSE Nifty dropped 73.75 points to close at 24,752.45.

The local stock market fell for the second consecutive day on Wednesday. Selling pressure in ITC and auto stocks pulled the market down.

Stock Market (Credit: Social Media)

ITC shares declined after British multinational company BAT PLC reduced its stake in the company. The 30-share BSE Sensex fell by 239.31 points, or 0.29%, to close at 81,312.32.

During intraday trade, it had dropped as much as 307.61 points. Similarly, the National Stock Exchange (NSE) Nifty closed 73.75 points, or 0.30%, lower at 24,752.45.

Among the Sensex components, ITC declined over 3%. BAT PLC sold a 2.5% stake in the group via a block deal for ₹12,927 crore (approximately $1.51 billion).

Other major losers included IndusInd Bank, Nestlé, UltraTech Cement, Mahindra & Mahindra, Power Grid, Asian Paints, Sun Pharma, and Tech Mahindra.

On the other hand, the gainers were Bajaj Finance, Bharti Airtel, ICICI Bank, Adani Ports, and HCL Tech.

Stock Market: Stocks Showing Strong Buying Activity:

Shares like IFCI, Techno Electric, Schneider, ITI Ltd, MMTC, Life Insurance Corporation, and Alok Industries are witnessing strong buying interest.

These stocks have surpassed their 52-week high, indicating a bullish trend.

Stocks Showing Bearish Signals:

The MACD (Moving Average Convergence Divergence) indicator has shown bearish signals in the stocks of Escorts Kubota, Action Construction Equipment, Gujarat Fluorochemicals, Sundaram Finance, 3M India, Kirloskar Brothers, and Aurobindo Pharma. This suggests a possible downtrend in these stocks.

IFCI Ltd is a non-banking financial company (NBFC) under the Ministry of Finance, Government of India.

It was established in 1948 as the country’s first Development Financial Institution (DFI). Its primary function is to provide medium and long-term loans to industrial and infrastructure projects.

it also offers corporate financing and advisory services, particularly for Production-Linked Incentive (PLI) schemes too. The company’s current market capitalization is approximately ₹19,369 crore rupees.