The markets remained rangebound today. The Sensex closed the session 50.62 points, or 0.06% lower at 78,148.49, while the Nifty finished 19 points or 0.08% at 23,688.80. However, there are some stocks that surged in trade today coupled with strong volume –
Here are the top three stocks with high volumes in a muted market – MMTC
MMTC’s shares closed the day almost 7% higher at Rs 75.85. Its volume surged as much as 39.24 times on January 08 compared to its weekly average of 12.95 lakh shares. The hike in price and volume came after a news report said that the government is considering new proposals to promote the Vehicle Scrappage Policy. The stock is still 42.4% away from its 52-week high of Rs 131.80, which it touched on July 26, 2024.
Suven Life Sciences
Shares of Suven Pharma saw a spurt in stock volumes as much as 13.28 times than its median weekly volume. The stock closed the trade 10.27% higher at Rs 139.36 on the National Stock Exchange. The hike in share price came after the company announced that the volunteers/participants had been dosed in a Phase-1 clinical trial of SUVN-I6107 being conducted in the USA under FDA acceptance of Investigational New Drug (IND) and issue of Study May Proceed letter.
Spandana Sphoorty
The stocks of Spandana Sphoorty, a microfinance institution, closed the counter 19.7% higher at Rs 479.35 on Wednesday. The volumes were up 9.23 times as more than 1 crore shares changed hands at a median price of Rs 459.81 compared to a weekly average of 10.88 lakh shares. The stock price has risen almost 40% in the last two trading sessions. Rajesh Palviya, Head of Technical Research at Axis Securities said that the stock managed to break out of its falling channel, which is kind of a trend reversal at this juncture.
Conclusion
These volume gainers bucked the overall trend and saw higher activity than other stocks. That said, IT stocks remain in focus as Tata Consultancy Services (TCS) is set to kick-start the Q3 earning season with its results tomorrow. “While revenue for the IT giant is expected to remain impacted by furloughs, client-specific challenges are likely to normalize in 3Q. Its EBIT margin may improve, driven by talent development, training, and operational efficiency,” said Siddhartha Khemka,
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