Stock Market on fast & furious lane; scrips doubling in month

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By S Jha

New Delhi, July 20: With the weekly expiry today for the option contracts of Nifty and Bank Nifty, actions will be watched out on the Dalal Street as the bulls continue to charge on the back of aggressive bets by the retailers, as well as the fund houses. Nifty scaled the 19800 level yesterday to close at a record high.

Both Nifty and Bank Nifty had surged in the late hour, after 3 PM once again, as the indices soared to record highs, with Sensex closing above the 67,000 level. The financials had led the gains on the bourses, with Bajaj Finance leading the charge.

IndusInd Bank remains the most bullish of the private sector bank stock on the bourses, with the scrip extending gains on the back of the robust quarterly results. The brokerages have given bullish calls on the banking scrip, with some even suggesting that it could gain as much as 27 per cent.

IT scrips had shown signs of strength in the last hour of the trade yesterday, suggesting that the investors may be taking a fresh long views on the sector amid the tech giants in the US gaining more than 30 per cent in a few weeks. HCL technology and Wipro were stronger yesterday.

But there are scrips, playing out themes, which are almost doubling in a month. Premier Explosives has done something what KPI Green had achieved recently, doubling in just one month. Premier Explosives, a private sector defence firm, has been rising at a furious pace, gaining 10 per cent yesterday, after bagging fresh orders and the robust quarterly results. Several of the defence sector scrips such as Zen Technology, Mazhgaon Dock Shipyard, Data Patterns, Avantel, and others have zoomed to record level in quick time.

Tejas Networks, a Tata acquisition of the recent time, is also rising fast after breaking out from a long consolidation. The scrip gained over seven per cent yesterday. Tata’s telecom companies have also been performing well on the bourses. Tata Teleservices, which was allegedly a pump and dump show after the pandemic, gained over 10 per cent yesterday.

Titagarh Wagons and Jupitor Wagons, two rail stocks, are also on furious path. Both the scrips have seen record gains in a short span of time.