The markets are stable in afternoon trade. The Nifty hovered bear 25,900 while the Sensex held near 84,742. Several key stocks helped the benchmark Index stage a sharp recovery in afternoon trade.
Here are the top movers and shakers at this hour:
Kotak Mahindra Bank
Kotak Mahindra Bank share price jumped 3.46%, touching an intraday high of Rs 2,203.05, snapping a three-day losing streak. The stock outperformed the private banking pack by a wide margin and lifted itself well above the drift that has weighed on the sector this week. The recovery was notable because it didn’t rely on any big announcement; investors simply stepped in after a period of steady selling.
Hindustan Zinc
Hindustan Zinc share price jumped 4% in early trade as the stock climbed to Rs 532, continuing a three-session rally even as broader markets struggled to find direction. The move comes on the back of a record-breaking rise in global silver prices, a development tied to tight inventories, strong industrial demand, and the metal’s inclusion in the US critical minerals list.
Dixon Technologies
Dixon Technologies share price declined nearly 15% this month, extending a slide that has gathered pace through December as midcaps and smallcaps undergo a broad correction. The stock is now trading more than 33% below its record high, a sharp reversal for a company that delivered an extraordinary 46% CAGR over three years and rose almost 2,889% in the five-year window. On a year-to-date basis, the stock is down 28%.
Samvardhana Motherson International
Samvardhana Motherson International share price jumped 3%, touching a fresh 52-week high of Rs 120.10. Volumes were heavy, and the mood around the stock has remained upbeat for weeks it has gained 14% in a month, well ahead of the Sensex’s muted performance.
Tejas Networks
Tejas Networks share price rose 2.56% to an intraday high after the company announced that it has secured IP routing equipment purchase contracts for 7 of 12 BharatNet Phase-III packages awarded so far. This makes the company the largest supplier based on the number of packages won.
Prestige Estates Projects
Prestige Estates share price rose over 2%, touching Rs 1,652.9, after two of its subsidiaries acquired partnership interests worth Rs 938.75 crore in Bharatnagar Buildcon LLP. The stock pared a portion of its gains as the session progressed but still traded about 1.7% higher by midday. The counter recently slipped into a quieter phase and is down 2% this month, but acquisitions of this scale tend to re-awaken interest in real estate names even when volumes are subdued.
Bank of India
Bank of India share price jumped 2.05%, reaching Rs 141, after the lender said it received an overwhelming response to its Basel III-compliant Tier II bond issuance. The stock came within Rs 10 of its 52-week high and has already recovered 57% from the year’s low. With public sector banks in a markedly different cycle than even two years ago, strong demand for capital instruments tends to translate quickly into buying interest on the equity side.