Fiis puts pressure on Dabur and turns to Dlf
DLF shares ended modestly higher for the second day in a row. The stock rose three-quarters of a percent on Thursday, then rose another 0.6 percent on Friday.
Sources in trading rooms say CNBC-TV18 that the stock is consolidating after the last correction. Shares are down 7.2% in the past month.
Dealers also reported that DLF saw early signs of buying interest at the FII desk in today’s trading session.
Friday keeps the day and the week
Much of the rally and subsequent gains were fueled by financial and technology stocks. Dealers said flows on Friday were mixed with selling seen in consumer staples and consumer discretionary names, while metals stocks witnessed buying activity.
According to trading platforms, the bulls are trying to defend the 17,800 level, which also stated that returns will continue to dominate near-term trends.
Apart from DLF, a few other funds that were part of the trading room discussions today are:
M&M Financial Services: The title has been swinging between gains and losses since January 4. Although the stock ended 1% higher on Friday, trading floors indicated strong selling pressure from FIIs on the stock. In the last month, the stock has been locked in a range of Rs 220 low and Rs 247 high.
Dabur: As we mentioned earlier, consumer discretionary and FMCG names saw their sales sell off in today’s session and Dabur was not isolated. Although the stock fell just 0.2%, it fell for the third day in a row and has fallen in five of the last six trading sessions.