Shares of Macrotech Developers ended 11.3 percent higher on Monday, recovering nearly all of Friday's losses, when the stock had declined over 10 percent.

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Monday's move was the stock's biggest single-day gain in a year.

Dealing room sources tell CNBC-TV18 that the stock bounced from oversold levels and that select domestic funds are buying this stock.

The stock ended higher after a seven-day drop, during which it declined 26 percent.

Banks Save The Day

Banking heavyweights ensured a last hour recovery for the Nifty 50 index but could not prevent a decline for the seventh straight session.

The Nifty 50 briefly broke below the 17,300 mark in intraday trade before staging a recovery courtesy ICICI Bank, Kotak Mahindra Bank, SBI and the HDFC Twins. The Nifty Bank index recovered nearly 600 points from the day's low to end with gains of a percent.

Dealers indicate that financial stocks outperformed despite selling pressure from institutional investors. Another segment that remained under pressure were Metals with the Nifty Metal index ending 2.4 percent lower on Monday. Dealing rooms also indicate that overall cash volumes were slightly better than last week.

JPMorgan also said that there is little incentive for retail to return as the average daily market turnover for the December quarter is 27 percent lower than the September quarter, with the non-institutional portion declining 40 percent.

Besides Macrotech Developers, here are some other stocks that have been part of the dealing room chatter today:

NCC: Shares ended 0.3 percent lower today after gaining for two straight sessions. However, dealing rooms indicate that FIIs were buyers in the stock during today's session.

Aarti Industries: The stock consolidated on Monday after Friday's 3 percent upmove. The stock though, has now declined in four out of the last five trading sessions. Despite the underperformance, dealers indicate that accumulation from FIIs continued in the stock.

(Edited by : Hormaz Fatakia)

First Published:Feb 27, 2023 4:16 PM IST