Indian equities had their worst week in three months as indices witnessed a massive bout of profit booking after a strong surge from the lows in June.

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It is only the second time in the last nine weeks that the Nifty50 has ended lower than the preceding Friday. However, there were some stocks like Easy Trip Planners and APL Apollo Tubes that were hot till the end of trade. Scroll down for all the stock specific buzz from the dealing rooms.

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Nifty and Sensex fell but it’s not panic selling

Sources in dealing rooms told CNBC TV-18 that the markets are consolidating gains after the sharp surge seen in recent weeks. If traders decide to take some profit back home, share prices may decline further.

The Nifty 50 index has resistance at 18,050 on the upside, while the support on the downside is seen at 17,450. Incidentally, the Nifty bounced from the day's low of 17,497.

However, to many dealers, there are no signs of panic selling from institutions despite the sharp fall on Friday. The fund flow figures in today's session will be skewed due to the FTSE and Wisdom Tree rebalancing.

All that’s on the traders’ radar

Microfinance institutions are back on the investors' radar with stocks like Spandana Sphoorty ending higher for the third straight session. CreditAccess Grameen also ended with gains of a percent.

These are some other stocks that have been part of the dealing room chatter today:

Embassy Office Parks REIT: The Real Estate Investment Trust fell to its lowest level since January this year after multiple block deals took place earlier on Friday. 14.5 million units or 1.5 percent of total units exchanged hands according to data compiled by Bloomberg. Dealers suggest that a large private equity fund is likely to be the seller in this trade.

APL Apollo Tubes: The largest producer of steel pipes in India has gained 13 percent so far this month. Dealing rooms indicate that an influential high-networth individual (HNI) has been an active buyer in the stock. The company recently announced a new pipe plant in the United Arab Emirates with an initial investment of $100 million.

Easy Trip Planners: The online travel company had its best single-day performance in over a month-and-a-half. The stock was also among the best performers on the Nifty 500 index.

As the shares climb closer to their highest point in a year, some traders suspect that there could be something brewing in the boardroom and it could be made public soon.

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First Published:Sept 16, 2022 5:08 PM IST