Shares of IndusInd Bank ended over 2 percent higher on Tuesday, ending higher for the fifth straight session. The stock has declined only twice since March 24.

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Sources within the dealing rooms told CNBC-TV18 that foreign investors have been buying shares of the private lender recently.

The stock is still down close to 7 percent on a year-to-date basis.

Second Day Of Losses

Benchmark indices ended lower for the second day while broader markets outperformed on Tuesday. The index fell to the day's low earlier on reports of an overhaul in Income Tax regime, which dampened sentiment.

Dealers believe that flows were mixed at FII desks. Selling was seen in select banks, while largecap tech companies continued to remain under pressure.

Pharma stocks were the outperformers in today's session in anticipation of better-than-expected earnings for the March quarter. The fact that it remains an under-owned sector is adding to the gains.

Dealers said that earnings will continue to dominate in near-term trends, with 17,850 - 17,900 being a key upside resistance for the Nifty 50.

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

Tata Motors: Shares ended little changed on Tuesday but gained in 10th out of the last 11 trading sessions. Similar to IndusInd Bank, dealers suggested that inflows on FII desks have been very strong in shares of the auto company as well.

Graphite India: Shares ended with gains of over 7 percent on Tuesday, marking their best performance in a single session this year. The stock has now gained in three out of the last four trading sessions. Dealers suggest that a large part of the selling from a leading domestic mutual fund is likely to be over.

Zensar: Shares ended 1.7 percent lower, declining for the fourth day in a row. The stock has been declining in-line with the general weakness in technology names post Infosys and TCS results. Shares have declined 9 percent over the last four trading sessions. Dealers are indicating that HNIs have been accumulating the stock at lower levels.

Varun Beverages: The stock ended nearly 3 percent lower on Tuesday after 1 percent of the company's equity exchanged hands in a large deal. Dealers are indicating that a leading FII is likely to be the seller in this transaction. The stock has now declined in two out of the last three trading sessions.

(Edited by : Hormaz Fatakia)

First Published:Apr 18, 2023 3:55 PM IST