The Indian equity markets have trimmed their gains and are trading with modest increases. The Nifty50 and Sensex have added 0.20% and 0.27%, respectively. Despite trimming gains from the day’s high, the NSE benchmark Nifty50 is trading above the 23,300 mark.
A majority of the sectoral indices are trading in the green, led by Nifty Media (+1.86%) and Nifty Realty (+1.24%). On the other hand, Nifty Pharma (-0.18%) and Nifty FMCG (-0.07%) witnessed profit-taking.
The broader markets outperformed the frontline indices on Tuesday, with the Nifty Midcap advancing by 1.04% and the Smallcap index gaining 0.86%. Amid this buying interest in the broader markets, one stock that stood out as it reached its upper circuit limit of the day at 20% is Jai Corp Ltd.
Jai Corp was incorporated in 1985 and has traditionally been involved in manufacturing businesses like steel, plastic processing, and spinning yarn. Apart from expanding its plastic processing business, it is now focusing on and investing in emerging opportunities such as developing SEZs, infrastructure, venture capital, and real estate.
On Tuesday, shares of Jai Corp opened at Rs 322.65, marginally higher than its previous close of Rs 320.10. It made a low of Rs 320.50 and thereafter gained strength to hit the upper circuit limit of 20% at Rs 384.10.
At the time of writing, the stock has recorded its highest single-day volume in the last eight months, with the total trade volume standing at 99.64 lakh shares. This volume represents a substantial jump of 11 times compared to its 10-day average volume of 9 lakh shares. The daily MACD has generated a bullish crossover, validating the positive bias. The daily RSI has also generated a bullish crossover recently and is on a rising trajectory, further validating the positive bias. The +DI is much above the -DI, indicating the bullish strength in the stock.
In June 2024, the stock gained 34.44%, and in 2024, the stock is down by a marginal 1.12%.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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