Shares of Campus Activewear suffered a sharp correction from its 52-week high of Rs 629.30. The stock is down more than 30% in the past month.
The stock also closed down 4.6% on Tuesday.
Sources within the trading rooms tell CNBC-TV18 that a few high net worth (HNI) investors became buyers within the stock at lower levels.
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The NSE Nifty 50 index is now within 200 points of its all-time high after finishing up 0.4% on Tuesday, thanks to an increase in the past few minutes.
Trading floors suggest flows are muted at the FII desk, but some sectors continue to see favorable bids.
One sector in particular was tire manufacturers which performed well in the September quarter, with Balkrishna Industries being the only exception with a weak performance. Even those stocks ended up 5% on Tuesday.
Another sector that remains well offered is metal stocks. Shares of JSW Steel, Hindalco and Tata Steel have gained between 10% and 18% over the past month.
Besides Campus Activewear, here are some other stocks that were discussed in the trading room today:
HBL Power: Shares ended up 5.7% on Tuesday after a three-day losing streak. A large block trade took place in the stock on Monday, which was a long-only fund cleanup. Dealers indicate that, similar to Campus Activewear, HNI’s top investors are buying this stock at lower levels.
Sapphire foods: Operator Actions of the Yum! franchisee ended lower on Tuesday. Trading floors suggest that a large block trade is expected soon in the stock once the pre-IPO lockdown ends. A prominent foreign investor is seeking to reduce its stake in the company through this block deal. Based on the company’s shareholding pattern in the September quarter, foreign investors held 12.6% of the company’s equity.