Shares of smallcap companies were on a roll at the bourses on Tuesday with the S&P BSE Smallcap index hitting 31-month high after domestic mutual funds and insurance company acquired select companies share from open market. SORIL Infra Resources, Paisalo Digital, Fineotex Chemical, Rupa & Company, Borosil Renewables, Nava Bharat Ventures and Hindustan Foods were up between 10 per cent and 20 per cent on the BSE in intra-day trade. The S&P BSE Smallcap index hit an intra-day high of 18,089, its highest level since May 10, 2018. The index surpassed its previous high of 17,967, touched on December 17, 2020. Among individual stocks, Paisalo Digital hit a fresh record high of Rs 745, up 19 per cent on the BSE. In the past four trading days, the stock of the finance company rallied 53 per cent after SBI Life Insurance Company acquired 9 per cent stake in the finance company via open market.
Shares of Paisalo Digital soared 20 per cent to Rs 624.70 on the National Stock Exchange (NSE) in intraday trade on Monday, after SBI Life Insurance Company acquired 9 per cent stake in the finance company via open market. In the past two trading days, the stock has moved up 26 per cent. On Thursday, December 24, 2020, SBI Life Insurance Company had purchased 3.8 million equity shares, representing 8.99 per cent equity of Paisalo Digital, for Rs 186 crore via bulk deal on the NSE at Rs 490 per share, exchange data show. Antara India Evergreen Fund (1.5 million equity shares), Elara India Opportunities Fund (1.1 million), Heshika Growth Fund (0.29 million) and Davos International Fund (0.08 million) have collectively sold 36.9 million shares of Paisalo Digital. The name of other sellers were, however, not ascertained immediately.
Why Paisalo Digital share rose 20% in early trade
Share of Paisalo Digital gained 20% to 52-week high of Rs 625.55 against previous close of Rs 520.60 on BSE
BusinessToday.In | December 28, 2020 | Updated 12:05 IST
Paisalo Digital share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages
Paisalo Digital stock rose 20 per cent in early trade today after SBI Life Insurance Company bought a 9 per cent stake in the non-banking finance company via open market. Share of Paisalo Digital gained 20% to 52-week high of Rs 625.55 against previous close of Rs 520.60 on BSE. The share has gained 24.85% in the last 3 days.
Paisalo Digital share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 36.68% in one year and risen 41.35% since the beginning of this year. In one month, the share has gained 60.1%. The stock has risen 23.2% in one week.
The key equity barometers continued to trade with string gains in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 334.54 points or 0.71% to 47,308.08. The Nifty 50 index added 105.85 points or 0.77% to 13,855.10.
Investor sentiment was upbeat after President Trump signed a $2.3 trillion pandemic aid while the U.K. and the E.U. struck a a Brexit trade deal last week.
The broader market traded with decent gains as well. The S&P BSE Mid-Cap index rose 0.78% while the S&P BSE Small-Cap index rallied 1.44%.
The market breadth was strong. On the BSE, 1932 shares rose and 972 shares fell. A total of 184 shares were unchanged.
The domestic equity benchmarks ended near the day s high on Monday, supported by positive global cues. Barring the Nifty Pharma index, all the other sectoral indices on the NSE ended in the green. Banks, metals and realty stocks rallied.
As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 380.21 points or 0.81% to 47,353.75. The Nifty 50 index added 134 points or 0.97% to 13,883.25.
Investor sentiment was upbeat after the U.S. President Trump signed a $2.3 trillion pandemic aid while the U.K. and the E.U. struck a a Brexit trade deal last week.
The broader market ended firm. The S&P BSE Mid-Cap index rose 0.83% while the S&P BSE Small-Cap index rallied 1.49%.