Laxmi Organics gains over 7%, leading insurance company sells NTPC – Stocks that kept dealers busy on Wednesday

The company is going to hold a board meeting on April 20 to consider raising of funds. Sources within the dealing rooms told CNBC-TV18 that some marquee investors are likely to be part of this exercise.

After Wednesday’s gains, shares of Laxmi Organic have nearly erased losses for the year and are now down 3 percent year-to-date.

Another Choppy Day

Benchmark indices had yet another choppy session as they consolidate before some earnings-heavy last two trading days of the week.

There was a tug-of-war between the bulls and bears in today’s session, where aggressive basket selling was matched by buying in select largecap stocks, including Reliance Industries.

The Sensex and the Nifty 50 ended lower for the third straight day, but the Nifty 50 managed to hold on to Monday’s low of 17,574.

Dealers believe that the Nifty 50 will continue to trade in a range between 17,400 – 17,800 going forward.

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

Bajaj Electricals: Shares gained over 3 percent on Wednesday, gaining the most in a single day in three months. The stock gained after a large block deal, where nearly 2 percent of the company’s equity changed hands. Dealers indicate that a leading long-only fund is likely to be the seller in this transaction.

Mahindra & Mahindra: The stock has been oscillating between gains and losses over the last five trading sessions, ending 0.9 percent higher today. Dealers said that FIIs have been buying the stock, and are anticipating high delivery volumes in today’s trading session.

NTPC: The stock ended 1.8 percent lower in today’s session and has now declined in four out of the last five trading sessions. Shares have declined 5 percent over the last month. Dealing rooms suggest that a leading domestic insurance company has been an active seller of the stock recently.