A security guard stands behind a glass facade displaying the CNX Nifty logo at the National Stock Exchange in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Stocks Radar: Arvind Fashions, Jubilant Life Sciences, Jet Airways, SpiceJet, UPL

Indian equity benchmarks extended gains for the eighth consecutive trading session after a shaky start.

The S&P BSE Sensex traded a little changed at 38,388 and the NSE Nifty 50 was hovering around 11,535 level as the shares of Infosys Ltd. and Tata Consultancy Services Ltd. clocked gains. The broader market index, represented by the NSE Nifty 500 Index, also traded a little changed.

The market breadth was slightly tilted in favour of buyers. About 761 stocks advanced and 699 shares declined on National Stock Exchange.

Six out of the 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Realty Index’s 1.47 percent gain. On the flip side, the NSE Nifty Media Index was the top sectoral loser, down 1.3 percent.

Here Are The Stocks Moving The Market This Morning

Jubilant Life Sciences Falls After Block Deal

Shares of the life sciences company fell as much as 7 percent to Rs 782.55.

About 33 lakh shares of the company changed hands in a block deal, Bloomberg data showed.

“Jubilant Employee Welfare Trust to sell 35 lakh shares in Jubilant Life Sciences Ltd. to raise at least Rs 367 crore ($39 million) at the floor price,” according to terms for the deal it had obtained.

Trading volume was more than 15 times its 20-day average, Bloomberg data showed. The stock traded at 14 times its estimated earnings per share for the coming year.

Stocks Radar: Arvind Fashions, Jubilant Life Sciences, Jet Airways, SpiceJet, UPL

Arvind Fashions Hits Upper Circuit For Eighth Day

Shares of Arvind Fashions Ltd. continued to hit an upper circuit of 5 percent for the eighth consecutive trading session. The stock rose nearly 48 percent since its listing on March 8.

Trading volume was almost 40 times its 20-day average, according to Bloomberg data. The Relative Strength Index was below 30, indicating that the stock may be oversold.

Stocks Radar: Arvind Fashions, Jubilant Life Sciences, Jet Airways, SpiceJet, UPL

SpiceJet Jumps The Most In Over Three Months

Shares of SpiceJet Ltd. rose as much as 7.2 percent, the most since Dec. 18, 2018, to Rs 84.45.

SpiceJet has joined global airlines’ grouping IATA as a member, becoming the first Indian low-cost carrier to get the membership, according to a PTI report.

“The membership would help SpiceJet, which has ambitious expansion plans, to have codeshares and agreements with other carriers,” the report said, quoting company’s statement.

Trading volume was five times its 20-day average, according to Bloomberg data. The stock declined 39 percent in the past 12 months compared to a 16 percent gain in the Sensex.

Stocks Radar: Arvind Fashions, Jubilant Life Sciences, Jet Airways, SpiceJet, UPL

Jet Airways Falls The Most In Over A Month

Shares of Jet Airways (India) Ltd. extended decline for the second consecutive trading session and fell as much as 6.9 percent, the most since Feb. 8, to Rs 213.35.

The company grounded additional six aircraft due to non-payment of amounts outstanding to lessors.

Besides, SBI is said to have started looking for other potential buyers for Jet Airways as meeting with Etihad remained inconclusive, two people aware of the matter told BloombergQuint.

The stock has declined 21.5 percent so far this year and fell 67.5 percent over the past year.

Stocks Radar: Arvind Fashions, Jubilant Life Sciences, Jet Airways, SpiceJet, UPL

Also read: Etihad Bows Out Of Jet Airways Resolution Plan, Offers To Sell Stake

UPL Surges To Record

Shares of UPL Ltd. extended gains for the fourth consecutive trading session to hit a new all-time high. The relative Strength Index was above 70, indicating that the stock may be overbought.

Stocks Radar: Arvind Fashions, Jubilant Life Sciences, Jet Airways, SpiceJet, UPL