7 stocks rally 10-23%, even as BSE500 declines in all 3 sessions this week

NEW DELHI: Even as the market sentiment was weak this truncated week, with key benchmark indices down up to 2 per cent, as many as seven stocks from the broader BSE500 index delivered a solid 10-23 per cent returns. They were Adani Green Energy, Godfrey Phillips, Just Dial, Deepak Fertilisers, CreditAccess Grameen, Thermax and IIFL Finance.

The sentiment on the counters remained upbeat, even as concerns over rising bond yields globally, central bank meetings, readings showing three-year high inflation at home and four-decade high inflation in the US raised concerns over higher-than-expected Fed rate hikes in coming months.

The BSE Sensex lost 1,108.25 points or 1.86 per cent for the week to close at 58,338.93 on Wednesday. NSE barometer Nifty50 308.70 points or 1.73 per cent for the week to settle at 17475.65. The BSE500 index fared better, falling 1.31 per cent to 24,092.76.

The market was open for trading in the first three days of the week and remained shut on Thursday on account of Dr Babasaheb Ambedkar Jayanti and Friday on account of Good Friday.

A 23 per cent rally in shares of Adani Green this week helped the Adani Group company become the eighth largest company by market value on Dalal Street. The stock ended the week at Rs 2,864.75, up 23.27 per cent over its previous week's close of Rs 2,323.95. It commanded a market value of Rs 4,48,050.99 crore, which was higher than Bajaj Finance, HDFC and Bharti Airtel.

Another stock Godfrey Phillips India climbed 18.89 per cent for the week to Rs 1,291.35 from Rs 1,086.10 a piece in the last week. The rally on the counter was seen as the stock confirmed a breakout on the daily charts as it took out its previous swing high of Rs 1,117 with strong volumes. The scrip also managed to reclaim its 200-day SMA and EMA, which was a sign of strength. That said, the stock has breached Anand Rathi's target of Rs 1,210, which the brokerage gave earlier this week.

In the case of Just Dial, the scrip has jumped 15.05 per cent to Rs 912.95 from Rs 793.50 last week. The average price target at Rs 975, based on nine analysts' estimates, suggests a potential 7 per cent upside from here on.

Deepak Fertilisers and Petrochemicals Corporation rose 12.70 per cent to Rs 676.75 from Rs 600.45. There were reports that the Cabinet was considering raising the country's fertiliser subsidy due to a sharp increase in the price of crop nutrients in global markets and rising energy costs.

Chakri Lokapriya, CIO & MD at TCG AMC finds Deepak Fertilisers among a few fertiliser stocks, which look good at present valuations.

CreditAccess Grameen, Thermax and IIFL Finance jumped 10-12 per cent during the week. An average target of Rs 796 on CreditAccess Grameen suggests a 23 per cent potential downside.

As far as Thermax is concerned, technical charts look good, even as the average fundamental target suggests a potential 16 per cent downside.

"The stock had done exceptionally well. It has confirmed a breakout on the charts, possibly an upside of another 5-7 per cent over the very near term could be possible for it," Kunal Bothra, kunalbothra.com told ET NOW.

There are not many brokerages covering IIFL Finance.