The week that was: Hindustan Copper surges 74% in a week; auto, IT heavyweights among top losers

NEW DELHI: Benchmark indices fell about 3 per cent last week as rising bond yield led to outflow of foreign institutional money, with most of the damage done by banking and auto stocks.

In the BSE500 index, 270 stocks ended the week in the red while the rest gained, led by chemicals and commodity-based stocks.

On the sector front, except metals which ended with strong gains, all the other indices ended with losses wherein heavyweights like auto, banking and IT were the top losers. Interestingly, the broader markets continue to outperform the benchmark wherein both the indices ended in the green.

“Indications are pointing towards further slide in the Nifty and the next support at 14,400 and 14,200 levels. We expect volatility to remain high so traders should maintain extra caution in risk management aspects. The prudent strategy would be to use rebound to create shorts using options instead of naked futures,” said Ajit Mishra, VP - Research, Religare Broking.

Here are 10 stocks that buzzed the most during the week:

Hindustan Copper, SAIL, Nalco: Shares of three of the biggest metal producers surged during the week led by a rise in commodity prices and price hike in respective metals. Hindustan Copper surged 74.39 per cent to Rs 149.80; SAIL climbed 17.24 per cent to Rs 76.50 and National Aluminium advanced 16.05 per cent to Rs 60.

Rashtriya Chemicals, Tata Chemicals and Himadri Speciality: Chemical stocks were in huge demand last week as the government notified PLI benefits for pharma companies. Rashtriya Chemicals gained 38.50 per cent to Rs 75.90; Tata Chemicals added 19.34 per cent to Rs 738.85 and Himadri Speciality advanced 14.85 per cent to Rs 52.20.

MMTC: Shares of the international trading company have been in demand ever since the government invited bids for 49.78 per cent stake sale in the company. During the week, the stock gained 32.34 per cent to Rs 40.10.

The New India Assurance and Central Bank Of India: Both the government-owned insurers are in the fray for divestment. Share prices of both stocks surged in the week prior to the last one on speculation but investors booked profits eventually. New India Insurance slipped 18.08 per cent to Rs 153.55 and Central Bank of India fell 11.09 per cent to Rs 19.24.

Future Retail: Shares of the Big Bazar owner declined 8.41 per cent to Rs 69.70 after the Supreme Court pressed a pause button on its deal with Reliance Retail, putting the company’s future in jeopardy.