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    These BSE500 stocks shot up 10-39% even as bears tightened grip on D-Street

    Synopsis

    On the sectoral front, S&P BSE Bankex dropped 2.3 pent, while BSE IT index slumped 2.8 per cent. BSE Metal index lost 2.7 per cent while the realty index shed 1.6 per cent. BSE Oil and Gas index, however, notched up gains of 0.6 per cent for the week, likely buoyed by a sharp rise in global crude oil prices.

    These BSE500 stocks shot up 10-39% even as bears tightened grip on D-StreetReuters
    82 stocks on the BSE500 fell in the range of 5-13 per cent in the last week.
    NEW DELHI – Domestic equity markets suffered a sharp decline in the week gone by as mounting concerns over high inflation both home and abroad stoked speculation of aggressive rate increases by central banks.

    The week gone by was a volatile one for stock markets as the Reserve Bank of India (RBI) announced a 50-basis-point rate hike and clearly hinted at even tighter financial conditions going ahead, given elevated domestic inflation.

    Unabated sales of Indian equities by foreign portfolio investors (FPIs) also pushed the headline stock indexes lower, leading to their first weekly loss in a month.

    The BSE Sensex and the Nifty50 racked up losses of 2.6 per cent and 2.3 per cent, respectively, in the previous five trading days.

    Broader markets did not fare quite as badly as the headline indexes, with the BSE Midcap and Smallcap indices shedding 1.2 per cent and 2 per cent, respectively.

    On the sectoral front, S&P BSE Bankex dropped 2.3 pent, while BSE IT index slumped 2.8 per cent. BSE Metal index lost 2.7 per cent while the realty index shed 1.6 per cent.

    BSE Oil and Gas index, however, notched up gains of 0.6 per cent for the week, likely buoyed by a sharp rise in global crude oil prices.

    According to HDFC Securities’ Head of Research, Retail, Deepak Jasani, the primary reasons for the decline in stock prices last week were the relentless FII sales and the fact that traders were both taking the opportunity to lock in profits whenever indexes witnessed a rise.

    Even as equity benchmarks tumbled, a few stocks managed to deliver handsome returns to investors in the week gone by.

    Six BSE500 stocks notched up gains over 10 per cent and more in the week gone by, while 15 counters rose more than 5 per cent.

    Shares of Mangalore Refinery surged 39.33 per cent as analysts expect the refinery and marketing firm to post strong earnings due to the multi-year rise in fuel prices. With supply bottlenecks due to the Ukraine war leading to a rise in gross refining margins to multi-year highs, analysts are bullish on the company which is a standalone refiner.

    Oil India surged 19.68 per cent in the previous week, again on the back of the surge in global oil prices, which led to an improvement in margins.

    Oil India’s stock has smashed most targets set by brokerages and delivered more than 100 per cent returns in the last one year. The stock on Thursday hit 52-week-highs as it jumped over 8 per cent to Rs 805 level.

    Haitong Securities in its monthly report on the hydrocarbon sector said Gross refining margin (GRM) of refinery companies is breaking all barriers.

    PNB Housing Finance jumped 11.99 per cent after Punjab National Bank said that it would infuse Rs 500 crore into the home finance firm, which is looking to raise capital through a rights issue of shares.

    The public sector bank board has approved the bank's participation in the proposed rights issue for an amount up to Rs 500 crore in order to retain the bank's shareholding in the mortgage lender at 30 per cent or below but above 26 per cent.

    An above 26 per cent holding would help PNB to retain its status as a promoter in PNB Housing Finance.

    Among other counters that outperformed last week were Tata Teleservices, which rose 17.8 per cent and Thyrocare Technologies which jumped 13.25 per cent. TV18 Broadcast Ltd rose 10.22 per cent, while Elgi Equipments rose 9.4 per cent.

    The stocks which climbed 5-9 per cent last week were Welspun Corp, Biocon, Bajaj Auto, Shyam Metalics, RBL Bank, Computer Age Management, ONGC, IIFL Finance and Dishman Carbogen.

    82 stocks on the BSE500 fell in the range of 5-13 per cent in the last week.

    Five stocks declined more than 10 per cent in the week gone by, with Century Textiles and LIC Housing Finance losing 10.5 and 10.7 per cent, respectively. Amber Enterprises and Swan Energy lost 11.7 per cent and 12.02 per cent, respectively.

    Gujarat Gas was the worst performer of the week among BSE500 stocks, shedding 13.1 per cent. The counter has suffered after UBS gave a sell rating to the stock, reducing its target to Rs 400.

    According to Yesha Shah, Head of Equity Research, Samco Securities, inflation developments both domestic and global and the US Fed’s interest rate decision would be key factors driving markets next week.

    “Back home, the CPI and WPI inflation print will be the main headliner next week. Markets participants will keenly analyse whether the import duty restrictions and rate hikes have had a positive impact on the inflation numbers,” she said.

    “Amid increasing macro uncertainties, investors are advised to exercise extreme caution till markets decisively find their direction.”

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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