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    The week that was: Welspun Corp, LIC among 10 names that were under spotlight

    Synopsis

    Benchmark indices- BSE Sensex and Nifty50 settled about 3 per cent higher each, whereas the midcap index also surged 3 per cent during the week. However, smallcap peers outperformed the bigger indices gaining 4 per cent during the period

    BSE BullAgencies
    Bulls were back on Dalal Street as domestic equity markets snapped the five-week losing streak on Friday, thanks to buying across sectors, pushing the indices to register gains on a weekly basis.
    Bulls were back on Dalal Street as domestic equity markets snapped the five-week losing streak on Friday, thanks to buying across sectors, pushing the indices to register gains on a weekly basis.

    Benchmark indices- BSE Sensex and Nifty50 settled about 3 per cent higher each, whereas the midcap index also surged 3 per cent during the week. However, smallcap peers outperformed the bigger indices gaining 4 per cent during the period.

    Markets ended a 5-week losing streak and gained over 3% amid excessive volatility, said Ajit Mishra, VP Research. Religare Broking. "Most sectoral indices, barring IT, participated in the rebound and the broader indices too posted gains."

    On the sectoral front, the BSE metal index rallied more than 7 per cent, whereas the BSE Capital Goods index rose over 5 per cent. FMCG, auto and reality indices gained over 4 per cent each. IT index was the top laggard with a 2 per cent fall.

    The inflation and slowdown in the global economy means stagflation is a key concern for the global equity markets, said Santosh Meena, Head of Research, Swastika Investmart.

    "Therefore, we are seeing relentless selling by FIIs; however, Indian markets are in a better position due to support from domestic investors," he added.

    In the BSE 500 index, more than 400 stocks ended the week with gains while the rest recorded losses. As many as five dozen gained in double digits during the week, whereas only four counters dropped more than 10 per cent.

    Below are key stocks that were in the spotlight in the last week:

    Welspun Corp: The metal play rallied about 38 per cent during the week to Rs 245 after the company won an order worth approximately Rs 5,000 crore for the supply of pipes in the United States. This deal makes the largest order win in the company's history.

    Mangalore Refinery and Petrochemicals: The refining player zoomed 37 per cent to Rs 92.7 during the week after the reported a more than 1,000 per cent rise in the net profit of Rs 3,008.43 crore in the quarter ended March 2022.

    Elgi Equipments: The compressor and pumps manufacturer reported a 68.5 per cent rise in net profit at Rs 73.06 crore for the quarter ended March 31. Following the numbers, the counter rose 31 per cent to Rs 337.6 during the week.

    JK Lakshmi Cement: The cement player surged over 28 per cent to Rs 493.7 after the company's net profit rose 25.80 per cent to Rs 171.73 crore on a 13.29 per cent rise in net sales to Rs 1,497.64 crore in Q4 of March 2022 over Q4 March 2021.

    Ruchi Soya Industries: The Baba Ramdev led edible oil player was in the buzz after Patanjali Ayurved decided to sell its food retail business to the firm. The stock zoomed 25 per cent to Rs 1,219.3 during the week gone by.

    Adani Power: Gautam Adani-led firm was in demand as the scrip zoomed 23 per cent to Rs 311.95 amid the company's migration to largecaps from midcap during the half-yearly stock reclassification exercise undertaken by mutual fund industry body Amfi.

    Amber Enterprises India: The air conditioner firm dropped about 20 per cent to Rs 2,716.25 during the week after the company reported a 46.5 per cent decline in the net profit of Rs 32.39 crore The company reported a weak operational performance as well.

    Diagnostic Stocks: Tata led 1mg announced to offer popular lab tests for the consumers at heavy discounts, which hurt the sentiments of diagnostics companies. Dr Lal Pathlabs dropped 14 per cent to Rs 1,965.1, whereas Metropolis Healthcare tanked 13 per cent to Rs 1,758.65 during the week. Thyrocare Technologies shed 9 per cent.

    Life Insurance Corporation of India: The largest-ever issue in the Indian primary market listed at a discount. The company ended the week 13 per cent lower at Rs 826.25 over the issue price of Rs 949 and wiped out investors' wealth worth Rs 77,400 crore in just four sessions.

    (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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