NEW DELHI: Consolidation in the market continued for the second successive week and benchmark indices finally ended with a cut of nearly half a percent. Nervousness in global markets combined with a mixed start of Q4 earnings on the domestic front kept volatility high throughout the week.
On the sector front, most of the indices ended as laggards wherein PSU bank, oil & gas, and metals were the top losers. On the flip side, auto and FMCG ended in the green. Meanwhile, the broader indices underperformed and lost in the range of 1.4-2.7 per cent.
In the BSE500 index, 344 stocks closed with losses while the rest registered gains during the week.
“It’s almost two weeks under consolidation but markets are not offering any cue over the next directional move. We suggest waiting for a decisive breakout from the 16,800-17,300 zone in Nifty,” said Ajit Mishra, VP Research, Religare Broking.
Below are 10 stocks that were under spotlight last week:
Mahindra CIE: Shares of Mahindra CIE Automotive were the biggest gainer among the BSE500 stocks following its blockbuster earnings performance. The company said its consolidated profits surged 16 times during the March quarter that led to a 18 per cent rally in the counter last week.
Schaeffler India: The company also reported decent numbers for the quarter despite the headwinds. The Pune-based company said its revenue surged 19 per cent during the quarter. The stock rose 18 per cent during the week.
Ruchi Soya: Shares of Ruchi Soya gained 14 per cent last week amid its bid to change its name to Patanjali Foods and oil export ban from Indonesia. Most happy, perhaps, were those investors who got shares during the company’s recent FPO.
Hero Moto: Shares of the two-wheeler maker spiked over 9 per cent amid reports that sales recovered during April thanks to the ongoing marriage season and rising rural income due to bumper rabi crops.
Adani Power, Adani Transmission: The Adani Group companies were other major gainers of the week, rising 8 per cent and 6 per cent, respectively, amid acute power crisis that the country is facing. Many states have reported blackouts of as much as 8 hours in a day thanks to record breaking heat and not enough power generation.
Indian Hotels: Shares of the Tata Group firms climbed over 6 per cent as the company reported it has come back in black during the quarter thanks to a boom in travel after a lull of nearly two years.
TV18 Broadcast, Network18 Media: Both Mukesh Ambani-owned Reliance Group firms were under heavy selling pressure during the week and ended down 25 per cent and 13 per cent, respectively. Bodhi Tree Systems is set to raise and invest Rs 13,500 crore in Viacom18, a 51:49 joint venture between Reliance Industries-owned TV18 and Paramount Global. Reports indicate that TV18’s stake in JV can come down to 18 per cent from 51 per cent, which is a huge negative for both firms.
UTI Asset Management: UTI Mutual Fund said its March quarter profit slid to Rs 75 crore from Rs 113 crore in the same quarter last year. This was despite its revenues increasing by a decent amount. Thus, the stock fell over 16 per cent.
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