Domestic equity markets ended the week with strong gains thanks to supportive global cues. A sharp decline in crude oil and easing dollar led to the rally on Dalal Street.
Investors shrugged off the ultra-hawkish US Fed remarks as BSE Sensex and Nifty50 rose about 2 per cent each. Midcap and smallcap indices outperformed the headline peers, rising up to 3 per cent during the week.
All the sectors on BSE settled in green during the week with IT index leading the gains with 4 per cent rise. BSE Bankex and PSU index also saw a rise of 3 per cent, whereas metals, healthcare and infra stocks also impressed.
In an effort to stabilize declining oil prices, OPEC+ opted to cut back on output given the faltering global growth outlook, said Vinod Nair, Head of Research at
.
“Domestic investors held an upbeat outlook, bolstered by strengthening economic statistics, continued FII inflows, and rising corporate activity. Banking and consumption stocks remained top picks during the week,” he added.
On the BSE500 index, 360 stocks settled in the green, whereas others registered losses for the week. As many as 25 stocks posted a double digit rise, whereas only two stocks dropped 10 per cent or more.
Leading the gains, Vakrangee zoomed over 36 per cent to Rs 37.65 during the week on the back of heavy volumes. The bourses sought clarification from the IT enabled service provider over the same.
surged about 20 per cent to Rs 2743.10 on a weekly basis after its subsidiary, TI Clean Mobility, marked its entry into the electric vehicle segment with the launch of Montra Electric 3W Auto in Chennai.
Discount broking firm Angel One gained over 19 per cent to Rs 1581.95 during the week as the company reported a stellar rise of 81.9 per cent on yearly basis in the client base to 11.18 million.
HDFC Securities has a buy call on Angel One with a target price of Rs 1865, whereas
had pegged the counter at Rs 1,560 and this target has already been achieved.
JK Lakshmi Cement,
& Investment and also zoomed 18 per cent each during the week. The board Tanla Platforms approved Rs 170 crore-share buyback through the tender offer route at Rs 1,200 per share.
Brokerage firm Prabhudas Lilladher has a ‘accumulate’ call on
with a target price of Rs 555, whereas another broker Yes Securities in its July report had suggested to buy Tanla Platforms with a target price of Rs 1,218.
Shree Cement,
, , Nesco and advanced between 14-17 per cent during the week.
Cera Sanitaryware,
, Astral, Hatsun Agro, ConCor, , Lemon Tree, PNB, Quess Corp, Wockhardt, Vaibhav Global, , and Esab India also gained over 10 per cent each.
On the contrary,
(Maharashtra) extended its weakness and dropped 11 per cent to settle at Rs 120.3 on Friday. The scrip is plunging on the back of weak fundamentals and reported equity dilution to the government at heavy discount.
State run MMTC also dropped over 10 per cent to Rs 37.40 during the week after reporting a weak set of numbers in June 2022 quarter. MMTC is among the three PSUs which were recently denotified for exim transactions.
(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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