nifty: The week that was in 10 stocks: Steel, pharma steal the show

0

NEW DELHI: Markets remained volatile last week but managed to end marginally higher, taking comfort from global indices. The beginning was downbeat but the mood changed in the final sessions, thanks to a sharp recovery in the US indices.

Consequently, the benchmark indices, both Nifty and Sensex, erased their losses and ended higher to close at 16,352.45 and 54,884.6 levels respectively. The sectoral indices traded mixed wherein banks and auto led the charge and rose over 3 per cent each. On the flip side, metal, pharma and realty ended with losses. The broader markets, despite a decent show in the second half, closed in the red wherein midcap ended lower by 0.8 per cent and smallcap by 3.4 per cent.

“The recent rebound in the US markets has eased some pressure. However, sustainability is critical for forming a base and attempting a reversal. And since we’re closely aligned at present, it could help the Nifty to surpass the hurdle at 16,400 and march towards the 16,700-16,800 zone,” said Ajit Mishra, VP – Research,

Broking.



“In the case of a failure, traders should brace themselves for a volatile week. Meanwhile, they should opt for a stock-specific trading approach and prefer auto, banking mainly private, financials, and FMCG pack for identifying long trades. On the other hand, energy, metals and PSU banks may continue to trade subdued.”

Below are 10 stocks that were under spotlight last week:

and Jindal Stainless (): Both Jindal Group companies were under bears’ clutch during the last week as the government slapped excise duty on finished steel products to rein in the spiking domestic prices. Jindal Stainless plunged 23 per cent and Jindal Stainless (Hisar) about 19 per cent during the week.

Divi’s Labs: Shares of the pharma company were also sold mercilessly during the week after the firm came out with earnings. This was despite the company said its consolidated net profit for the quarter rose 78.20 per cent compared. The stock settled

NMDC: The miner was another casualty of the government’s effort to curb inflation in the country. The stock tumbled 15 per cent after the government imposed tariffs on export of minerals including iron ore.

Piramal Enterprises: Shares of the diversifies company dropped over 14 per cent amid a profit booking despite the company logging a net profit of Rs 151 crore in the March quarter versus a net loss of Rs 510 crore in the corresponding quarter. The non-banking entity said it grew its assets faster than the industry average.

Mangalore Refinery, : Oil companies were also among those that saw selling during the week. ONGC tanked 11 per cent ahead of its earnings, in which it recorded a 31 per cent jump in consolidated net profits. However, standalone net profit grew just 7 per cent despite a surge in global crude oil prices. For an inexplicable reason, shares of

were also down 14 per cent during the period.

AstraZeneca Pharma: The stock jumped 16 per cent during the week, bucking the trend in the pharma sector, even though the company said its Q4 profits remained flat year on year. Though revenue recorded a modest rise.

AIA Engineering: Shares of the company climbed 16 per cent as well as the firm said its profits saw sharp increase during the March quarter led by higher revenues.

Indigo: Investors shrugged off widening losses for the low cost carrier and binged on the stock. The share price appreciated by 9 per cent. The company during the week said its losses for Q4 stood at Rs 1,681.80 crore.

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Web Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – webtimes.uk. The content will be deleted within 24 hours.

Leave a comment