New Delhi: The domestic equity market extended its bull run for the second straight week as benchmark indices scaled new lifetime peaks, supported by positive cues.
BSE Sensex and its broader peer Nifty50 added more than 2 per cent each during the week. The broader market marched along with the benchmark indices as BSE Midcap index soared more than 3 per cent, whereas the smallcap index added 2 per cent.
Auto sector led the rally as expectations of demand revival ahead of the busy festive season, followed by gains in metal, energy, banking and financial stocks.
Did you Know?
Stock score of Tata Motors Ltd moved down by 1 in a week on a 10-point scale.
View Latest Stock Report »
“The IT sector may underperform as it is forming lower highs and lower lows while the metal sector is witnessing a fresh expansion phase and may see good gains ahead. PSU banks may also continue their strength in the coming days,” said Santosh Meena, Head of Research, Swastika Investmart.
In the BSE500 index, more than 350 stocks ended the week on a positive note while the rest closed with cuts. Among the gainers, more than 40 counters registered a rise of 10 per cent or more during the week.
Here are some of the stocks that were abuzz during the week:
Borosil Renewables: The solar energy proxy play zoomed 40 per cent to Rs 453.3 during the week amidst the global energy crisis. It is the only producer of solar glasses in India with definite tailwinds to its business.
IDBI Bank: The LIC-owned lender soared 31 per cent to Rs 62.6 after a ratings upgrade from ICRA, government’s indication to come out with an expression of interest for a strategic disinvestment in the bank by December and ace investor Rakesh Jhunjhunwala picking up a stake in it.
Tata Motors: The homegrown auto major zoomed 30 per cent to Rs 497.45 after private equity firm TPG Group invested about Rs 7,500 crore in its wholly-owned electric vehicle subsidiary.
DVR rallied 30 per cent to Rs 247.70.
Energy stocks: Amidst a scarcity of coal, energy stocks were in focus. Inox Wind advanced 29 per cent to Rs 128.8, whereas Tata Power jumped 26 per cent to Rs 222.45. Swelect Energy Systems gained 23 per cent to Rs 279.9.
Avenue Supermarts: The operator of DMart retail chain rallied 21 per cent to Rs 5,329.65 amidst expectations of a strong Q2 performance from the company. The company’s results were declared on Saturday. It’s net profit jumped 113 per cent to Rs 448.9 crore in the September quarter.
Sona BLW Precision Forgings: The recently-listed auto component maker added 20 per cent to Rs 755.05 during the week after the company announced its collaboration with FutureSkills Prime, which is a Government of India and NASSCOM initiative to upskill the workforce.
Gateway Distriparks: The smallcap logistics player was on a roll during the week as marquee investor Ashish Kacholia bought 19,17,606 equity shares, or 1.54 per cent stake, in the company in September quarter. The scrip jumped 17 per cent to Rs 287.9.
SREI Infrastructure Finance: The cash-strapped NBFC tanked 19 per cent to Rs 5.74 as RBI superseded the company board due to governance concerns and defaults. It will initiate bankruptcy proceedings against the company.
Nazara Technologies: The gaming player shed 11 per cent to Rs 2,772.3 during the week ahead of its extraordinary general meeting scheduled on November 2.
BLS International Services: The visa processing services player gave up 11 per cent to Rs 240.55 during the week after the company informed the bourses that it is not authorized to process visa applications for the Embassy of Brazil, India due to administrative reasons.
Tata Consultancy Services: The bluechip IT major shed 8 per cent to Rs 3,611.3 after its disappointing September 2021 quarter results. Its second quarter revenues and margin missed Street expectations.Internet Explorer Channel Network