A good earnings performance by some companies and the RBI’s policy tweaks also contributed to the rally. Most gainers were from broader market space, where most of the value hunting happened.
“Broader indices might still have some steam left, however participants should concentrate exclusively on quality names as the up-tide could slow down for the short term. Investors can wait for a short correction before adding fresh monies,” said Nirali Shah, Head of Equity Research, Samco Securities.
An overwhelming 438 stocks in the BSE500 index closed with gains last week, while the rest registered losses of up to 15 per cent.
Here are 10 stocks that buzzed the most last week:
Indian Bank: The public sector bank was the top gainer in BSE 500, rising 44.35 per cent to Rs 127.75, after the government unveiled plans to sell two PSU banks to replenish its coffers.
NCC, PNC Infratech: Both companies are expected to be major beneficiaries of the government’s capex plans in the next year. NCC climbed 41.09 per cent to Rs 83.10, while PNC Infratech added 35.57 per cent to Rs 199.15.
State Bank of India: A superior earnings performance by the country’s largest lender gave a boost to the stocks. SBI advanced 39.35 per cent to Rs 393.05 as analysts raised their target prices on the stock by up to 83 per cent.
Shriram City Union Finance, IIF Finance: With a number of announcements in the Budget favouring NBFCs and HFCs, including tax holidays and the inclusion under SARFAESI Act, pushed these stocks higher. Shriram City Union added 38.55 per cent to Rs 1,409.75 while IIFL Finance gained 35.57 per cent to Rs 199.15.
Tata Motors and its DVR shares: Both counters rose in tandem as the company positively surprised Dalal Street with a superior performance, especially by its subsidiary Jaguar Land Rover. Tata Motors was up 20.30 per cent at Rs 315.90 while its DVR shares added 21.49 per cent to Rs 126.65.
Ashok Leyland: The commercial vehicle maker was in focus last week, after the government proposed a new scrappage policy. The stock added 19.02 per cent to Rs 131.70.
ITC: Investors of the FMCG giant got a huge relief last week as the Budget did not propose any extra taxes on cigarettes, which are ITC’s main source of cash. Following that, the stock climbed 15.25 per cent to Rs 234.25.
