Benchmark indices — BSE Sensex and Nifty 50 — shed more than 2 per cent each, whereas BSE midcap and smallcap indices outperformed and ended the week in green.
“This week the power index outperformed the Sensex with a near vertical surge,” Samco Research said in a note. “The persistent coal scarcity, growing plant load factor, and an increase in the average short-term price per kWh on energy exchanges have all contributed to this unprecedented recovery in power stocks.”
Auto sales numbers showed a decline in September sales mainly due to semiconductor supply shortage. IT and banking witnessed consolidation ahead of Q2 results, while PSEs, metals and pharma gained momentum.
The market is showing some signs of correction after a stellar run as global markets are shaky amid worries of inflation and slowdown, said Santosh Meena, Head of Research, Swastika Investmart.
“Global markets remained volatile with weaknesses and inflation being the biggest. Signs of slowdown in China and hiccups in the US market are also hinting towards the headwind in growth,” Meena added.
In the BSE500 index, 260 stocks ended the week on a positive note while the rest closed with cuts. Among the gainers, more than three dozen counters registered a rise of 10 per cent or more during the week.
Here are 10 stocks that buzzed the most during the week:
GTPL Hathway: The multi-service operator has been on a roll recently since it divested its controlling stake in three subsidiaries. The company has also been appointed as project implementation agency for Package B of Bharat Net Phase-II project. The scrip zoomed 32 per cent to Rs 294.45 during the week.
PSU banks: State-owned banks were at the focus of investors as the Reserve Bank of India removed Indian Overseas Bank from the PCA framework. IDBI Bank soared 29 per cent to Rs 50, whereas Canara Bank added 12 per cent to Rs 176.75. Indian Bank and Bank of Maharashtra added 11 per cent each.
Nelco: The Tata group’s smallcap that operates in the network communications and connectivity space jumped 28 per cent to Rs 755.55 during the week. It has been at the focus ever since the approval from Department of Telecom for the transfer of the internet service provider licence and VSAT licence from Tatanet Services.
Gujarat Alkalies and Chemicals: The commodity chemical player surged 22 per cent to Rs 737.25 during the week after the annual general meeting of the company held on September 23. The company announced a dividend of Rs 8 per equity share for the financial year ended 31st March, 2021.
Patel Engineering: The civil construction player specializing in the hydropower sector advanced 22 per cent to Rs 20.05 during the week as the company bagged a Rs 1,251 crore contract for 500 MW Teesta-VI Hydro Electric Project from a wholly-owned subsidiary of NHPC.
Trident: The textile player gained 21 per cent to Rs 29.4 after receiving ratings on bank facilities from CRISIL. CRISIL Ratings has upgraded its rating on long-term bank facilities and short-term facilities and commercial paper of the company.
Antony Waste Handling Cell: The solid waste management company has been on a downward trend since Cambridge (Mauritius) sold its stake in the company. The scrip tanked 13 per cent to Rs 345.3 during the week.
Computer Age Management Services: IIFL Private Equity has completely exited the company for Rs 353 crore in just one year. After a sharp 70 per cent rise in the first eight months of 2021, investors booked profits in the mutual fund transfer company. The scrip shed 12 per cent to settle at Rs 2,986.05 on Friday.
Bajaj Electricals: The household appliances maker fell 11 per cent to Rs 1,306.95 during the week since the company announced to acquire 19.78 per cent stake in Nirlep, a subsidiary company, at Rs 679.05 per equity share aggregating to Rs 9.99 crore.
Birlasoft: The smallcap IT multibagger posted double-digit declines during the week amid profit booking. The counter retreated 11 per cent to Rs 397.3 during the week.
