The government’s bond-buying programme of Rs1 lakh crore to support long-term yields and ensure market liquidity was a stunning move. RBI’s decision to maintain its high GDP growth forecast also helped the market to calm its fears, said analysts.
During the week, IT stocks were in focus due to the expectations of upcoming Q4 earnings and metals continued to rally on a strong outlook supported by rising steel price and higher production.
“The continued weakness in banking stocks, due to increased fear of a spike in NPAs, is limiting upside despite the strong performance from the other sectoral pack. Going ahead, the updates on Covid-19 cases, vaccination drive and state government actions would be key monitorable for the markets,” said Ajit Mishra, VP – Research, Religare Broking.
“Further, the earnings season starting next week would induce stock-specific volatility. Meanwhile, we suggest continuing with a cautious approach and avoid overleveraging.”
Here are 10 stocks that were under the spotlight during the week:
HEG, Orient Refractories, : Makers of graphite electrodes have gained attention as investors expect steel millers to expand operation to cope with rising demand. As they expand, they will require electrodes in their furnace. climbed 43.67 per cent to Rs 2,272.85; Orient Refractories added 27.70 per cent to Rs 202.10 and Graphite India 20.51 per cent to Rs 672.15.
JSW Steel: The steelmaker has been the favourite pick of investors in the last few weeks as the company has seen good demand coupled with consistent price hikes. The stock advanced 22.01 per cent to Rs 620.60.
Sobha: Shares of South India based realtor were in demand last week as the company said March quarter was the best ever for it with sales at Rs 1,072 crore. The stock gained 16.40 per cent to Rs 519.25.
Bank of Maharashtra: Shares of the PSU lender surged during the week amid buzz in the market the government officials were scheduled to meet to decide on divestment in the company. The stock rose 15.89 per cent to Rs 24.80.
Hindustan Copper: Shares of Hindustan Copper also surged as the prices of copper rose in the international market amid rising international demand. The stock climbed 14.51 per cent to Rs 143.65.
Info Edge: Shares of Zomato investor Info Edge rose after the commissioner of the Mumbai Municipal Corporation reportedly said that the city may allow resumption of home delivery beyond the 8:00 pm curfew time.
United Breweries: Shares of the spirit maker dropped sharply during the week as more states went under partial lockdowns. This means alcohol shops will also be closed. The stock fell 10.87 per cent to Rs 1,107.25.
Bajaj Finance: The shadow banker is in a rut after analysts said the company is likely to deliver low growth in its quarterly earnings. The stock declined 7.53 per cent to Rs 4,873.2.
