[ad_1]
The past week was volatile for the stock markets as the Reserve Bank of India (RBI)reserve Bank of India) announced a 50-basis-point rate hike and clearly indicated even tighter fiscal conditions ahead given the rise in domestic inflation.
Unabated selling of Indian equities by foreign portfolio investors (FPIs) also pushed the headline stock index down, causing their first weekly loss in a month.
BSE In the last five trading days, the Sensex and Nifty 50 lost 2.6 per cent and 2.3 per cent, respectively.
The broader markets did not perform as poorly as headline indices, with the BSE Midcap and Smallcap indices falling 1.2 per cent and 2 per cent respectively.
On the sectoral front, the S&P BSE Bankex fell 2.3 paints, while the BSE IT index fell 2.8 per cent. The BSE Metal index fell 2.7 per cent and the Realty index fell 1.6 per cent.
However, the BSE oil and gas index gained 0.6 per cent for the week on account of a sharp rise in global crude oil prices.
According to Deepak Jasani, Head of Research, Retail, HDFC Securities, the primary reason for the fall in stock prices last week was continuous FII selling and the fact that traders took the opportunity to lock in profits whenever the index saw a rise. Were were
Despite falling equity benchmarks, some stocks have managed to deliver decent returns to investors in the past week.
six BSE500 Stock Over 10 per cent rise was registered in the last week, while 15 counters gained more than 5 per cent.
shares of
39.33 per cent as analysts expect the refinery and marketing firm to deliver strong earnings on the back of a multi-year rise in fuel prices. With supply constraints caused by the Ukraine war pushing gross refining margins to multi-year highs, analysts are bullish on the company which is a standalone refiner.
Oil India surged 19.68 per cent in the past week on the back of a jump in global oil prices, leading to improved margins.
Oil India stock has breached most of the targets set by the brokerage and has delivered over 100 per cent returns in the last one year. The stock hit a 52-week high on Thursday and jumped over 8 per cent to touch Rs 805 level.
Haitong Securities in its monthly report on the hydrocarbon sector said that the gross refining margin (GRM) of refinery companies is breaking all barriers.
It jumped 11.99 per cent after it was said to infuse Rs 500 crore into the home finance firm, which is planning to raise capital through a rights issue of shares.
The board of public sector banks has approved the bank’s participation in a proposed rights issue for an amount of up to Rs 500 crore to maintain the bank’s stake in the mortgage lender at 30 per cent or less but more than 26 per cent.
The holding of over 26 per cent will help PNB retain its position as promoter in PNB Housing Finance.
Other counters that performed better last week were
, which jumped 17.8 percent and which increased by 13.25 percent. It rose 10.22 per cent, while it rose 9.4 per cent.
The stocks which gained 5-9 per cent last week were
Biocon, Bajaj Auto, RBL Bank, Computer Age Management, ONGC, and .
On the BSE 500, 82 stocks fell in the range of 5-13 per cent last week.
Five stocks fell more than 10 percent in the last week
and declined by 10.5 and 10.7 percent, respectively. and declined by 11.7 percent and 12.02 percent, respectively.
Gujarat Gas was the worst performer of the week among BSE 500 stocks, falling 13.1 per cent. counter is damaged UBS The stock was given a sell rating, reducing its target to Rs 400.
According to Yasha Shah, Head of Equity Research, Samco Securities, the development of domestic and global inflation and the US Fed’s interest rate decision will be the key factors driving the markets next week.
“Back home, the CPI and WPI inflation print will be the main headliners next week. Market participants will conduct a thorough analysis to see whether the import duty restrictions and rate hike have had a positive impact on the inflation data,” she said.
“In the midst of growing macro uncertainties, investors are advised to exercise extreme caution until the market conclusively finds its direction.”
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)
[ad_2]
Source link
