While HPCL And Interglobe Aviation Gained 10% And 8%, Respectively, ABB India Fell 8.91% And Zee Entertainment Slipped 8.5% In The Week
Benchmark indices fell sharply on December 21 following consolidation seen in the previous session after the rally in seven consecutive sessions.
The 30-share BSE Sensex plunged 689.60 points, or 1.89 percent, to 35,742.07, in addition to 53 points decline in the previous session. Before this correction, the index had rallied more than 1,500 points, or 4 percent, in seven consecutive trading days.
The 50-share NSE Nifty fell far below 10,800 levels, down 197.70 points, or 1.81 percent, at 10,754.
The broader markets, too, were under pressure but the fall was less compared to frontliners. The Nifty Midcap slipped 1.58 percent and Smallcap 1.13 percent.
All sectoral indices were in bear trap. Nifty Bank, Auto, FMCG, IT and Realty were prominent losers, falling 1.5-2 percent.
The correction after strong rally seems to be due to profit booking, which is always needed and a part of rally, experts said, adding the consolidation is expected to continue for a while before moving on in either direction due to lack of domestic and global cues.
Also, the trading volume is expected to be lower for coming few sessions as foreign and domestic investors go on a year-end holiday and Christmas festival.
Here's a look at the top 10 stocks which moved the most in the week gone by:
Top Gainers
Hindustan Petroleum Corporation, up 10%
Share price of oil refining firm, Hindustan Petroleum Corporation (HPCL) jumped 10 percent for the week after slump in global crude oil prices. Crude oil prices tumbled after reports of swelling inventories and forecasts that record US and Russian output will hit a market that may see weaker demand if global growth deteriorates as many expect.
InterGlobe Aviation Ltd., up 8%
Aviation major Interglobe Aviation spiked 8 percent last week following weak oil prices. Also global research firm Morgan Stanley had upgraded its rating on the stock to "Overweight" from "Equalweight". The research firm also increased the stock's target price to Rs 1,311 from Rs 790.
Bharat Petroleum Corporation, up 8.5%
Along with HPCL, Bharat Petroleum Corporation also registered some handsome gains last week, up over 8 percent led by dip in crude oil prices on the back of inventory concerns.
Piramal Enterprises, up 7.3%
Pharma firm Piramal Enterprises added over 7 percent gains for the week as it plans to raise up to Rs 2,650 crore through the issuance of non-convertible debentures (NCDs) on private placement basis. In a regulatory filing, it said the committee approved to issue up to 26,250 secured non-convertible debentures (NCDs) of up to Rs 2,625 crore (including green shoe option) on private placement basis in four series.
Power Grid Corporation, 6%
At present, the FPIs/FIIs holding in Power Grid is about 24 per cent.
Tata Motors, up 5.5%
Share price of auto major Tata Motors registered gains off over 5 percent for the week as the company said that it will increase prices of its trucks and buses by 1-1.5 percent next month due to a consistent rise in raw material cost. A top company official confirmed to Moneycontrol that a price hike is on cards. The Mumbai-based company has already increased prices of its products thrice this financial year.
Also, the company has joined hands with self-drive rental car firm Zoomcar to offer the electric version of its compact sedan Tigor in Pune city as part of the shared mobility plans. Under this partnership, Zoomcar expects to deploy 500 electric vehicles in over 20 cities with Tata Motors over the next one year, a release said.
ADVANTAGEOUS SERVICES ARE AVAILABLE FOR CLIENTS ALONG WITH FULL TECHNICAL SUPPORT TO MAKE YOUR FINANCIAL TRADING EASIER. CLICK HERE TO SUBSCRIBE US FOR FREE >> Option Trading Tips
No comments:
Post a Comment