stocks in news: The week that was: Network 18 Media tanks, glass players zoom up to 36%

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New Delhi: The domestic equity markets ended the week with a sharp fall, thanks to intense selling pressure due to weaker global and domestic cues. The Federal Reserve turned hawkish, and the Bank of England surprised the traders with a rate hike. Increasing concerns over the Omicron variant and constant selling by FIIs kept the traders on their toes.

The benchmark indices — BSE Sensex and Nifty 50 — shed 3 per cent each, whereas the BSE midcap Index tanked about 5 per cent and smallcap index dropped 3 per cent. All the sectors, barring IT, were hit by bears and eroded investors wealth.

“In the absence of major domestic events, the market will seek indications from global indices and macroeconomic data, such as the US GDP growth rate, to decide its movement,” said Yesha Shah, Head of Equity Research, Samco Securities.

With primary markets buzzing, the bourses will see a rush of listings this coming week. Secondary markets are expected to remain under pressure in the absence of any positive occurrences, she added.

In the BSE500 index, over 420 stocks closed in the negative zone, whereas merely 80 stocks were able to register gains. About 30 stocks registered a decline of 10 per cent or more.

Here are key stocks that were in the spotlight during the week:

Network 18 Media & Investments: Shares of the broadcasting player tanked over 19 per cent in the last week as investors booked profits in the scrip following a 50 per cent rally in the counter. Mukesh Ambani-led firms are eyeing to bid for ICC broadcasting rights. Post Q2 earnings, it was been said that sports will be the next frontier of expansion.

Real estate players: The realty stocks were under pressure in the recent week as central banks turned hawkish on the rate hikes, which does not fare well for the companies from these sectors. Macrotech Developers shed 16 per cent to Rs 1,182.2, whereas DB Realty dropped 15 per cent and Indiabulls Real Estate declined 12 per cent.

Gujarat Fluorochemicals: The speciality chemical player retreated 16 per cent to Rs 2,098.05 during the week following the prohibition of insider trading and a fire that broke out in the Ranjitnagar Site of the company, a standalone plant that makes fluoro speciality chemicals.

Construction stocks: The construction and engineering players also saw some profit booking the last week after rallying as much as 60 per cent in the previous month.

and bled 15 per cent each to Rs 14.75 and 825.7, respectively.

Shriram Transport Finance Company: The NBFC eroded 15 per cent of its value to Rs 1,273.6 in the last week after the Shriram Group announced that Shriram Capital and Shriram City Union Finance would merge with it as part of the group’s corporate restructuring. The merged entity, Shriram Finance, would be the largest retail finance NBFC in the country.

Suvidhaa Infoserve: The Shapoorji Pallonji-backed online electronic payments solutions player rallied 41 per cent to Rs 14.41 during the week. The scrip had rallied 55 per cent in just three sessions before witnessing profit booking on Friday.

Glass players: Shares of glassware players were high in demand as the Street focussed on the renewable energy play. Borosil zoomed 36 per cent to Rs 450.4, whereas Saint-Gobain Sekurit India jumped 21 per cent to Rs 88.7. Borosil Renewables gained 17 per cent to Rs 692.95.

Tata Teleservices (Maharashtra): The smallcap telecom player added 27 per cent to Rs 189.7 and is transforming itself as a comprehensive digital transformation partner for India’s small and medium-sized businesses.

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