NEW DELHI: Domestic stocks staged a strong recovery this past week, even as the Fed said recession in the US was a real possibility and that it was committed to tame inflation. The silver lining for domestic stocks was the fall in crude oil prices amid worries the demand from developed markets may come down on weakening global growth. Bargain hunting also played its part in pushing stocks higher.
“The momentum readings were too oversold and the RSI readings had shown a positive divergence on charts. The Nifty50 move above 15,400 with a gap led to a change in sentiment and thus, we witnessed a pullback move which was much on the cards,” said Ruchit Jain og 5Paise.com.
The NSE Nifty advanced 405.75 points or 2.65 per cent for the week to settle at 15,699.25. The BSE Sensex closed the week at 52,727.98, up 1,367.56 points, or 2.66 per cent. The BSE midcap and the BSE SMallcap indices rose 2.38 per cent and 1.61 per cent, respectively.
The broader BSE500 index climbed 513.97 points or 2.48 per cent to 21,223.98. As many as 340 stocks from the index ended higher for the week, with 15 stocks rallying 10-29 per cent. A couple of stocks fell up to 22 per cent in an otherwise strong week.
ITI, which produces network gears topped the BSE500 chart, rallying 28.52 per cent for the week.
climbed 19.14 per cent to Rs 468.05. State-run MMTC advanced 16.22 per cent to Rs 39.75. , and soared 13-16 per cent for the week.
jumped 11.74 per cent to Rs 2757.30. The two-wheeler maker has decided to hike prices of motorcycles and scooters by up to Rs 3,000 from July 1 to partially offset the steadily growing overall cost inflation, including commodity prices.
rose 11.43 per cent for the week to Rs 492.65 after two brokerages and Angel One suggested over 100 per cent upside on the counter.
jumped 10.67 per cent to Rs 504.25. Inox Leisure and PVR have received approval from Sebi and stock exchanges regarding the proposed merger, three months after the merger announcement. The next step for the two multiplex owners is to get clearance from the National Company Law Tribunal (NCLT), which as per Nirmal Bang Institutional Equities, could take another six months. PVR advanced 8.64 per cent for the week to Rs 1,844.65.
Strides Pharma soared 10.75 per cent for the week to Rs 342.30. Out of this,a 9.55 per cent rise was seen on Friday itself after a Strides Group Company, along with Akston Biosciences Corporation and Biolexis, announced positive results from a Phase II and III clinical trial of a SARS-CoV-2 vaccine in India.
was up 9 per cent after the l infrastructure EPC company in the early part of the week announced winning of multiple orders worth Rs 1,092 crore.
Big losers for the week included
, which fell 22.25 per cent to Rs 35.10. Vedanta, Star Health, MRPL and Bharat Dynamics declined 16 per cent, 14 per cent, 11.58 per cent and 9.95 per cent, respectively.
SpiceJet, KPR Mill,
, , and fell 8-10 per cent for the week.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
