Additionally, the unrelenting rise in US Treasury bond yields despite assurance from the US Federal Reserve that interest rates may not be raised through 2023 have also marred market sentiment.
For the week, the Nifty50 index declined 1.9 per cent, while the BSE Sensex fell 1.8 per cent.
Here are the 10 stocks that captured market action in the week gone by:
ITC’s best week since Budget
Shares of ITC rose 9 per cent for the week, their best weekly performance since the Budget in February, helped by the bullish outlook by brokerage firm Morgan Stanley. The brokerage firm initiated coverage on the stock with an ‘outperform’ stance and suggested that uncertainties around taxation are receding.
HUL rises as defensive bets return
Shares of India’s largest fast-moving consumer goods company rose 5 per cent in the week helped by investors’ preference for defensive stocks in a highly volatile market. The gains were also supported by expectations of strong March quarter earnings helped by a low base in the year-ago period.
BPCL falls as dividend disappoints
Shares of state-owned refiners fell as the company failed to meet investors’ expectations from its second interim dividend. The stock fell over 5 per cent as the company’s Rs. 5 per share interim dividend was much lower than expectations of Rs. 35-45 per share by some analysts prior to the board meeting on Tuesday.
Lemon Tree falls over Covid-19 worries
Shares of the hotel chain operator fell 12 per cent for the week as investors booked profits in stocks that may be affected by the surging Covid-19 cases. Hotel companies have been the worst affected by the pandemic, and as cases surge in the country, investors are worried that it may push back recovery for the sector.
L&T falls on concerns over capex
Another stock that benefitted from expectations of normalisation of the economy in 2021 saw heavy losses in the week. Investors were forced to reconsider the recovery in the capital expenditure cycle due to the likely dampening effect of renewed local lockdowns in face of an emerging Covid-10 second wave in India. The stock fell 7 per cent.
Best week ever for ICRA
Shares of the rating agency jumped 23 per cent after exchange data showed that Parag Parikh Financial Advisory Services Mutual Fund picked up over 2,00,000 shares of the company through a bulk deal on Thursday.
Power Grid rises on EV charging bets
Shares of the state-owned grid company rose 5 per cent, outperforming the benchmark Nifty50 index, as investors remained optimistic that the company would benefit from the rise of electric vehicles in the country. Investors believe that Power Grid’s efforts in setting up electric vehicle charging stations could spur growth in earnings in the long term.
Tata Communications sinks on OFS
Shares of the Tata Group company fell 9 per cent in the week gone by, after the government sold more than 16 per cent stake in it through an offer for sale at a discount of 10 per cent.
Future Retail’s misery continues
Shares of the Future Group company sank 19 per cent after the Delhi High Court accepted the validity of the arbitration court’s stay on the Group’s deal to sell its retail and wholesale assets to Reliance Industries’ subsidiary. The major victory for Amazon, which has disputed the RIL-Future Group deal, has further fogged the timeline for the Rs 24,700-crore deal.
Bliss GVS Pharma tumbles
Shares of the pharmaceutical company logged their worst week in over 16 months, plummeting 35 per cent, as investors booked profits after 73 per cent gains between April and February.