As many as 50 equity stocks registered a double-digit rise in their share prices – in the range of 15-40 percent last week, as the 30-share BSE Sensex registered its third consecutive weekly gain, supported by a surge in information technology (IT) stocks on easing of global interest rates outlook with strong US markets.
On the stock-specific front, 45 small stocks recorded gains in the range of 15 percent – 50 percent last week, outperforming the index. Sharda Motor, RattanIndia Power, Orient Green Power, MSP Steel & Power, 63 Moons Tech, Titagarh Railsystems, Tata Investment, Nesco, Varrox Engineering, Dilip Buildcon, Antony Waste Handling, GE Power India, DB Realty, KPI Green Energy, Jain Irrigation , DCX Systems, IFB Industries, SMC Global, Sun Industries are among the small caps that registered a double-digit rise in their share prices last week.
Weekly Markets Print
Domestic markets extended their bullish tone for the third consecutive week and gained more than a percent. The beginning was unfavorable but the bias changed in the following sessions with an increase in the American markets.
The NSE Nifty 50 index gained 1.58 percent this week, its best in two months, while the Sensex rose 1.37 percent. Shares of IT companies that earn a significant portion of their revenue from the United States climbed 5.07 percent, their best week in 16 months.
The hike follows softer-than-expected US inflation data on October 14, which boosted expectations that the US Federal Reserve will not raise rates and may start cutting rates in May 2024.
US Treasury yields also fell after the inflation data, while foreign investors snapped a 15-session selling streak on the week. Analysts said the drop in oil prices is also positive for net importers like India. Brent crude futures hit four-month lows and were set to decline for the fourth straight week. The oil and gas Nifty index gained 1.40 percent, rising for the third week in a row.
Shares of banking and NBFC firms fell sharply after the Reserve Bank of India (RBI) tightened norms for consumer credit as it asked them to assign a higher risk weight to unsecured personal loans, a move aimed at making lenders more wary of such advances.
MORE TO COME
Disclaimer: The views and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions. too
Milestone Warning!Livemint tops charts as the fastest growing news site in the world 🌏 Click here to know more
Catch all Business News, Market News, News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More or less
Updated: 18 Nov 2023, 21:31 IST