Stocks that rallied up to 115% in longest rally since Sept 2014
The longest winning stretch of Sensex & Nifty since Sept 2014 came to halt on Wednesday.
Stocks from across sectors and categories, including auto ancillary, private banks, cables, chemicals, engineering, fertilisers, NBFC, IT, tyres and textiles participated in the rally. Besides, as many as 20 hospitality stocks surged up to 28 per cent during this period.
Robust growth in foreign tourist arrivals, limited new room additions and an uptick in domestic demand should be key structural growth drivers for the hotel sector in the long run, brokerage ICICIDirect said in a report.
Shares of microcap firm Zenith Exports soared 115 per cent between April 9 and 17, rising from Rs 46.10 to Rs 99.40. It was followed by a newly-listed firm Mishra Dhatu Nigam (MIDHANI), which spurted 55 per cent on account of strengthening metal prices.
MIDHANI, a mini-ratna, Category-I status company, is one of the leading manufacturers of special steels, super alloys and only manufacturer of titanium alloys in India.
The longest winning stretch of Sensex and Nifty since September 2014 came to halt on Wednesday (April 18) amid profit booking. The 50-share Nifty index ended Wednesday’s session 22.50 points, or 0.21 per cent, down at 10,526, whereas the BSE Sensex closed 63.38 points, or 0.18 per cent, down at 34,331.
“A strong bout of broad-based profit booking post the midsession on Wednesday dragged index lower from the kissing distance of 10,600 to eventually conclude with a loss of two tenths of a per cent,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.
The 30-share index climbed 1,376 points, or 4.17 per cent to 34,395 on April 17 from 33,019 on April 4. On the other hand, NSE’s Nifty jumped 420 points, or 4.14 per cent, to 10,548 from 10,128.
Soril Infra, Indiabulls Ventures, Birla Cable, IOL Chemicals, Asian Hotels (West), Shakti Pumps, JBF Industries, IFB Agro Industries and Asian Hotels (East) were some of the other stocks that soared between 30 and 50 per cent during this period.
Shares of DCB Bank, Sudarshan Chemicals, Royal Orchid Hotels, DB Realty, Deepak Fertilzers and Hinduja Ventures rallied between 20 and 25 per cent in the pullback rally till April 17.
A normal monsoon forecast by Skymet as well as Indian Meteorological Department (IMD) this year supported agriculture-related stocks during this period.
Among the top losers, Talwalkars Better Value Fitness, Sundaram Finance Holdings, Vakrangee, Ramgopal Polytex, Gitanjali Gems and Diamond Power tanked over 25 per cent.
In a joint operation, CBI and the Gujarat Anti Terrorist Squad (ATS) have arrested three promoters of Vadodara-based Diamond Power Infrastructure, accused of defrauding a consortium of banks to the tune of Rs 2,654 crore, officials said on Wednesday.