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The week in 10 stocks: Pain for Rain Ind, Jet; midcaps look up

, ETMarkets.com|
Mar 02, 2019, 11.05 AM IST
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For the layman, a PMI print above 50 means expansion, while a score below that denotes contraction.

Highlights

  • Overall, the equity market kicked off the week on a positive note following firm global cues.
  • However, geopolitical tensions between India and Pakistan dragged the market through February 26-28.
  • The market pared the losses on Friday after the PMI rose to 54.3 in February from 53.9 in January.
Indo-Pak tensions kept domestic investors on the edge during the week gone by. However, some buying at lower levels on Friday helped benchmark Sensex and Nifty settle the week in the green. Sensex gained 192 points, or 0.54 per cent, for the week to end at 36,063, while Nifty added 71.85 points, or 0.67 per cent, to close at 10,863.

Overall, the equity market kicked off the week on a positive note following firm global cues. However, geopolitical tensions between India and Pakistan dragged the market through February 26-28. The market pared the losses on Friday after the Nikkei India Manufacturing Purchasing Managers’ Index (PMI) rose to 54.3 in February from 53.9 in January.

This was the 19th consecutive month that the manufacturing PMI remained above the 50-point mark. For the layman, a PMI print above 50 means expansion, while a score below that denotes contraction.

Below are the top stocks and sectors that buzzed through the week.

Rain Industries: Shares of the company plunged over 11 per cent in last five sessions after it reported Rs 139.1 crore loss for December quarter against Rs 307.2 crore profit reported for the same period last year.

Jet Airways: The aviation firm remained in the news through the week after the company on Thursday said six more of its aircraft have been grounded due to non-payment of lease rentals. Meanwhile, chairman Naresh Goyal agreed to step down as the lenders geared up to acquire a majority stake in the airline under a bailout plan. Shares of the company lost 0.87 per cent and settled the week at Rs 234.70.

Bharti Airtel: The market reacted negatively to the fund raising plan of Bharti Airtel, and the stock fell 3.43 per cent to close at Rs 307.05 on Friday. Analysts said the funds raised will help the company pare debt, but that may not be enough for its capex and opex plans. Also, the deep discount given in the right issue will hit the company’s investors view on further fund raising and increase worries on EPS estimates. The scrip lost nearly 2 per cent during the week ended March 1.

Yes Bank: The private sector lender stood among top gainers in the Nifty pack. It gained as concerns over top management eased after Ravneet Gill took a charge as Managing Director and CEO. His tenure, as approved by Reserve Bank of India (RBI), will be for three years from the date of his joining, i.e. March 1, 2019 to February 28, 2022. Yes Bank shares gained 7 per cent to Rs 237.60 as of March 1 from Rs 222 on February 22.

IndianOil: Shares of the oil marketing company gained traction after winning licences to retail gas in 10 cities in the tenth city gas bid round – in nine cities, most of them in Bihar and Jharkhand, it has got it on its own and one in a joint venture with Adani Gas. This is the second auction in a row that IOC has dominated. In a separate development, the company has inked an MoU with Inland Waterways Authority of India (IWAI). IOC shares jumped nearly 8 per cent to Rs 148.10 from Rs 137.20.

Top gainers/ losers: In the BSE500 index, Adani Power gained the most at 21.33 per cent for the week ended March 1, 2019. It was followed by Sadbhav Engineering (up 20.76 per cent), Minda Corporation (up 19.37 per cent), CG Power & Industrial Solutions (up 17.31 per cent) and Swan Energy (up 17.09 per cent). On the other hand, Rain Industries (down 11.24 per cent), Max India (down 11 per cent), TeamLease Services (down 8.45 per cent) and Motilal Oswal Financial Services (down 7.66 per cent) were among the top losers.

@New all-time high/low: Info Edge (India) was the only stock that hit a new all-time high of Rs 1830.10 on February 27, 2019 in the BSE500 index. However, Dishman Carbogen Amcis and Advanced Enzyme Technologies hit new lows of Rs 180.40 and Rs 145.40 on February 26.

Sectoral update: Among the sectoral indices on BSE, the capital goods index advanced 3 per cent for the week ended March 1. This was followed by metal (up 2.49 per cent), oil & gas (up 2.22 per cent), healthcare (up 2.22 per cent) and power (up 1.92 per cent) indices. On the other hand, telecom and realty indices declined 2.52 per cent and 1.19 per cent, respectively.

Midcaps, smallcaps back in action: Although geopolitical tensions kept the volatility high during the week, midcaps as well as smallcaps managed to outperform the benchmark Sensex. The 30-share index gained 0.50 per cent against a 2.35 per cent and 3.43 per cent gain registered by the BSE Midcap and Smallcap indices, respectively.
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