Nearly 400 stocks in the BSE 500 index gained last week, while about 100 slipped amid general profit-booking after rallying too much too soon.
“This week witnessed the markets reaching fresh record highs on a daily basis which was fuelled by positive global cues, optimism on vaccine rollout, healthy business figures reported by banking and auto companies and hopes of strong quarterly outcomes. Broader markets outperformed benchmark indices contributing to the rally,” Vinod Nair, Head of Research at Geojit Financial Services.
“The global markets, showcased an upbeat movement owing to the democratic control of the US Senate and hopes of speedy economic rebound due to the vaccine, set the trends for the domestic markets which followed suit.”
Here are 10 stocks that buzzed the most during the week:
RVNL: Shares rose 39.54 per cent during the week to Rs 33.35 amid talks of the government’s impending stake sale in the public sector company. The government plans to offload a 15 per cent stake via the OFS route.
Inox Leisure: Shares of the company that runs multiplexes across India rose 20.66 per cent to Rs 346 as state governments started allowing more people into cinema halls. During the week, Tamil Nadu allowed 100 per cent occupancy but revoked the order on Friday.
Sobha: Shares of South India-focused builder Sobha were also in great demand as the company reported its best ever quarterly sales. The scrip rallied 16.34 per cent to Rs 473.45.
Jindal Stainless: The steelmaker rallied along with its peers as amid a surge in steel demand in the recent months, Moreover, credit ratings agencies India Ratings & Research and CARE upgraded JSL to ‘BBB+’ from ‘BBB’. The stock advanced 15.92 per cent to Rs 88.45.
RBL Bank: Shares of the private sector lender rose 14.65 per cent to Rs 264.90 after brokerage firm CLSA initiated coverage on the stock with a ‘buy’ rating with a target price of Rs 330.
Ashok Leyland: Shares of truck and bus maker Ashok Leyland rallied as sales of commercial vehicles picked up. The stock climbed 13.77 per cent to Rs 112.75.
Vedanta: Shares of the natural resources company rose 13.53 per cent to Rs 182.05 amid news that the promoters of the company would buy more shares. Eventually, Vedanta promoters announced an open offer for a 10 per cent stake in the company over the weekend.
Dixon Technologies: Shares of the contract manufacturer climbed 13.03 per cent to Rs 15,393 after the company clinched a couple of contracts to make phones for Motorola and boAt for wireless speakers in the last two weeks.
TCS: Ahead of the release of the IT company’s Q3 earnings, shares rose 6.56 per cent to a record high of Rs 3,120.35. The company said on Friday evening that its performance in the December quarter was the best in the last nine years.
Venky’s India: As more and more states said they have detected death of birds due to avian influenza, shares of Venky’s India that deals in poultry products, slipped 10.49 per cent to Rs 1,578.55.