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Last Updated : Jul 11, 2020 10:46 AM IST | Source: Moneycontrol.com

Over 40 stocks in BSE 500 buck trend to rise 10-30% in a volatile week

Broader markets continued to outperform as Nifty midcap and small-cap rose 1.4% and 3.5%, respectively. Sectorally, metal, financials and IT outshone during the week while infra and energy took a breather.

The Nifty50 which started the week on a positive note looked set to reclaim 10,900 levels, but bears slowly took control and pushed the index towards 10,700 on Friday.

The Nifty50 finally closed 1.52 percent higher compared to 1.59 percent rally seen in the S&P BSE Sensex.


The mixed performance was seen from the broader market space as the S&P BSE Midcap index rose just 0.81 percent while the S&P BSE Smallcap index closed with gains of 1.59 percent for the week ended July 10.

However, as many as 46 stocks in the S&P BSE500 index that rose 10-30 percent for the week ended July 10. These include NCC, GE Power, Jindal Steel & Power, IndusInd Bank, Equitas Holdings, Karnataka Bank, IRB Infrastructure, and Ujjivan Small Finance Bank, among others.

“Markets started the week on a promising note however mixed cues capped movement as the sessions progressed. In between, volatility remained high as domestic markets continued to dance on the tune of global peers and increasing COVID cases worldwide kept markets on edge,” Ajit Mishra, VP - Research, Religare Broking Ltd told Moneycontrol.

“Nonetheless, investors’ sentiments were boosted on news of easing of geopolitical tension between India and China as well as encouraging PM’s speech at the India global week summit,” he said.

BSE 500 11 July 1

BSE 500 11 July 2

Metals and Financials led the rally on D-Street in the week gone by. The Nifty metal index rallied over 3 percent while the Nifty Bank was up 2.5 percent for the week ended July 10.

“Whether it is in terms of trading range or weekly gains the last week remained relatively quiet for the market. Bajaj Twins and Reliance Industries and some few metal stocks brought the market up,” Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities told Moneycontrol.“If ITC had not broken 6 percent, the Nifty/Sensex would have gone even higher. The Bank Nifty was in the lead in the second half of the week but then the Metal Index overtook the leadership,” he said.

Nifty outlook for the week:

Equity benchmarks extended gains over the fourth consecutive week amid lackluster global cues. The Nifty ended the week at 10768, up 161 points, or 1.5 percent.

Broader markets continued to outperform as Nifty midcap and small-cap rose 1.4 percent and 3.5 percent, respectively. Sectorally, metal, financials and IT outshone during the week while infra and energy took a breather.

The Nifty50 managed to reclaim 10600 on the closing basis for the week ended July 10, and the next big resistance is placed around 10900, but before that experts see some consolidation.

“In the coming week we expect the index to undergo healthy consolidation in the broad range of 10,900-10,600 amid stock-specific action as we enter the Q1FY21 result season,” Dharmesh Shah, Head – Technical, ICICI direct told Moneycontrol.

“Over the past quarter, we have observed a significant jump in daily cash turnover. As compared to April average (Rs 49,000 crore), current turnover stands near Rs 60,000 crore. An increasing trend suggests a growing appetite for equities which augurs well from a medium-term perspective,” he said.

Shah further added that with improving the market breadth, buying demand at the elevated support base, makes us confident of revising the support base at 10600 for the Nifty50.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on Jul 11, 2020 10:46 am