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Last Updated : Feb 26, 2020 08:25 PM IST | Source: Moneycontrol.com

Seventy stocks gain in double digits despite Coronavirus hangover on market

While benchmark indices lost ground, about 70 stocks from the BSE500 index gained in double digits

Sunil Shankar Matkar

The widely spread coronavirus has made experts lose sleep over global growth worries. The pandemic is hitting investor sentiment across markets.

Indian equities have lost more than 5 percent from their record high (touched in January). The loss in the market during the current week itself has been more than 3 percent.

On February 26, the S&P BSE Sensex fell 392.24 points or 0.97 percent to 39,888.96, while the Nifty50 closed below 200 DEMA (which was placed at 11,720), losing 119.40 points or 1.01 percent to 11,678.50.

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In fact, the benchmark indices are just a few points away from their lows seen on the Budget day (Nifty's close at 11,662).

While benchmark indices lost ground, about 70 stocks from the BSE500 index bucked the trend.

These 70 stocks have risen in double digits since Budget day. The list includes Shilpa Medicare, Mishra Dhatu Nigam, Navin Fluorine, Deepak Nitrite, India Cements and Max Financial Services.

Here is a list of top 20 stocks from the 70 that rose in double digits.

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Experts feel the market is expected to remain weak in the coming days and the movement from hereon will be dependent on global cues. If the coronavirus crisis extends for more than couple of months then there could be major global growth worries which can impact India too, according to them.

"The impact of the Coronavirus outbreak may last long (if several global news flows are to be believed). Several agencies are working fast towards finding a solution, while China, I believe, has taken some hard measures (which only they could) to contain the spread to other countries. This, coupled with increasing temperatures due to the upcoming summer, should start easing the further spread. However, I believe an impact of 3 quarters will definitely be visible due to this outbreak," Vinay Pandit – Head, Institutional Equities, IndiaNivesh told Moneycontrol.

Coronavirus has taken lives of around 2,800 people worldwide including 2,715 in China alone with more than 78,000 infected cases.

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First Published on Feb 26, 2020 03:11 pm
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