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More than 20 stocks in BSE 500 surge 10-35% in a choppy week

Sectorally, the rally was driven by technology, FMCG, Pharma and Energy stocks, whereas Banking & Financials, Power, Realty and Telecom saw selling pressure.

 

Date- 18/7/2020

Source - Moneycontrol

 

It was another week of volatile trade but bulls retained their upper hand on Dalal Street for the fifth consecutive week which ended on July 17 with the BSE Sensex and Nifty50 gaining 1.2 percent each.

Favourable global cues, progress in vaccine and strong earnings from Wipro and Infosys boosted sentiment, but rising virus cases and FII-DII outflow capped gains.

The broader markets underperformed frontliners as the BSE Midcap index gained a percent, but Smallcap lost 0.17 percent during the week.

The main action was seen in BSE 500 stocks as 21 scrips posted double-digit returns, rising 10-35 percent during the week. These included names like Infosys, Wipro, BPCL, Cyient, Hathway Cable, Gujarat Fluorochemicals, Bajaj Consumer Care, Intellect Design Arena, Edelweiss Financial Services, Thyrocare Technologies, Granules India, Birlasoft, Muthoot Finance, Westlife Development etc.


"Markets managed to settle in the green for the fifth successive week, supported by upbeat global cues and a positive start to the earnings season. It was more of the consolidation bias in the index for most of the week however the strong earnings show from IT majors like Infosys and Wipro played a critical role in boosting the market sentiment in the final sessions," Ajit Mishra, VP Research at Religare Broking told Moneycontrol.

"Meanwhile, select index majors from the other sectors helped the index to sustain at the higher levels. Interestingly, markets chose to overlook the rising cases in India and higher inflation numbers and settled around the week's high," he said.

On the other hand, these 13 stocks - Arvind Fashions, Sunteck Realty, Omaxe, Avenue Supermarts, Indiabulls Real Estate, Prestige Estates Projects, Future Consumer, IDBI Bank, Suzlon Energy, Varroc Engineering, Jammu & Kashmir Bank, L&T Finance Holdings and SKF India - were down 11-22 percent this week.

Sector-wise, the rally was driven by technology, FMCG, Pharma and Energy stocks, whereas Banking & Financials, Power, Realty and Telecom saw selling pressure.

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