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Weekly Market Roundup
Here is a weekly market roundup for the week ending 5th of July 2024. It gives an overview of the market sentiment in the last five trading sessions. The last week ending 5th July 2024 was quite good for the market. Many stocks touched their 52-week high and many crossed their all-time high. The market is good in general for all the sectors and specifically for the PSU stocks.
Reliance Industries is trading very close to its 52-week high and its market cap is now more than 21.5 lakh crore. Most of the IT stocks ended the ween in green. HDFC Bank, Airtel, Adani stocks, and Titan Company ended the week in red.
The top weekly gainers among the companies with market cap of ₹10,000 crore or more were:
- Mazagon Dock Shipbuilders
- Wockhardt
- Garden Reach Shipbuilders
- Cochin Shipyard
- Castrol India
- Kirloskar Brothers
- Solar Industries
- Voltamp Transformers
- NBCC (India)
While Mazagon Dock gave a return of 33% to its investors, Wockhardt wasn’t much behind with 32%. Garden Reach Shipbuilders and Cochin Shipyard gave returns of 29% and 28% respectively. Rail Vikas Nigam Limited (RVNL) gave a return of 18% in the last five trading sessions. IRCON International stock price too jumped by 14%.
The market is still quite positive about the engineering stocks. Engineering and Heavy Electrical Equipment stocks suck as GE T&D, HBL, Genus Power Infra gave returns of more than 10% in the last one week. Another favourite of the market last week were the railway stocks. Apart from IRCON and RVNL, other the railway stocks such as Railtel, RITES, Texmaco, and IRFC too jumped between 8% and 12%.
YTD Top Gainers
On the YTD basis, the top gainers with market capitalization of ₹10,000 crore or more are:
- Waaree Renewables
- Cochin Shipyard
- Transformers and Rectifiers
- GE T&D India
- Garden Reach Shipyards
On the YTD basis too, the railway stocks have been market favourites. Engineering and Electrical Equipment stocks such as Kirloskar Brothers, Cummins India, Siemens, ABB, and Kirloskar Oil Engines too have given good returns to their investors. Bangalore based real estate companies such as Purvankara and Shobha have given more than 99% return in the last one year.
Market has been very positive about the PSU stocks. The top gainers among the PSU stocks on YTD basis, apart from the ones listed above, are:
- RVNL
- HUDCO
- Mazagon Dock
- NBCC
- IFCI
- Bharat Dynamics
- Hindustan Aeronautics
- IRFC
- IRCON
- Bharat Electronics
After a very long time IFCI stock has seen some momentum. IFCI has reported good revenue and PAT numbers in the last few quarters. On looking deeply into the financials of NBCC and Engineers India, it is surprising to see them in the top gainers list. It it an indication of a bubble in the market? Both the stocks are trading at a very high PE.
Among all the stocks listed in BSE, Royal India Corporation has given a return of 927% in YTD basis. Some of the other stocks that have given returns of more than 500% are:
- Tinna Trade
- Diamond Power Infra
- Ceenik Exports
- Eraaya Lifespaces
- Marsons
- Harshil Agrotech
- Ace Software Exports
The return looks quite unreal. The price movement of a few of these stocks are giving a hint of stock manipulation. A few of these companies have almost no profit or nothing has changed in their financials. A few of them had very bad quarter when compared with the result of Q4FY23.
