/The Week That Was: Ujjivan SFB among top gainers; Big Bull touch lifts Firstsource

The Week That Was: Ujjivan SFB among top gainers; Big Bull touch lifts Firstsource

NEW DELHI: Riding on global cues, the domestic stock market rose for another week as Covid-19 cases rose rapidly in India and many other parts of the world, weaking the hopes of a swift economic recovery. Financials, auto, infrastructure and metal stocks were in demand during the week, as resumption of businesses and projects gained momentum. Meanwhile, AMCs and retailers were among the biggest losers.

Nifty50 and Sensex rose about 1.5 per cent each for the week gone by, while the broader market indices also performed in line with them. “Majority of the stocks in BSE500 and Nifty50 are hovering close to their 200-day moving averages, which bring the market to an equilibrium. Going forward, even the slightest push of liquidity would take the bourses higher, but this seems unlikely to happen given the outflow of funds,” said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote. .

Here are the stocks that saw major movement last week:

Ujjivan SFB, Spandana Sphoorty, Bajaj Finance: Micro and mortgage lenders were among the biggest gainers during the week as many non-banking financial companies said the number of people availing moratorium on loans have come down sharply. Ujjivan Small Finance Bank rose 29.09 per cent to Rs 39.05, Spandana Sphooty 22.28 per cent to Rs 671.80 and Bajaj Finance 13 per cent to Rs 3,313.10.

Maharashtra Scooters: The Bajaj Group company that makes auto parts saw many takers during the week and was the second biggest gainer among BSE 500 stocks. It climbed 25.10 pe cent to Rs 3,181.05 as automakers reported massive jump in June sales compared to May.

Firstsource Solutions: Shares of BPO firm Firstsource Solutions advanced 17.93 per cent during the week after ace stock picker Rakesh Jhunjhunwala increased stake in the company to 2.88 per cent during April-June quarter. The scrip closed the week at Rs 43.4 per cent.

Future Retail: Shares if retailer that runs Big Bazaar chain crashed 22.56 per cent to Rs 105.75 amid reports that Amax=zon, which has a minority stake in the company and has the first right to takeover, may pose hurdled in Reliance Industries’ plans to acquire the Kishore Biyani led entity.

Omaxe: Shares of the company, which builds residential buildings, has been in a downward spiral since the firm postponed the date of board and committee meeting to July 29. This is despite the company clarifying in a statement that the move was necessary because of an outbreak of Covid-19 in its offices. The stock tanked 22.52 per cent to Rs 79.80 during the week.

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Markets-Economic Times