BT50 Monday movers: Just five stocks defy gravity as market sell-off continues for 4th day
The benchmark equity indices plunged for the fourth straight session on Monday led by losses in energy-to-telecom behemoth Reliance Industries, financial and select information technology stocks. Some weakness in global markets also weighed on investor sentiment.
- Nov 22, 2021,
- Updated Nov 22, 2021 5:36 PM IST
The benchmark equity indices plunged for the fourth straight session on Monday led by losses in energy-to-telecom behemoth Reliance Industries, financial and select information technology stocks. Some weakness in global markets also weighed on investor sentiment.
As a result, the BSE Sensex settled 1,170.12 points, or 1.96 per cent, down at 58,465.89. Likewise, the 50-share Nifty index settled 348.25 points, or 1.96 per cent down at 17,416.55. Despite the sell-off in the equity market, as many as five stocks in the Business Today top 50 list managed to settle the day in the green.
With a gain of 3.78 per cent, telecom major Bharti Airtel emerged as the top gainer in the list. The scrip advanced Rs 27 to Rs 741.35. JSW Steel (up 1.64 per cent), Asian Paints (up 1.13 per cent), Power Grid (up 0.68 per cent) and Britannia Industries (up 0.29 per cent) stood as the other top gainers in the list.
Amit Gupta, fund manager-PMS, ICICI Securities said, “The stretched valuation segments are witnessing profit booking and money is flowing into value segments where earnings have started to grow after several earnings of stagnation.”
He further added that commodity prices in the international markets have started to cool off with HR Steel prices in China having corrected by 18 per cent, aluminium by 17 per cent and iron ore prices by 64 per cent due to sluggish real estate demand in China, and thus lower Chinese imports. This should help to recover the margin pressure in some commodity user companies in India like consumer stocks.
BT50 stocks are the top players from the BT500 universe. These players are ranked based on the gain in their 12-month average market capitalisation between October 2020 and September 2021 against the same period a year ago.
On the other hand, NBFC major Bajaj Finance dipped the most in the list. Shares of the company closed 5.6 per cent lower at Rs 7065.70. Avenue Supermarts (down 4.96 per cent), Bajaj Finserv (down 4.81 per cent), Tata Motors (down 4.57 per cent), Reliance Industries (down 4.35 per cent) and NTPC (down 3.92 per cent) stood among other major losers in the BT top 50 list.
Narendra Solanki, head-equity research (fundamental), Anand Rathi Shares and Stock Brokers said, “Indian markets opened on a negative despite mixed Asian market cues as China on Monday kept the one-year Loan Prime Rate (LPR) unchanged. During the afternoon session markets further drifted lower and traded at a day’s low amid the resurgence of coronavirus outbreaks in Europe and some other regions. Also, adding to growing speculation traders feared that central banks could have to tighten monetary policy quicker to tame a spike in inflation.”
Sectorwise, the BSE Telecom and Metal index gained 2.92 per cent and 0.07 per cent, respectively.
However, the BSE Realty, Energy, Consumer Durables and Auto indices dipped between 3 per cent and 4.50 per cent. Other sectoral indices on the BSE also closed in the red.
Also Read: Decoding the market crash: Why Sensex fell over 1,600 points today
Also Read: Latent View Analytics may see bumper listing on Tuesday; check grey market premium
The benchmark equity indices plunged for the fourth straight session on Monday led by losses in energy-to-telecom behemoth Reliance Industries, financial and select information technology stocks. Some weakness in global markets also weighed on investor sentiment.
As a result, the BSE Sensex settled 1,170.12 points, or 1.96 per cent, down at 58,465.89. Likewise, the 50-share Nifty index settled 348.25 points, or 1.96 per cent down at 17,416.55. Despite the sell-off in the equity market, as many as five stocks in the Business Today top 50 list managed to settle the day in the green.
With a gain of 3.78 per cent, telecom major Bharti Airtel emerged as the top gainer in the list. The scrip advanced Rs 27 to Rs 741.35. JSW Steel (up 1.64 per cent), Asian Paints (up 1.13 per cent), Power Grid (up 0.68 per cent) and Britannia Industries (up 0.29 per cent) stood as the other top gainers in the list.
Amit Gupta, fund manager-PMS, ICICI Securities said, “The stretched valuation segments are witnessing profit booking and money is flowing into value segments where earnings have started to grow after several earnings of stagnation.”
He further added that commodity prices in the international markets have started to cool off with HR Steel prices in China having corrected by 18 per cent, aluminium by 17 per cent and iron ore prices by 64 per cent due to sluggish real estate demand in China, and thus lower Chinese imports. This should help to recover the margin pressure in some commodity user companies in India like consumer stocks.
BT50 stocks are the top players from the BT500 universe. These players are ranked based on the gain in their 12-month average market capitalisation between October 2020 and September 2021 against the same period a year ago.
On the other hand, NBFC major Bajaj Finance dipped the most in the list. Shares of the company closed 5.6 per cent lower at Rs 7065.70. Avenue Supermarts (down 4.96 per cent), Bajaj Finserv (down 4.81 per cent), Tata Motors (down 4.57 per cent), Reliance Industries (down 4.35 per cent) and NTPC (down 3.92 per cent) stood among other major losers in the BT top 50 list.
Narendra Solanki, head-equity research (fundamental), Anand Rathi Shares and Stock Brokers said, “Indian markets opened on a negative despite mixed Asian market cues as China on Monday kept the one-year Loan Prime Rate (LPR) unchanged. During the afternoon session markets further drifted lower and traded at a day’s low amid the resurgence of coronavirus outbreaks in Europe and some other regions. Also, adding to growing speculation traders feared that central banks could have to tighten monetary policy quicker to tame a spike in inflation.”
Sectorwise, the BSE Telecom and Metal index gained 2.92 per cent and 0.07 per cent, respectively.
However, the BSE Realty, Energy, Consumer Durables and Auto indices dipped between 3 per cent and 4.50 per cent. Other sectoral indices on the BSE also closed in the red.
Also Read: Decoding the market crash: Why Sensex fell over 1,600 points today
Also Read: Latent View Analytics may see bumper listing on Tuesday; check grey market premium