Source: The Economic Times
New Delhi: Indian stock markets fell on Wednesday, but some standalone stocks on the Bombay Stock Exchange (BSE) rose by over 10%, showing solid growth in a weaker market.
The Sensex, which tracks 30 large companies, fell 287.6 points to finish at 83,409.69. The Nifty 50, which tracks 50 large companies, fell 88.4 points to close at 25,453.4. This was the result of mixed global signals, profit booking and cautious investor sentiment.
Even though the main indices were down, a few stocks stood out by rising sharply during the day’s trading. The top gainers on the BSE that gained more than 10% included:
- Sri Ramakrishna Forgings – up by 14.47%
- HDB Financial Services – up by 13.63%
- Madhuveer Com18 – up by 13.00%
- Shree Pacetronix – up by 12.75%
- Oasis Securities – up by 12.28%
- Digitide Solutions Ltd. – up by 12.16%
- Inter State Oil – up by 11.37%
- Ravileela Granites – up by 10.00%
There was some good buying activity in these stocks. The gains may have stemmed from company specific news, investor enthusiasm about prospects, and/or technical factors like short covering or momentum trading.
In the Nifty 50 index of 50 companies, 23 stocks closed higher and 27 lower. This shows that the overall market was negative, but there were still stocks that performed decently.
Some other stocks grabbed attention by hitting new 52 week highs, including:
Ambar Protein Industries
- Shikhar Consultants Ltd.
- Gabriel India
- TN Telecom
- Prime Focus
On the other hand, several stocks hit their 52-week lows, such as:
- Euro Leder Fashions
- Jindal Worldwide
- Sadhana Nitro Chem
- Nutricircle
- Brand Realty
What This Means
While the market overall declined, certain ‘small and mid’ stocks outperformed and saw strong gains. This indicates that investors are still able to find value and opportunities in selected companies. This also reinforces the importance of not just looking at the Sensex, or Nifty and much larger market movements.
Experts are now advising that investors assess the viability of gaining short term gains. The most important advice is to carry out your research and try to develop a long term plan, especially where you see the market moving sideways and shows volatility.
Conclusion
Despite the overall drop in the benchmark indices (the Sensex and Nifty), the rapid increase in a few BSE stocks underscores the individual resilience and potential of market performers. This is a signal that there remains opportunities for investors who are aware and educated, even when the market is down.
