The Hindu Business Line : Few infra, bank stocks hold up above July lows

BL Research Bureau With a fresh wave of selling overtaking the markets, the BSE Sensex is back at where it was in mid-July. The Sensex on Monday breached the 13000-mark to close at 12595 points, barely 0.16 per cent above its July 16 low of 12575 points.

However, not all the stocks across the market capitalisation range are back where they started, over this three month period.

Engineering contractor - Shriram EPC (up 108 per cent), Indian Bank (nearly 50 per cent higher), Bharat Petroleum (up 39 per cent) and Punj Lloyd (up 38 per cent) are instances of a few stocks that are still hovering well above the July lows, though the markets have given way.

Winners and losers

The BSE 500 Index has lost 4.01 per cent in Monday’s trading against the BSE Sensex’s fall of 4 per cent. Major sectoral gainers in this period are FMCG, Banks, PSUs and oil marketing companies.

While FMCG stocks have been helped by their desirability as a defensive option, bank stocks have been pegged up on reasonable valuations. Tumbling oil prices have helped stocks of oil marketing companies hold up well. Despite market expectations that interest rates may cool off from next year, rate-sensitive sectors such as automobiles and realty top the list of bad performers from the July lows.

Some of the major losers since July 16 are NIIT, HDIL, Surana Towers and Gujarat NRE Coke. These stocks have gone down by a whopping 48-50 per cent in a span of just three months.

More Stories on : Stocks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page