Movers and Shakers During the Week

Mumbai, April 10: Sensex opened the week at 73,477.53 on Monday and closed at 74,106.85 (up around 0.87%). Prices rallied through Tuesday (closed at 74,616.58) and Wednesday (closed at 77,562.90) before correcting on Thursday. With Thursday’s dip, the index fell to 76,631.65. Prices jumped back on Friday and closed at 77,550.25. Despite Thursday’s volatility, Indian markets held on to last week’s gains and ended the week on a bullish note.

Allied Blenders and Distillers Ltd (ABDL)

ABDL was the top performer this week as its stock zoomed from around ₹421 on April 6 to ₹509.60 on April 10, up more than 22%. The stock has been rallying since last week. While the stock gained steadily on Thursday and Friday, it touched an upper circuit on Friday morning following the launch of its premium gin brand ZOYA Pink Mix Berries. Sensex too rallied on Wednesday but fell short of touching the psychological level of ₹78,000. Prices of liquor companies are rallying as investors favour stocks with growth stories in premium categories. Liquor stocks saw increased volume mid-week which indicates institutional buying. Investors will also watch earnings growth. ABDL may continue to move higher if buying resumes after profit booking. The stock closed around ₹509 on Friday. This move indicates strong hands around this level.

Vedanta Ltd

Vedanta’s stock gained around 5.3% this week, rising from about ₹703 on April 6 to ₹740.20 by April 10. Prices consolidated between ₹680 and ₹746 for most part of the week before closing almost ₹10 higher near ₹740 on Friday. The stock spiked up along with Sensex on Wednesday. Investors seem to be positive about Vedanta’s proposed demerger plans which investors believe will unlock value. After Thursday’s dip, Vedanta’s stock remained above ₹731 throughout Friday indicating buying on dips. Vedanta may witness buying in dips over the next few weeks as investors get excited about the demerger as well as strong demand for commodities. Demand for metals such as copper and zinc have been strong since last year.

Adani Power Ltd

Adani Power stock gained 8.7% this week, moving from ₹160 on April 6 to ₹175.20 on April 10. This stock has been consolidating since last week’s sharp fall and remained in the ₹155₹170 range for most part of the week before Wednesday’s rally took it towards its 52week high of ₹182.70. Adani Power closed nearly ₹3 below its weekly high on Friday. Stock rebounded sharply on Wednesday along with Sensex. Investors are optimistic about Adani Power’s planned capacity addition coupled with strong demand for electricity. Despite Thursday’s dip, stock prices remained above ₹172 indicating strong support. Going forward, Adani Power may continue its uptrend as electricity demand rises.

Shriram Finance Ltd (SFL)

Shriram Finance gained almost 14.7% this week as its stock moved from ₹895 on April 6 to ₹1,026.55 on April 10. SFL rallied sharply along with Sensex around April 8. The stock consolidated in the range of ₹1,020–1,030 for most part of the week before rallying on Friday. Prices touched ₹1,037 early Friday morning. Buying interests picked up midweek indicating institutional buying. Shriram Finance shrugged off Thursday’s dip in broader markets as its stock remained above ₹970 throughout the session. The stock closed near its weekly high on Friday indicating strong hands near this level. Buying in SFL may continue over the coming weeks as investors show preference towards diversified lending companies.

Adani Enterprises Ltd

Shares of Adani Enterprises rallied this week, rising from ₹1,804 on April 6 to ₹2,087.20 on April 10, up 15.7%. The stock was volatile for most part of the week but maintained a strong upward bias throughout the week. Prices accelerated around April 8 when markets gained strong momentum. It crossed ₹2,090 on Wednesday when Sensex briefly touched ₹78,000. Stocks corrected Thursday along with Sensex but gained sharply on Friday to close near its weekly high of ₹2,087.20. Thursday’s dip could have triggered some profit booking as stock fell below ₹2,060. We may see some volatility in coming weeks as investors react to sharp move in these shares. A diversified infrastructure incubation company like Adani Enterprises is well placed to gain from sectors such as airports and green hydrogen.

Axis Bank Ltd

Axis Bank rallied sharply this week, rising from ₹1,199 on April 6 to ₹1,351.10 by April 10, up 12.6%. The stock moved steadily higher for most part of the week before accelerating on April 8 when banking stocks jumped alongside Sensex. Axis Bank stock continued its uptrend and closed near its weekly high of ₹1,358.60 on Friday. Stocks remained above ₹1,326 even during Thursday’s market dip signalling strong investor conviction. Investors appear to like Axis Bank’s growing dominance in retail lending and digital banking. Going forward investors will watch earnings growth and recovery in loan disbursals.

Tata Motors Passenger Vehicles Ltd

Stocks of Tata Motors jumped 13.6% this week, moving from ₹302 on April 6 to ₹343 by April 10. Tata Motors continued its uptrend from last week as the stock rallied Wednesday alongside Sensex. Tata touched its weekly high of ₹343.80 on Wednesday and consolidated near that level through Friday. Investors like Tata Motors’s EV leadership and momentum in its SUV segment. Tata Motors remained above ₹335 throughout Thursday’s market dip indicating strong support at these levels. Tata Motors may continue its uptrend as investors favour stocks that will benefit from the revival in India’s auto sector.

Conclusion

Sensex swung wildly midweek as investors piled into stocks during Wednesday’s rally. Prices dipped on Thursday but jumped back on Friday erasing all losses from Thursday. Similarly, all seven stocks discussed above saw sharp corrections on Thursday but ended the week near their weekly highs. ABDL was the top gainer this week zooming more than 22%. Adani Enterprises and SFL were other big gainers posting weekly gains of over 15%. Vedanta, Adani Power, Axis Bank and Tata Motors also rallied between 5% and 13.6% this week. These 7 stocks have seen strong rallies this week signalling underlying strength in Indian markets. 

SOURCE: https://www.nseindia.com/market-data/top-gainers-losers