Week in 10 stocks: Bajaj Finserv tanks, over 500 smallcaps slump

Benchmark equity indices Sensex and Nifty extended their fall for the sixth straight week due to heavy selling in the equity market amid lockdowns in major global economies to contain coronavirus pandemic.The 30-share Sensex declined 0.34 per cent to 29,815.59 on March 27 from 29,915.96 on March 20. Likewise, the 50-share Nifty index shed 0.97 per cent to 8,660.25 during the week.Overall, the market kicked of the week with a crash of over 12 per cent on Monday. Thereafter, it pared most of the losses on expectations of government’s and RBI’s coordinated responses to battle the economic fallout of Covid-19.The Reserve Bank o India Governor Shaktikanta Das on Friday said Rs 3.74 lakh crore liquidity will be infused into the financial system.Vinod Nair, Head of Research, Geojit Financial Services, said: “The stimulus package announced by the government and RBI will have limited effect until the actual impact of the contagion is known, both economically and with the number of infections. In spite of the relief rally seen this week, investors will need to be conservative in their investments and still focus only on accumulating quality stocks and not go all in.”Here are top stocks and sectors that created buzz during the week gone by:Stocks that rallied up to 24 per centAs many as nine stocks in the BSE500 index delivered over 10 per cent returns to investors during the week. They included Piramal Enterprises (up 24 per cent), Venky’s India (19 per cent), InterGlobe Aviation (18 per cent), IFCI (15 per cent) and Aurobindo Pharma (13 per cent). Infosys, Orient Electric, The New India Assurance and Kotak Mahindra Bank advanced between 10 and 12 per cent.Scrips that slid up to 24%As many as 161 stocks on BSE500 index plunged in double digits during the week. KRBL lost 33 per cent, followed by Future Lifestyle Fashion (30 per cent), Credit Access Grameen (28 per cent), Sobha (28 per cent) and PNC Infratech (26 per cent). Lemon Tree, Shriram City Union Finance, Mahindra & Mahindra, Future Retail, Vardhman Textiles and Future Consumer were among other stocks that fell over 10 per cent.Scrips at fresh 52-week highs/lowsIn the BSE500 index, Credit Access Grameen, Shankara Building Products, KPR Mill, Sobha, Kalpataru Power, Future Retail and Dishman Carbogen were among 22 firms that hit new 52-week low. On the other hand, IPCA Labs hit new 52-week high in the index.Sectoral updateInformation Technology (IT) sector hogged limelight as the rupee hit all-time low of 76.32 against the dollar during the week. The BSE IT index gained 3.63 per cent to 12,791. On the other hand, PSU, Consumer Durables, Auto, Bankex, Capital Goods, Metal, Oil & Gas, Realty cracked up to 9 per cent during the week gone by.IPO updateESAF Small Finance Bank received capital markets regulator Sebi go-ahead to float a Rs 976-crore initial public offering (IPO). The company had filed draft papers in January and obtained observations on March 20, as per the latest information available with the markets watchdog. The IPO comprises a fresh issue of shares worth Rs 800 crore and an offer-for-sale (OFS) aggregating up to Rs 176.2 crore, according to the draft prospectus filed with the Securities and Exchange Board of India (Sebi).Bloodbath in broader marketsMore than 500 stocks in the BSE Smallcap index ended the week in the red. Steel Strips Wheels declined the most 37 per cent. It was followed by KRBL (down 33 per cent), Snowman Logistics (down 31 per cent), Pennar Industries (down 30 per cent), Future Lifestyle Fashions (down 30 per cent) and MEP Infrastructure (down 30 per cent). The BSE Smallcap and Midcap index retreated 6 per cent and 5.42 per cent, respectively, during the past five trading sessions.Bajaj Finance cracks over 10%Shares of Bajaj Finance plummeted 14 per cent to Rs 2,546.45 on March 27 from Rs 2,962.70 on March 20. Global investment advisory firm Bernstein has downgraded rating of Bajaj Finance to ‘underperform’ with the price target of Rs 1,740, citing unsecured consumer finance business models would become challenging in the current pandemic environment. Holding firm Bajaj Finserv stood as top lower in the Nifty pack with a fall of 22 per cent during the week.HDFC Life tanks as Standard Life sells sharesShares of HDFC Life Insurance Company declined nearly 8 per cent on Friday after Standard Life sold five crore shares at Rs 441.24 apiece. Standard Life is a joint venture partner in HDFC Life Insurance. However, the stock gained 5 per cent for the week ended March 27.Nifty’s top gainersWith a gain of nearly 12 per cent, IT major Infosys emerged as top gainer of the week in the Nifty pack. The stock hogged momentum after the company said the US Securities and Exchange Commission (SEC) has concluded the investigation in the whistleblower allegations made last year, and that it does not anticipate any further action by the regulator. The scrip jumped to Rs 653.55 on March 27 from Rs 584.95 on March 20. Kotak Mahindra Bank (up 11 per cent), UPL (up 8 per cent) and Nestle India (up 7 per cent) were among other gainers of the week.

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