Benchmark indices rallied up to 8 per cent for the quarter, but handful stocks from defence, consumption, discretionary expenditure, chemicals have gained up to 70 per cent, whereas select IT, energy, pharma and telecom counters have posted double digit cuts.
According to the data from Ace Equity, as many as 28 stocks from BSE500 index have gained between 40-70 per cent between July-September period, whereas the same number have lost between 10-34 per cent.
BSE500 index constitutes shares from all the segments and constitutes about 95 per cent of the entire market capitalisation of the BSE.
The study suggests that stocks like
and have zoomed up to 70 per cent, whereas Ceat, Adani Enterprises and KRBL are also up by 62-69 per cent each.
Last month, ICICIDirect Research initiated coverage on Mazagaon Dock with a buy rating and a target price of Rs 560, whereas Equirus sees Ceat at Rs 3,654 in next three years on the back of rising market shares of the tyre company.
EIH (55 per cent up). Bajaj Finserv (53.5 per cent up) (51.6 per cent up), The India Cements (50.4 per cent up), Triveni Turbine (50.4 per cent up), Metro Brands (50.3 per cent up) IDFC First Bank (50.2 per cent up) and (50 per cent) have also gained at least 50 per cent during the quarter.
Domestic brokerage firm Motilal Oswal initiated coverage on Metro Brands with a buy rating and a target price of Rs 1,000 on the stocks, whereas Ventura Securities has a hold rating on Adani Transmission with a target price of Rs 4,172.
Kalyan Jewellers, Apollo Tyres, Bajaj Holdings, Fine Organic, Tube Investments, IndusInd Bank, Star Health, JSW Energy, Adani Total Gas, Ambuja Cements, Indian Hotels,
, , Adani Power and are also among the top gainers.
Dam Capital has a buy call on Kalyan Jewellers with a target price of Rs 129, whereas Nirmal Bang has pegged Apollo Tyres at Rs 283 with a buy call. ICICI Securities has a buy call on IndusInd Bank with a target price of Rs 1,183.
On the contrary, MRPL emerged as the worst performers, plunging 34 per cent, followed by Oil India and Tanla Platforms which plunged 29 per cent each. Gland Pharma and
also tumbled 24 per cent 20 per cent, respectively.
In its recent report, Yes Securities had maintained a buy call on Tanla Platforms with a target price of Rs 1,218, whereas Motilal Oswal has a positive view on Gland Pharma with a target price of Rs 3,000 on the stock.
Mastek,
, ONGC, , Birlasoft, PB Fintech, , , Sunteck Realty and Alok Industries also tumbled 15-20 per cent during the September quarter.
Kotak Institutional Equities has upgraded Sona BLW to add, whereas IIFL Securities initiated coverage on PB Fintech with a buy call and target price of Rs 650. Edelweiss has a buy rating on Sunteck Realty with a target price of Rs 459.
MMTC, Chemplast Sanmar,
, Tata Teleservices (Maharashtra), SIS, Mphasis, , Indus Towers, Biocon, Graphite India, , Esab India and PVR also posted double digit cuts.
Majority of the beaten down counters come from technology or allied sectors. However, market experts believe that one should accumulate quality names on every correction to make most of it.
Deepak Shenoy, Founder, Capital Mind believes that a proper portfolio should have IT stocks along with bankingn names. “I would focus on some IT companies. In fact, I like largecap IT more than small and midcap IT,” he said.
“Largecap IT looks good, I would say wait for your exposures accordingly, he added telling that he is increasing exposure in IT stocks over Banks. “Right now, IT is relatively low. We are just still building positions.”
Other experts suggest that investors should buy the dips, instead of booking profits considering the beatdown in the global markets and US stocks entering the bear grip, falling up to 30 per cent from their peaks.
This is a market to invest in and not the time to raise cash, said Mahantesh Sabarad, independent market expert. “From a portfolio strategy perspective, this is the right time to allocate cash to sectors you think can do well,” he added.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
