Most chart toppers of the week were due to quarterly earnings, which have been mostly positive as companies have registered growth in revenue and profits. But how long that can be sustained needs to be seen.
Analysts believe markets will remain under pressure going forward as political developments related to the US election will act as an overhang amidst higher volatility.
“The Supreme court is expected to pass its verdict next week on the much awaited moratorium case, which is expected to be in favour of the banking sector. The Indian market is awaiting major economic data points such as Purchasing Manager Index, banking business data, etc next week, which are expected to be positive as recovery is seen across sectors. However, the possibility of a short term correction due to increasing global uncertainties is high,” said Vinod Nair, Head of Research at Geojit Financial Services.
Here are key stocks that buzzed during the week:
Adani Green, Adani Enterprises and Adani Gas: Ahead of the earnings announcement scheduled during the next week, shares of Adani Group companies surged. Adani Green Energy surged 19.11 per cent to Rs 856.25, while Adani Enterprises rose 7.48 per cent to Rs 339.10. Both companies will come out with their Q2 numbers on November 4. Adani Gas, which will declare earnings report a day before, gained 12.36 per cent to Rs 220.45 in the past week.
Kotak Mahindra Bank: The private lender saw massive buying past week as brokerages said the counter will see huge foreign inflows due to impending inclusion in MSCI indices. One estimate said it will be in the tune of $500 million. The stock gained 11.90 per cent to Rs 1,547.60.
Navin Fluorine: The chemical company was in demand during the week after it reported a 33 per cent jump in Ebitda with margin expansion of 350bps on better operating leverage and higher contribution from CRAMS and specialty chemical segments. The stock gained 6.5 per cent to Rs 2,241.35.
GE Power India: Shares of GE Power were traded heavily and the stock settled the week down 47.06 per cent to Rs 205.40. The company, however, said it was not able to comment on the reasons behind the increase in volume of the scrip and the same may be purely market driven.
Hindustan Zinc: Shares of the Vedanta Group company were under selling pressure during the last week as it slid 15.15 per cent to Rs 203.25. The company last month declared a dividend at Rs 21.30 per equity share.
Hero Moto: Shares of Hero Moto dropped 9.95 per cent to Rs 2,799.80 after the automaker reported a standalone net profit of Rs 953.45 crore in the quarter ended September, registering an increase of 8.99 per cent.
PVR: The Ajay Bijli-promoted firm saw selling pressure as the stock fell 9.31 per cent to Rs 1,070.25. Its business has been impacted severely by the pandemic as footfall is limited, despite reopening of cinema halls. The company is slated to announce Q2 earning during the week.
Future Retail: Shares of the Kishore Biyani-led firm plunged 8.55 per cent to Rs 71.15 during the week as retailing giant Amazon objected to its sale of assets to Reliance Retail. The US-based firm also obtained a favourable order from a Singapore-based arbitration court.