In our previous weekly note, we had projected the market to show limited upsides and talked about the possibility of Nifty slipping into the consolidation mode. The week gone by remained quite volatile and Nifty oscillated in a violent and volatile way for the first four days of the week, showing no clear directional bias.
Just when it was consolidating on the expected lines and in a defined range, a spike in US bond yields on Thursday caused severe weakness in the market on the last day of the week, turning it into one of the worst performances in recent times. At the end, the headline Nifty50 Index ended with a net loss of 462 points, or 3.02 per cent, on a weekly basis.
Read more about Mahindra & Mahindra Ltd gains for third straight session on Business Standard. Mahindra & Mahindra Ltd is quoting at Rs 858.4, up 1.04% on the day as on 12:49 IST on the NSE. The stock is up 70.66% in last one year as compared to a 29.53% jump in NIFTY and a 45.08% jump in the Nifty Auto index.
Read more about Ashok Leyland Ltd spurts 1.54% on Business Standard. Ashok Leyland Ltd is quoting at Rs 128.5, up 1.54% on the day as on 12:49 IST on the NSE. The stock is up 64.85% in last one year as compared to a 29.53% jump in NIFTY and a 45.08% jump in the Nifty Auto index.
Read more about Bajaj Auto Ltd eases for fifth straight session on Business Standard. Bajaj Auto Ltd is quoting at Rs 3899.95, down 0.31% on the day as on 11:42 IST on the NSE. The stock jumped 32.32% in last one year as compared to a 25.62% rally in NIFTY and a 42.18% spurt in the Nifty Auto index.
Steel Strips Wheels (SSWL) gained 1.3% to Rs 655 after the company confirmed export orders of over 93,000 wheels for EU caravan trailer market.The order are to be executed in the period of April 21 to June 21 from the company s Chennai plant. Orders of similar capacity are anticipated from similar customer base as businesses continue to recover rapidly, the company said.
In last one month, shares of Steel Strips Wheels rallied 10.1% compared with 2% decline in Nifty Auto index.
SSWL is engaged in the manufacturing of steel wheel rims catering to different segments of automobile industry. The firm operates in automotive wheels segment. Its geographical segments include India and overseas.