Weekly movers: Hits and misses in the large cap space during the week!
Here’s a list of the top 5 gainers and losers this week in the large-cap space.
Despite the persistent and aggressive rate hikes, central banks have not been able to tame the inflation monster. For instance, citing a reversal in the decreasing inflation trend, on Tuesday, the US Fed hinted at further rate hikes, to which markets are responding negatively.
Owing to the rate hikes, the economies are now troubled with a slowdown in growth. To illustrate, as per the estimates of Centre for Monitoring Indian Economy (CMIE), unemployment increased to 7.45% in February 2023 as against 7.14% in January 2023. This rise came on the back of a significant increase in rural unemployment. With this, the number of unemployed people in the country stands at 3.3 crore.
Looking at some positive development, the S&P Global India Services PMI increased to a 12-year high of 59.4 in February 2023 from 57.2 in the previous month. This beat the market forecasts of 56.2 growth, led by a sharp expansion in output and the joint-best improvement in new business intakes in 12 years.
Coming to Indian stock markets, on a weekly basis, the movement of the frontline index S&P BSE Sensex remained flat. Similar trend was observed in the Nifty50 index.
Moving on, let us have a look at the top gainers and losers in the large-cap space during the last 5 trading sessions (between 03 March and 09 March).
|
Top 5 Gainers |
Return (%) |
|
15.76 |
|
|
15.74 |
|
|
15.74 |
|
|
15.7 |
|
|
13.44 |
|
Top 5 Losers |
Return (%) |
|
-9.99 |
|
|
-6.25 |
|
|
-6.05 |
|
|
-3.52 |
|
|
-3.47 |
Adani Green Energy Ltd
The shares of Adani Green Energy Ltd gained over 15% in the last 5 trading sessions. Last week, the company announced that its 700 MW wind-solar hybrid plant becomes fully operational at Jaisalmer, Rajasthan. With this, the company’s operating renewable portfolio reached 8,024 MW, which is the largest in India.
Similarly, the shares of Adani Total Gas Ltd and Adani Transmission Ltd surged by 15.7% in the last 1 week.
Adani Group: The fall and the subsequent bounce back
After the serious accusations made by the US-based short seller Hindenburg Research LLC, the Adani Group companies took a major hit. Since then, the Adani Group has taken several initiatives to nurse the investor sentiments.
For instance, last month, Adani Enterprises Ltd announced the withdrawal of its FPO from the market. This move came on the back of unfavorable market conditions, which led to extreme volatility in the stock price of the company, other commercial and strategic considerations, and in order to protect the interest of the investors.
Looking at the recent developments, last week, the Adani Group completed Rs 15,446 crore secondary equity transaction with GQG Partners. The latter executed a series of secondary block trade transactions in the Adani Portfolio companies - Adani Ports and Special Economic Zone Limited, Adani Green Energy Limited, Adani Transmission Limited and Adani Enterprises Limited.
Further, on Tuesday, Adani Group had announced prepayment of share-backed financing of Rs 7,374 crore, which was ahead of its latest maturity in April 2025. Moreover, promoter leverage has been brought down in the following Adani Group companies- Adani Ports, Adani Enterprises, Adani Transmission and Adani Green Energy.
Moreover, on 1st March 2023, some media sources reported that SEBI, in its investigation of Adani Group (pertaining to the Hindenburg allegations) has not found any irregularities yet. While there was no official statement from SEBI, this news too provided some respite to the Adani Group.
Share Market Today
| Indices Name | Price | Price Change (% change) |
|---|---|---|
| S&P ASX 200 | 7560.90 | -77.2 (-1.01%) |
| CAC 40 | 8023.26 | 0 (0%) |
| DAX | 17837.40 | 67.38 (0.38%) |
| Dow Jones | 37775.38 | 22.07 (0.06%) |
| FTSE 100 | 7882.83 | 22.74 (0.29%) |
| Hang Seng | 16385.87 | 0 (0%) |
| US Tech Composite | 15606.50 | -81.87 (-0.52%) |
| Nikkei 225 | 37126.46 | -953.24 (-2.5%) |
| S&P 500 | 5011.12 | -11.09 (-0.22%) |
| Gift Nifty | 21917.00 | -98 (-0.45%) |
| Shanghai Composite | 3074.22 | 0 (0%) |
| Taiwan Weighted | 19895.72 | -405.48 (-2%) |
| US 30 | 37511.10 | -217.5 (-0.58%) |
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