HUL, HDFC Bank, TCS, Infosys and Kotak Mahindra Bank shine during the week
Indian stock market witnessed rally for the last three trading sessions and investors felt relief as many stocks had declined significantly. Among the major gainers for the week were Tata Consultancy Services Ltd (TCS), HDFC Bank, HDFC, Infosys, Hindustan Unilever, Kotak Mahindra Bank and ICICI Bank.
Markets gained from lower levels and buying was witnessed on Wednesday. Investors turned bullish on Thursday and Friday ended with smart gains. Among top 10 Indian stocks, seven companies gained during the week. Small investors mainly invest in mid-cap and small-cap companies and the trend in both these segments is still not positive. Mid-cap stocks of many well performing companies are trading at a lower price.
Investors are concerned about automobile companies and auto ancillaries. Among automobile sector, companies like Omax Autos, Jamna Auto Industries, Motherson Sumi and Amara Raja Batteries are facing selling pressure as the automobile sector undergoes decline in sales. In a recent statement, Jamna Auto informed that it may have to shut plants during August due to lower demand. The stock was down by 10 percent after the company made this announcement. Automobile sector might witness tough times as companies face transition to electric vehicles. Many passenger vehicle companies have reported lower sales during the recent months.
Reliance Industries, ITC and State Bank of India suffered minor losses during the week.