421 stocks buck the meltdown

Over 400 stocks stand tall despite the fall in the Sensex from its all-time high on last Wednesday.

As many as 421 companies' market price appreciated by a maximum of 200 per cent in the last seven trading days, even though the 30-share Bombay Stock Exchange sensitive index nose-dived by 1674 points (13.27 per cent) to 10938.61 from its all-time high of 12612.38 on May 10.

The aggregate market wealth of the 421 stocks appreciated by Rs 5,214 crore (9 per cent) from Rs 55,885 crore on May 10 to Rs 61,099 crore on Friday.

Most of these 421 stocks, except stocks such as Adani Exports, are from non-A group . As many as 188 stocks are from the T group (trade to trade), 86 are from the Z group, 70 from the B2 group and 29 from the B1 group.

Adani Exports' market price zoomed 30 per cent from Rs 139.10 to Rs 181.45 on Friday. Gandhimathi Appliances skyrocketed over 200 per cent to Rs 18.94 against Rs 6.26 on May 10.

Rotham Commercials appreciated 59 per cent to Rs 76.05 (Rs 47.75) and Oasis Securities 51 per cent to Rs 25 (Rs 16.51).

Twelve other scrips gained in the range of 40 per cent to 50 per cent, 31 stocks between 30 per cent and 40 per cent, 33 from 20 per cent to 30 per cent and 112 stocks in the range of 10 to 20 per cent. Some stocks managed to display positive performance purely owing to fundamental reasons.

"Adani Exports managed to gain on the back of its plans to invest several thousand crore in developing real estate in Gujarat and Mumbai as well as setting up of a new power plant and further investments in mining," said an analyst.

"Goetze India rose on the reports that US auto parts major, Federal Mogul, acquired an additional stake in the company. Also Karur Vysya Bank gained on a bonus issue, Assam Company rose on acquisition of an Australian firm," he said.

Among the sectors, of 119 sectors tracked by the Business Standard Research Bureau, except cycle and accessories, trading, ferro alloys and pollution control equipment, all 114 sectors lost 3 per cent to 26 per cent from their all-time highs.

The market capitalisation of trading, cycle and accessories sectors appreciated 4 per cent each, while ferro alloys 3 per cent and pollution control equipment over 1 per cent.

The market wealth of non-ferrous metals, aluminum, non-banking finance companies, steel composite and alloys, office equipments and industrial explosives fell over 20 per cent each in the last seven trading sessions.

In absolute terms, banks, information technology, petrochemicals polymers, power and oil exploration sectors saw over Rs 28,000 crore m-cap erosion each during the period.

Refineries, pharmaceuticals, telecommunications, cement, personal care products and electronic equipment reported m-cap erosion in the range of Rs 10,000 crore to Rs 20,000 crore.