80% of BSE 500 stocks remain under bears’ grip in Q1FY23

80% of BSE 500 stocks remain under bears’ grip in Q1FY23

BY- THINKING BOXX TEAM

Bears took a toll on Indian equity markets in recent quarter where stocks related to BSE 500 witnessed massacre with more than 80 per cent of the stocks remained under bears’ grip. Investors remained pessimistic since the start of the quarter on account of weak macro-economic data. Continuous rise in inflation, mounting trade deficit and weak PMI data dampened traders’ sentiments.

According to the data available with Ace Equity, 90 stocks out of BSE 500 stocks tumbled over 25 per cent in Q1FY23. Brightcom Group lost the most with a cut of over 69 per cent; the scrip had tumbled from 105.25 on April 1, 2022 to 31.65 on June 30, 2022. It is followed by Jindal Stainless shedding 50.40 per cent and Delta Corp plunging 50.02 per cent during the quarter.

Zomato, Larsen & Toubro Infotech, V-Mart Retail, Mastek, Responsive Industries, NMDC, Can Fin Homes, UTI Asset Management Company, Laxmi Organic Industries, Sterlite Technologies, Star Health and Allied Insurance Company, Tata Steel, Gujarat Narmada Valley Fertilizers & Chemicals, SpiceJet, SAIL India, Tech Mahindra, Metropolis Healthcare are some of the other stocks in the bear grip.

As the quarter progressed the losses became bigger as inflationary worries, monetary tightening around the globe, rising crude oil prices, geopolitical crisis, depreciating rupee and constant FII outflow continued to hurt markets sentiment.

185 stocks of BSE 500 plummeted between 10 to 25 percent during the quarter as traders continued to trade under fear of recession. Of them, Saregama India, Aditya Birla Sun Life AMC, Sapphire Foods India, Dilip Buildcon, Aurobindo Pharma, Sheela Foam, IDFC First Bank, Equitas Holdings, Nuvoco Vistas Corporation, Deepak Nitrite, Canara Bank, Latent View Analytics, Birlasoft, Gujarat State Fertilizers & Chemicals and TeamLease Services lost 24 per cent or more during the quarter under review.

Bucking the trend, there were 92 stocks which came out of the bears grip. Provided investors a chance to smile and take handsome gains back home during the Q1FY23.

Mangalore Refinery and Petrochemicals is the biggest gainers among these 92 stocks with over 110 per cent gains to 90.60 on June 30, 2022 from 43.05 on April 1, 2022. Followed by AIA Engineering garnering 35.74 per cent gains and TVS Motor Company getting 33.85 per cent gains.

Mahindra & Mahindra, Mahindra CIE Automotive, Adani Power, Shree Renuka Sugars, Varun Beverages, Endurance Technologie, Asahi India Glass, Ashok Leyland, Elgi Equipments, Hero MotoCorp, Sundaram-Clayton, Fine Organic Industries, Jamna Auto Industries, Coromandel International, Bharat Dynamics, Ambuja Cements , Schaeffler India are some other gainers during the quarter from the BSE 500 group.