Indian markets witnessed one of the worst weekly performances in the week gone by, owing to fears of global economic slowdown as the deadly Coronavirus (Covid-19) spread to countries outside China at a rapid pace. Benchmark indices S&P BSE Sensex and NSE's Nifty50 plunged around 7 per cent during the week, their worst weekly fall in over 11 years.
On Friday, the S&P BSE Sensex nosedived 1,448 points or 3.64 per cent to end the session at 38,297 while Nifty plunged 432 points or 3.7 per cent to end at 11,202.
However, select stocks bucked the market trend and stood tall despite the all-round sell-off. A quick study of BSE500 stocks show that as many as 9 stocks rallied 8 per cent or above between February 20 and March 2. DHFL tops the list with nearly 34 per cent gains, followed by India Cements (up over 21 per cent), BASF India (up 21 per cent), and NLC India (up around 12.5 per cent), ACE Equity data show.
Other stocks that gave positive returns include Navin Fluorine International, Metropolis Healthcare, Deepak Nitrite, Pfizer, and Dr Lal Pathlabs.
Besides, chemical companies have gained ground as they have seen rise in orders and expansion of capacities amid coronavirus outbreak.
Given the expansions, tie-ups with foreign majors, and innovative product launches, analysts believe there could be further upside from the current levels.
The rally in Navin Fluorine, however, was news-based. The company entered into a $410 million multi-year contract with a global company for manufacture and supply of a high performance product (HPP) in the fluorochemicals space. The project will entail an investment of about $51.50 million (Rs 365.50 crore) in the manufacturing facility and $10 million (Rs 71 crore) in captive power plant. READ MORE
Here's a look at the top 10 stocks that defied market mood and rallied during the last week
|Company Name||Closing price as on March 2, 2020||Closing price as on February 20, 2020||% change|
|Dewan Housing Finance Corporation Ltd.||15.22||11.39||33.63|
|The India Cements Ltd.||91.80||75.60||21.43|
|BASF India Ltd.||1011.05||837.65||20.70|
|Suzlon Energy Ltd.||2.84||2.49||14.06|
|NLC India Ltd.||60.15||53.50||12.43|
|Garware Technical Fibres Ltd.||1534.85||1389.80||10.44|
|Max India Ltd.||94.00||86.85||8.23|
|Tube Investments of India Ltd.||546.15||505.95||7.95|
|Navin Fluorine International Ltd.||1377.20||1279.00||7.68|
|Metropolis Healthcare Ltd.||1912.55||1827.00||4.68|