The week that was in 10 stocks: Shree Renuka Sugars zoomed 46%, Adani Power soared 40%

NEW DELHI: Benchmark equity indices ended the week on a high note with both Sensex and Nifty50 scaling new lifetime highs, but the broader market stole the show.

BSE barometer Sensex touched a high of 52,641 on Friday. However, the index settled at 52,475, gaining less than a percent in the week. Its NSE counterpart also raced past 15,800 level to touch a record high of 15,835, adding similar gains. BSE midcap and smallcap indices scaled new highs, advancing up to 4 per cent in the week.

Healthy Q4 numbers from India Inc, a steep fall in Covid cases, strong global cues and better than expected economic data boosted the market sentiment. Market participants are also hopeful of speedy economic recovery as India 'unlocks' in a phased manner after the second wave.

"Markets extended gains for the fourth consecutive week as easing restrictions from states brought back hopes of faster economic recovery. Also, receding new COVID cases and pick-up in vaccination drive further boosted investor’s sentiments," said Ajit Mishra, VP Research, Religare Broking.

"Markets have been gradually inching higher for the last four consecutive weeks but the underperformance of the banking index is certainly a cause of concern. Going ahead, we feel banking contribution would be critical to help Nifty test the 16,000 mark. Nifty would find support around 15,550 -15,400. We reiterate our bullish view and suggest continuing with the “buy on dips” approach," he added.

In the BSE 500 index, over 350 stocks ended the week on a positive note while the rest closed with cuts. Over 3 dozen counters registered double-digits gain during the week.

Here are 10 stocks that buzzed the most during the week

Shree Renuka Sugars

Sugar stocks have been on a roll after the government preponed the deadline for attaining 20 per cent ethanol-blending with gasoline by two years to 2023. The move will help India cut oil import bills and reduce carbon emission. The smallcap counter jumped 46 per cent during the week to Rs 23.90.

Adani Power
The Adani group's utility entity soared over 40 per cent to Rs 148.3 in the previous week. Expectations of a revival in business activities led by lifting of restrictions has fuelled the counter. Also, there is a buzz that the company has cancelled its delisting plans.

eClerx Services

The automation and analytics services firm jumped 28 per cent to Rs 1,617.35 during the week after it reported robust numbers in Q4. Net profit of the company shot up by 78.25 per cent in the March 2021 quarter to Rs 98.75 crore, compared to 55.40 crore in the same quarter previous year.

Media stocks
Media stocks saw big gains as lockdown restrictions are easing out. Investors are expecting better advertisement revenue growth. Network 18 Media and Investment gained 21 per cent to Rs 52.4. DB Corp jumped 17 per cent to Rs 112.05, whereas TV18 Broadcast added 10 per cent to Rs 46.

Birlasoft
The CK Birla Group company partnered with Regulativ.ai to co-develop a new artificial intelligence and machine learning-based cyber regulatory reporting platform. The counter soared 21 per cent to Rs 403.

Quess Corp
The board of Quess Corp has approved the merger of Greenpiece Landscapes India and MFX Infotech with the company. The company also announced a new dividend policy which is giving new hopes to investors. The script rallied 20 per cent to Rs 840.4.

Varroc Engineering
Shares of the auto ancillary firm tanked 13 per cent to Rs 375.05 during the week after the it reported a weak set of numbers for the March quarter of FY21 with a consolidated loss of Rs 144 crore, due to weak operational performance of the Global Lighting Business (VLS).

Bank of Maharashtra
The PSU lender declined up to 9 per cent to Rs 26.6 as the bank raised concerns over asset quality and slippages. It said the pandemic-driven slowdown in economic activities may lead to a rise in customer defaults, and its impact on the bank will depend on the COVID-19 situation going forward.

Suven Pharmaceuticals
A sharp spike in raw material and inventory costs during the quarter has impacted the margin of the company. Shares of the drugmaker declined 7 per cent to settle at Rs 485.1.

Adani Enterprises, Adani Green Energy
After a sharp rally in the last six months, investors took some profit off the table from the Adani Group counter. Adani Enterprises shed 6 per cent to Rs 1601.45, whereas Adani Green Energy slipped 4 per cent to Rs 1226.65.