The week that was: PVR, Dr Reddy's and HCL Tech among 10 names that buzzed during the week

NEW DELHI: Bluechip indices consolidated for the third week on the trot, closing flat, while broader markets outperformed their headline peers as they surged up to 5 per cent thanks to the multicap fund rule tweaks.

IT and pharma names were in heavy demand and they supported the major indices while banking names saw selling throughout the week, as Bank Nifty slid about 2 per cent. Most of the other sectors were also under selling pressure.

In the BSE 500 index, 350 stocks closed in the green while the rest ended the week with cuts. Technology, pharma and chemical names topped the charts, rising up to 42 per cent while industrials and financials were among the biggest losers.

“We feel markets may consolidate further amid mixed signals and traders have no option but to align their trades accordingly. The fresh breakdown in the banking index has derailed the possibility of a directional up move in the Nifty, at least in the near future,” said Ajit Mishra, VP - Research, Religare Broking.

“We maintain our view to focus on the selection of stocks and positioning trades on both sides. We prefer defensive viz. pharma and IT for long trades while a rebound in banking and financials should be considered for short positions,” he said.

Here are the key stocks that buzzed during the week:

Happiest Minds: Shares of Happiest Minds Technologies debuted with much fanfare on the bourses, surging 111 per cent in the opening tick. The stock closed its first week at Rs 357.55, up 115 per cent from the issue price.

JB Chemicals and Pharmaceuticals: Shares of the company jumped 41.32 per cent to Rs 1,129.55 after the company said it nearly doubled its net profits during the quarter thanks to a growth in its API business.

Indoco Remedies: Shares of the pharma company gained 22.02 per cent to Rs 269.90 during the week after it received USFDA approval for Apixaban Tablets 2.5mg & 5mg. Apixaban is an anticoagulant, or blood thinner. It is used for patients with health problems caused by a blood clot.

KPIT Technologies: Shares of the IT consulting firm rose 21.26 per cent to Rs 107.80 after the company said it has submitted an application to reclassify their two promoters who no longer hold any shares in the company.

Dr Reddy’s Labs: Shares of the company climbed 21.05 per cent during the week to Rs 5,326.70 after it in a string of announcements settled patent litigation with Celgene, launched an over-the-counter eye drop in the US and sealed the deal to bring Russian Covid-19 vaccine to India.

HCL Technologies: Shares of the IT major were in huge demand during the week after the company said it revised its September quarter revenue guidance. The stock advanced 12.49 per cent to Rs 811.10.

Tata Motors DVR: The shares of the automaker continued to gain for another week after Tata Sons increased stake in the company. Meanwhile, buying in small and midcap stocks also helped the shares, as it remained one of the highest mutual fund owned stocks.

SpiceJet: Shares of the budget airliner edged 0.39 per cent higher during the week as the company said it is recovering its revenue sources but reported a loss of Rs 593 crore for the June quarter.

PVR: The company which is involved in running movie theatres reported nearly zero sales during the first quarter that resulted in 4.08 per cent drop in share price to Rs 1,203.80.

Essel Propack: Shares of Essel Propack fell 10.55 per cent to Rs 251.90 after the reports said investment group Blackstone was likely to sell Essel Propack shares worth $251 million in the company. On Friday, around 7.35 crore shares exchanged hands in block deals.