20 BSE500 stocks delivered double-digit weekly returns as markets turn wary of heights

economictimes.indiatimes.com:

Equity markets ended the week on a negative note, but the overall sentiments were buoyant throughout on persistent foreign inflows and optimism on the macro front. During the week, as many as 20 BSE500 stocks have delivered double digit weekly returns with six of them offering over 15% returns.Sunteck Realty was the top gainer in the BSE500 pack with nearly 19% return, followed by Punjab National Bank (17%), SJVN (16.8%), and Suzlon Energy (16.7%).

About 14 stocks including ZEE Entertainment, HPCL, Welspun Corp, JSW Energy, Radico Khaitan, Aster DM Healthcare among others have offered returns between 10-20% during the week. In the smallcap segment, 62 stocks including Olectra Green Tech, Zee Media have had a stellar run delivering returns up to 41%.

Among the Sensex pack, Mahindra and Mahindra led the charts with 8% returns, followed by Bajaj Finance at 6.45% and Tata Motors at 3.85%. Macro data, with the manufacturing PMI expanding to 57.8, indicated sustained demand and boosted investors confidence.

Additionally, provisional business numbers from banks, automakers, and real estate companies bolstered sentiments, while FIIs provided additional support to the domestic market during the said week. However, the hawkish FOMC minutes played spoilsport towards the later half.What should investors do? In the coming week, TCS will kick-off the first quarter earnings along with HCL Tech, which will likely give investors an indication on the demand scenario for IT companies.

Investors also await key data points such as domestic and US inflation numbers for further insights into the sustainability of the market trend. «Given the elevated market valuation, the profit booking is visible at the upper band of the rally,» said Vinod