Nifty is down 1,500 points from its peak — Only these three stocks are still in the green
The Nifty 50 index has declined nearly 1,500 points from the peak of 26,277 it had made on September 27. The index declined for the sixth straight session on Monday, closing below the mark of 24,800.
During this six-day stretch, 47 Nifty constituents have declined, with losses ranging from 1% to as high as 10% for index heavyweights like Reliance Industries and Axis Bank.
26 Nifty constituents have declined more than 5% during this six-day fall for the index.
However, there have been only three stocks that have managed to survive this selling onslaught and still report gains over this six-day period. Two out of those three stocks, Infosys and Tech Mahindra, belong to the IT space, with the third one being JSW Steel.
Infosys and Tech Mahindra are the other two names that have managed to hold on to gains during this market sell-off. While Infosys is up just over 1%, Tech Mahindra shares have risen 0.7% during this period.
Shares of JSW Steel have declined in four out of the last six trading sessions but still have managed to hold on to gains of 1.7% over the last six sessions. The ongoing rally in Metal stocks, in anticipation of huge stimulus measures being announced in China has been one of the key triggers behind the rally in Metal stocks.
JSW Steel’s shares are up 9% over the last month. Metals is one sector that can act as a hiding space in the current market volatility, said Gautam Shah of Goldilocks Premium Research.
Infosys has been in focus as the street is anticipating an increase in its revenue growth guidance when it reports its results on October 17. With revenue growth in the June quarter being 3.6% and this quarter seen at 3%, there is scope for the same.
IT was the other space that Shah recommended as a safe hiding place during this market volatility. He recommended largecap names like Infosys, TCS, HCLTech and Tech Mahindra to play the theme.