And it seems you folks felt the tinge too because the sector was one of the top performers on Dalal Street on Friday.
, of all stocks, ended as the top gainer in the Nifty50 universe, up over 5 per cent. Now that’s what we are talking about.
While we wish that our self-centered claims of moving the market by plucking at your heart-strings was the reason for the strong move in automobile stocks, the actual reason is far more boring. If dealers are to be believed, the sector just benefitted from some rotation of funds from certain investors still hunting for value in this market.
Either way, good for you automobile stocks!
Banks are getting jittery again
Since late May, shares of banks have made an assertive comeback after lagging behind most of the market since the beginning of the Covid-19 second wave in late February. However, recent signs suggest that the sector is again hitting a glass ceiling, probably, because no one trusts them to lead the market anymore. After a gap up opening for the benchmark indices on Tuesday, led by banks in part, those gains barely survived because stocks of lenders tumbled into negative territory. Derivative analysts are worried that foreign investors might be reversing their bullish bets, which can only mean one thing: more bad days ahead for banks.
China’s loss is India’s gain
So the Chinese and Uncle Sam are at it again. Uncle Sam threatens to ban a product, and Chinese warn they can’t do it. And Indians watch with glee from the sidelines hoping to get one up on the Chinese. This time the product in contention is polysilicon used in solar panels.
The US wants to ban China-made polysilicon on allegations of forced labour used in its manufacturing. If the ban goes through, it will give a leg up to Indian manufacturers. It is with that context in mind that investors jumped on shares of
, one of the few listed manufacturers of polysilicon in India. The stock soared 5 per cent and it won’t be the last time for some time.
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