Sailing against the tide: These stocks defy market mood, jump up to 20%

Despite a market-wide gloom, there were some names on Dalal Street that managed to keep their heads above the water.

Overall, 156 stocks advanced on Monday against some 1,450 stocks that were in the red. Select names from pharmaceuticals and industrials jumped, spreading sanguinity.

Ipca Laboratories was among the biggest gainers, leaping 7.81 per cent to Rs 1478.81. It manufactures a malaria drug hydroxychloroquine which has been found to be effective against coronavirus.

Cadila Healthcare, which also manufactures the drug, edged 0.70 per cent higher to Rs 288.10.

Among other gainers from healthcare sectors were shares of private laboratories as the government granted permission to private labs to test for coronavirus.

Thyrocare jumped 6.81 per cent to 540.20 while the Lal Pathlabs 2.79 percent to Rs 1,448. Metropolis Healthcare gained 0.32 per cent to Rs 1555.

Shakti Pump gained 4.75 per cent to Rs 119 while crane rental company Sanghvi Movers ghained 9.29 per cent to Rs 65.90.

Most of the gainers were from the smallcap index Dhanuka Agritech soared 20 per cent to Rs 381.90. Indoco Remedies followed with a jump of 16.91 per cent to Rs 212.30.

Jammu and Kashmir Bank showed resilience gaining 2.72 per cent to Rs 13.15. Last week, Sebi had exempted the Jammu and Kashmir government from making an open offer to shareholders of the bank following a proposed equity infusion that would hike its stake in the lender by 8.95 per cent.

Among other gainers were Hawkins cookers, Huhtamaki PPL, TV TOday and Jagran Prakashan.

Anil Sarin, CIO -Equities at Centrum Broking said most trading these days is happening at low volume which has resulted in high volatility. He added that since stocks have fallen so much, there were buyers available for quality names.

Unlike the above-mentioned stocks, all stocks of the Nifty and Sensex were in the red. Benchmark indices extended fall after reopening. Sensex was down 3,200 points, Nifty below 7,900 as trading resumed.

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Written by sortiwa

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