Stock Market: Two Transformer Stocks Buzz Amid Value Buying
Stock Market BSE (Iamge credit X.com)
Stock Market News: Energy Stocks Buzz on Nifty Expiry Day
By S Jha
New Delhi, March 6: Stock market went into wild fluctuation on Thursday. In the first two-hour of trade, Nifty went into a wild swing. The 50-share index swung at least 100 pints on each side.
Bank Nifty too mirrored the wild swing of the Nifty. The indices were seen in indecisive phase. The global cues are sharply positive for the stock markets.
China’s reiteration of further stimulus packages spurred the Hang Sang with gains of almost three per cent. Indian metal stocks were also trading with sharp gains while tracking rise in the Chinese stock market.
Shares of Tata Steel and Hindalco were in demand on Thursday. Conventionally, shares of metal stocks react positively to stimulus packages of China per experts.
Overnight, the US bourses had closed with gains after US President Donald Trump gave partial relaxations for Mexico and China on tariffs. The Asian bourses were also reading with gains. Thus, the Indian stock market has positive global cues in the background for the day’s trade.
The energy index was buzzing in the early trades. The energy behemoth Reliance Industries led the gains on the street. Having slumped to 16-month low, shares of Reliance Industries were sharply higher in the early trades.
Stock Market Today: Bulls Return Sighting Oversold Market Gains
The crude oil sensitive stocks were also trading higher in the day. Shares of Asian Paints were trading with gains of over four per cent. Paints’ stocks conventionally react positively to crude oil prices going down.
Shares of Asian Paints are trading almost at 50 per cent discount from its near-term high. This is true for several of the stocks in the backdrop of sharp corrections.
Two transformers’ stocks are in the focus on the street. The shares of Voltamp Transformers have gained over 12 per cent in the last few days’ trade. The scrip had seen a massive correction, almost 50 per cent from the high.
Shares of Shilcher Technologies were also trading with sharp gain. The makers of the transformers had sharply gone down in recent months.
Both the transformers’ scrips were almost multi-baggers of 2023-24. Investors appear to be taking positions in the two scrips on account of sharp corrections in the recent months.
(Disclaimer: This article makes no recommendation for any kind of trades in the stock market)
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