NIFTY50 tanks 7% in September, but these NIFTY 500 stocks rallied up to 20%; check the outliers list

The Indian equity benchmarks are in a bear hug. The National Stock Exchange benchmark NIFTY50 index has dropped as much as 6.65% while the BSE benchmark SENSEX has dropped a whopping 6.73% or 5,200 points so far this month, data from stock exchanges showed.

Multiple reasons, including rising crude oil prices in global markets, surging bond yields in the United States, expectations of a rate hike by the Reserve Bank of India, and foreign institutional investors turning net sellers in September, have triggered a sharp selloff in Indian equity markets.

Brent crude futures for delivery in November surged 1.8% to $107 per barrel as lingering concerns over Middle East supply disruption brought about by the US-Iran conflict outweighed signs of recovering crude exports from the region.

Rising crude has ignited fears of spiralling inflation that could negatively impact margins of Indian companies, as India imports majority of its crude requirements.

Persistent selling by FIIs has coincided with the United States 10-year bond yield surging to its highest level in nearly two decades. The yield on the 10-year US bond surged to 5.27%, its highest level since 2007, triggering a flight of money from emerging market like India to the safety of US bonds, which offers a risk-free higher rate of return to global investors.

Dangote Group signed a contract agreement in excess of $450 million with EIL as Project Management Consultant (PMC) and EPCM consultant for the project.

“Once completed, this project will be critical in strengthening fuel production within East Africa, reducing reliance on imports, and supporting regional energy security and further playing a critical role by supplying the petroleum products to the global market,” EIL had said in a press release.

Supreme Petrochem reported a strong set of earnings in the first quarter of the current financial year. Its net profit more than doubled to ₹236 crore from ₹81 crore in the same period last year.

The company’s revenue from operations advanced 22% in the April-June period to ₹1,693 crore from ₹1,387 crore a year earlier.

Supreme Petrochem EBITDA jumped 166% to ₹362 crore and EBITDA margin improved by 11.6 percentage points to 21.36%.

The stock came under buying interest after the company earlier this month said that its subsidiary received a major order from Kalpataru Projects International.

The manufacturer of consumables for the mining industry secured an order worth ₹126 crore from Kalpataru Projects International.

The order covers the design, engineering, manufacture, inspection, transportation and supply of the equipment, along with supervision of erection, testing, commissioning and performance guarantee demonstration, as per the terms of the contract.

The domestic order is expected to be completed over a period of 14 months.

Jubilant HollisterStier LLC is a subsidiary of Jubilant Pharma Holding Inc., which is a subsidiary of Jubilant Pharma Limited, Singapore, a wholly owned subsidiary of the company.

Last week, a block deal transaction valued at ₹525.88 crore was recorded at Welspun Living during last Wednesday’s morning block deal window, which involved a total of 2,44,71,102 equity shares exchanging hands between the undisclosed buyers and sellers.

As per the data on the NSE, Welspun Group Master Trust sold 2.44 crore shares at ₹214.90 per share. Quant Mutual Fund bought 22.29 lakh shares while Fidelity Investment Trust via Fidelity International Small Cap Fund bought 2.22 crore shares.

Allied Blenders, Syrma SGS, HBL Engineering, Welspun Corp, Graphite India, GE Shipping, Caplin Points Labs, Elecon Engineering, Whirlpool and Patanjali Foods have also outperformed the NIFTY 500 index by rising 12-18%.