FPIs cut stakes in these stocks in Q3, only to find them rally in Jan & Feb
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For this study, only those stocks were considered where FPIs pared stake by more than 100 basis points during the quarter.
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NEW DELHI: Foreign portfolio investors (FPIs) seemed to have made a few bad decisions during the December quarter, which cost them some solid returns on a few stocks that climbed up to 60 per cent in the first two months of 2021 compared with a 6 per cent gain in the benchmark Sensex during the same period.
For this study, only those stocks were considered where FPIs pared stake by more than 100 basis points during the quarter. Among them is Greaves Cotton, which saw FPIs pare stake by 628 basis points to 5.01 per cent in December quarter from 11.29 per cent at the end of the September quarter. The stock has rallied 63 per cent in the past two months over December 31’s closing price of Rs 85.10 apiece.
Basic materials stocks were trading in the positive zone, with the S&P BSE Basic Materials index rising 61.45 points or 1.58% at 3953.67 at 09:49 IST. Among the components of the S&P BSE Basic Materials index, Hindustan Copper Ltd (up 15.6%), Indian Metals & Ferro Alloys Ltd (up 7.17%),Camlin Fine Sciences Ltd (up 6.55%),Vedanta Ltd (up 5.18%),Gujarat Narmada Valley Fertilizers & Chemicals Ltd (up 5.02%), were the top gainers. Among the other gainers were Steel Authority of India Ltd (up 4.98%), Vikas Wsp Ltd (up 4.98%), Hindalco Industries Ltd (up 4.59%), Sharda Cropchem Ltd (up 4.02%), and Godawari Power & Ispat Ltd (up 3.69%). On the other hand, Mangalore Chemicals & Fertilizers Ltd (down 4.07%), DCW Ltd (down 2.87%), and Century Plyboards (India) Ltd (down 2.11%) moved lower.
Basic materials stocks were trading with gains, with the S&P BSE Basic Materials index increasing 19.86 points or 0.52% at 3853.82 at 09:48 IST. Among the components of the S&P BSE Basic Materials index, Manali Petrochemicals Ltd (up 14.53%), Polyplex Corporation Ltd (up 12.1%),Sunflag Iron & Steel Company Ltd (up 3.25%),Hil Ltd (up 2.85%),Sandur Manganese & Iron Ores Ltd (up 2.67%), were the top gainers. Among the other gainers were J K Cements Ltd (up 2.67%), Century Plyboards (India) Ltd (up 2.56%), Vedanta Ltd (up 2.45%), DCW Ltd (up 2.41%), and Linde India Ltd (up 2.41%). On the other hand, Indian Metals & Ferro Alloys Ltd (down 7.86%), Gujarat Alkalies & Chemicals Ltd (down 5.66%), and Greenpanel Industries Ltd (down 4.48%) turned lower.