The market fell sharply last week, with the Sensex finishing 6.28% or 1,028 points lower, and the Nifty losing 5.97%. The CNX Midcap lost 3.83%. Ranbaxy , up 4.4%, was the top gainer among Sensex stocks. Satyam gained 4.1% to become the only other Sensex Gainer. Bhel, down 21.9%, was the biggest loser among Sensex stocks. L&T, HDFC, DLF, Rel and M&M followed with losses between 12% and 15%.
The other gainers were OrchidChem, Amtek, MRPL, HOEC, Hero Honda, with gains between 5% and 25%. Orbit Corporation, down 23%, was the biggest loser among the more heavily traded stocks. Other losers included Yes bank ,SAIL, Reliance Capital, GSS America, Jindal Steel, Sesa Goa and Nagarjuna Construction with losses between 12% and 21%.
Most global markets are getting into intermediate uptrends, having climbed to one-month highs as a result of the recent rallies. We have, however, not participated in the latest global rally so far.
Longer-term investors can start the process of slowly building up their portfolios. Pharma and FMCG stocks have been the better performers since January 22, and are safer options at this time.
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