A select few stocks rallied this week on news reports, while others on favourable outcomes. Here are few stocks that were buzzing this week and which may see some volatility next week.
Jet Airways saw huge gains this week as crude oil prices continued to drift lower. The stock saw a sharp rally in trade on Thursday. Analysts believe that lower crude prices could mean lower aviation turbine fuel or ATF, which could help improve margins for the company. Only recently, ATF had been cut.
Jindal Steel and Power saw a huge rally this week, particularly on Thursday after reports of fund raising plans. The belief is that the turnaround in the economy should bolster prospects for the company continue to see investors buy into the stock.
ITC was up this week after reports that there would be no ban on loose cigarettes. The stock hit a 52-week high on Friday and a solid run on both Thursday and Friday.
Bank of Baroda
There was a lot of action in banking stocks, particularly the PSU banking space. PNB and Bank of Baroda both saw sharp rallies in their stock prices. The credit policy also added to volatility in these stocks. Hints that interest rates may be cut next year if inflation behaves sent banking stocks higher. Along with Axis Bank, Bank of Baroda also hit a 52-week high.
SpiceJet did not rally, but in fact fell in trade this week. Shares of the SpiceJet plunged more than 10 per cent on Friday after news that the Airports Authority of India (AAI) may revoke credit facility in order to compensate on charges it has to pay to operate flights.
How much more rally or drop would be there in these stocks going ahead is difficult to say. They are likely to remain volatile in the next week.