Markets Remained Bearish Leading to offloading of Most of Stocks
Week of Mar 02-06 saw high volume trading in number of stocks listed on NSE which resulted in number of stocks gaining high volume momentum. All the shares in top ten have risen more than 500% during last week but also gained momentum during last two trading sessions.
Despite the fact Indian capital markets remained in downward spiral four of the top ten volume momentum share delivered positive price returns during the selloff week.
Asian Hotels (North) Ltd (NSE: ASIANHOTNR) along with Triveni Turbine and DQ Entertainment International were the top three volume momentum shares, all the three stocks witnessed volume spike of above 5000% during the week with ASIANHOTNR at top with 33614% volume gains during last week’s trading. TRITURBINE saw the stock volume rise by 7305% and DQ Entertainment witnessed 5728% rise in volumes.
Most of Top Ten volume momentum shares had average trading volume of less than 100K preceding two weeks of evaluation. Triveni Turbine Ltd (NSE: TRITURBINE) and DQ Entertainment International Ltd (NSE: DQE) were the only two stocks which had preceding volume range of above 100K shares.
During the week four stocks managed to deliver positive price gains with spike in volumes as number of buyers soared. DQ Entertainment International (NSE: DQE), SMS Pharmaceuticals Ltd (NSE: SMSPHARMA), Prime Securities Ltd (NSE: PRIMESECU) and SMS Lifesciences India Ltd (NSE : SMSLIFE) were the stocks which didn’t turn red last week.
DQE and SMSLIFE gained most in terms of stock price last week. DQE share prices rose by 116%, while that of SMSLIFE witnessed 9% spike in share prices during week long trading. SMSPHARMA and PRIMESECU both saw marginal spike in their share prices at they witnessed 3% rise in share prices respectively.