Notwithstanding the robust turnaround in the financial performance for the June quarter (Q1FY24), stocks of state-run oil marketing companies have been in a downtrend in the last month. The fall comes on a rise in crude oil prices that have surged to a 7-month high of $88 a barrel. A busy political calendar in the months ahead that may see the government keep a lid on auto fuel prices is also a dampener, analysts said. Shares of Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) have shed 9-11 per cent since their respective earnings announcement between July 26 to August 4.
'Periods of high volatility are usually bad for mid-caps and this is something that has to be kept in mind.' 'Focus on quality is of paramount importance.'
Have conviction in your bets and use stop-loss as a defence mechanism to curtail losses.
Besides foreign flows, corporate earnings and US Federal Reserve chief Janet Yellen's testimony to the nation's legislature are also likely to impact investor sentiment.
Price correction over post-election peaks could throw disinvestment calculations awry.
The value of the index, adjusted from its all-time high for the relative loss in the rupee's value, is close to sub-10,000 levels.
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