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Which scrips survived the bloodbath?

On a day of bloodbath in the stock markets, choice stocks in defensive sectors such as pharmaceuticals and metals closed in the black on Monday, reports Suprotip Ghosh.

business Updated: Jun 09, 2008 22:05 IST
Suprotip Ghosh

On a day of bloodbath in the stock markets, choice stocks in defensive sectors such as pharmaceuticals and metals closed in the black on Monday.

Sun Pharmaceuticals, Ranbaxy, Cairn Energy and JSW Steel gave investors some reason to cheer on a day when the benchmark BSE Sensex closed 3.25 per cent down by 506.08 points at end of trade Monday. Two Reliance stocks, Reliance Communications and Reliance Petroleum too managed to stay afloat.

“Investor confidence has been shattered in the market, and people are now moving their money into conservative stocks such as Sun and JSW,” said Deven Choksey, managing director, KR Choksey Securities.

Defensive buying comes into play when investors want to move out of stocks in a falling stock market, but do not want to keep the money in cash. Sectors such as pharmaceuticals have traditionally given smaller but steady returns compared to frontline stocks including information technology stocks. Therefore in times like these investors are likely to invest in stocks that will surely give returns, even if they are small.