Green Stocks March 17: Mixed Day For Green Stocks

On a day when the mid-cap and small-cap cohorts moved in opposite directions, green energy stocks reflected this dichotomy as well. Be it manufacturers (Waaree Energies, Premier Energies), EPCs (Waaree RTL, Sterling, and Wilson Solar, or developers like NTPC Green or Acme Solar, it was a day for surrendering whatever small gains they had made last Friday. What's worse, many seemed to hit crucial support levels, like the Rs 800 mark in the case of Waaree RTL, and the Rs 500 mark in the case of Borosil Renewables. Stocks that gained like Adani Green Energy are so off their highs that it will take more than a day or 5 of gains to provide any strong hops of a comeback to investors.

To that extent, March continues to live up to its billing as a volatile month due to the odds of loss harvesting for tax purposes, even as a slowdown on selling pressure from large investors seems to be ebbing for now. A function of value emerging as well as interest possibly returning to emerging markets like India, which have suffered an over 16% retreat from recent highs on the main Nifty index.

But it will take an interest rate cut ideally in the US for at least the FII's to return, with measure of stability on the foreign exchange front for India to lend further assurance of stability.