Anil Singhvi’s Holi picks: Avoid these ‘utre huye rang’ stocks as markets wobble; Ola Electric, SpiceJet on the radar

It's holi time and the stock market is trading volatile amid on-going Iran-US war. Anil Singhvi, Managing Editor at Zee Business, taking inspiration from festival of colors, has struck a note of caution for investors, identifying stocks that have either lost their colour over time (“utre huye rang”) or remain directionless (“berang”) amid a sharp market sell-off triggered by escalating geopolitical tensions.

Indian equity markets witnessed heavy pressure on Wednesday as fears around the intensifying US–Iran conflict rattled global risk sentiment. Benchmark indices slipped over 1 per cent each in afternoon trade, reflecting a clear risk-off mood across sectors, with investors cutting exposure to vulnerable and high-debt stocks.

War jitters hit Dalal Street

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Markets remained under stress as the war crisis in West Asia deepened, pushing up crude oil prices and strengthening the US dollar — a combination that typically weighs on emerging markets like India. Broader selling was seen across aviation, tourism, metals and momentum-driven stocks, while defensive buying remained limited.

With volatility rising and sentiment turning fragile, Singhvi warned investors against getting carried away by short-term rebounds in structurally weak stocks.

‘Utre huye rang’ stocks: Momentum lost

Market expert Anil Singhvi categorised stocks such as Waaree Energies, Trent, SpiceJet and Dreamfolks Services as “utre huye rang” — counters where momentum has faded and negative sentiment has persisted for years.

Among these, SpiceJet stood out as the weakest, according to Singhvi. The airline is burdened with nearly Rs 5,000 crore in debt, continues to report negative cash flows and has posted losses in most years except FY25. Despite a recent QIP at around Rs 60, the stock has slipped sharply and is now trading close to Rs 15.

Adding to the pressure, airline stocks extended losses as flight cancellations to and from West Asia were prolonged amid airspace restrictions following military action by the US and Israel against Iran. SpiceJet shares fell over 7 per cent, marking the second straight session of decline.

‘Berang’ stocks: No clear trend

Singhvi also highlighted “berang” stocks — companies stuck in a prolonged phase of sideways or uncertain movement. These include Container Corporation of India, Ola Electric Mobility, UPL and Kalyan Jewellers.

Out of this list, Singhvi expressed maximum concern over Ola Electric Mobility, saying it may be difficult for the stock to regain its lost colour. Once valued at nearly Rs 69,000 crore, the company has seen a sharp erosion in volumes and market share, now estimated at around 6 per cent, while competition from established auto giants continues to intensify.

Ola Electric reported a narrower year-on-year net loss of Rs 487 crore in Q3FY26, compared with Rs 564 crore a year ago. However, losses widened sequentially, while revenue from operations plunged 55 per cent year-on-year to Rs 470 crore due to a steep fall in scooter sales.

Singhvi noted that while numbers may show temporary improvement, structural challenges and intense competition continue to weigh on the company’s long-term prospects.

Bottom line for investors

According to Singhvi, the current volatile environment calls for discipline rather than aggressive bets. Stocks that have lost momentum or lack a clear trend often fail to participate meaningfully even when markets recover. He advised investors to focus on balance-sheet strength, earnings visibility and sustainable business models — especially during periods of heightened geopolitical uncertainty.