While Nifty jumped from 11,000 to 11,600 in past 7 months, these 10 NSE stocks rallied 50-180%
The Nifty50 has taken 144 trading sessions or exact seven months to hit 11,600-mark on August 23 from first 11,000 in January 23, 2018.
2018 has been a roller coaster ride for the market. After the correction seen in February and March, everyone was taken by surprise when Nifty 50 again retested 11,000 in July. The index has jumped more than 600 points to cross 11,600-mark in the recent rally.
The last record high was 11,171 on Janauary 29 followed by sharp correction till March 23 which dragged the index to 9,998.05 on closing basis. The index started recovery from last week of March but that was gradual with consolidation. The actual pace of growth increased in July and is still continuing in August.
The up move in the market has been seen despite the headwinds like US-China trade war tensions, currency war driven by Turkish lira, higher current account deficit (CAD) led by rising crude oil prices.
Experts say the rally may continue with intermittent correction, which is part of bull run, going forward.
The rally in the past month or so has been driven by select stocks and has not been broad-based. This is worrisome because sectors like metals, pharma, PSU oil & gas, auto, select infra and major banks did not participate.
Benchmark index companies (ex-banking space) reported stellar operational performance in Q1FY19 primarily driven by robust consumer demand and low base due to transition period before GST implementation (Q1FY18). With worst behind us in the banking space, pick up in industrial activity and upbeat farm sentiment, we are eyeing over 20 percent earnings growth over FY18-20E," Pankaj Pandey, Head of Research – ICICIdirect told Moneycontrol.
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