A couple of factors, including geopolitical tensions, rising interest rates and outflows by foreign institutional investors (FIIs) kept the Indian market volatile in the ongoing calendar year so far. However, as many as 22 stocks in the BSE 500 index rallied by over 50 per cent on a year-to-date basis. With a jump of 222 per cent, Adani Power emerged as the top gainer in the broader index which represents over 90 per cent of the total market capitalisation on the BSE.
Bharat Dynamics emerged as the next gainer on the list. Shares of the company climbed 110 per cent to Rs 821.55 on August 1, 2022 from Rs 390.80 on December 31 last year. Deepak Fertilisers (up 99.76 per cent), Adani Transmission (up 88.57 per cent), Adani Total Gas (up 87.56 per cent), JK Paper (up 80.42 per cent), Credit Access Grameen (up 74 per cent), Adani Green Energy (up 71 per cent) and Gujarat Narmada Valley (up 70.67 per cent) stood among other major gainers in the list.
On the other hand, the benchmark BSE Sensex declined marginally by 0.24 per cent to 58,115.50 during the same period. Likewise, the 50-share Nifty index inched lower by 0.08 per cent to 17,340.
Commenting on the recent recovery in the equity market, Sunil Nyati, managing director, Swastika Investmart said, “The year 2022 belongs to volatility. However, things have turned bullish for the Indian market. We should not call the current up move a bear market rally because Indian equity market benchmark indices Nifty and Sensex bounced back before entering a bear market which means they reverse before a 20 per cent fall from highs. The up move is likely to continue but the volatility will be part of the game as the market will negotiate between growth and inflation.”
MRPL, The Great Eastern Shipping Company, Inox Leisure, GHCL, Mahindra Lifespace Developers, Hindustan Aeronautics, PVR, Shree Renuka Sugars, Metro Brands, Schaeffler India, Varun Beverages, Adani Enterprises and Timken India stood among other major companies that gained over 50 per cent YTD.
On asking which stocks are looking attractive at present, Amisha Vora, Joint MD, Prabhudas Lilladher said, Tata Motors, HDFC Bank, Crompton Consumer, L&T and Infosys are some of the stocks that we are positive on. Sectorwise, investors may also focus on autos, banks, telecom, IT, capital goods and hospitals.”
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today