Up to 50% return! These BSE 500 stocks defied gravity on D-Street since September 

Amid the ongoing uncertain trade environment, heavy outflows by foreign institutional investors (FIIs), and a slowdown in earnings growth, as many as 33 stocks in the BSE 500 index have managed to rally over 10% since September 2024. The BSE Sensex tanked 10% so far since September 27, 2024, when it scaled all-time high of 85,978.25. On the other hand, broader indices BSE Midcap and BSE Smallcap dipped 16% each during the same period.

With a gain of nearly 50%, Narayana Hrudayalaya emerged as the top gainer on the list. Shares of the company advanced to Rs 1,793 on April 16, 2025, from Rs 1,204.75 on September 27, 2025. It was followed by Amber Enterprises (up 45%), Lloyds Metals & Energy (up 36%), and Laurus Labs (up 35%).

Nirmal Bang Institutional Equities gave ‘Hold’ rating to Amber Enterprises in March with a target price of Rs 6,910. “Amber Enterprises continues to solidify its dominance in the Indian Room Air Conditioner (RAC) Original Design Manufacturing (ODM) market, holding a 27% market share. The company has strategically leveraged the PLI scheme, investing heavily in backward integration to enhance cost efficiency and control over the supply chain,” the brokerage said in a report.

“With around 70% of its bill of materials now produced inhouse through subsidiaries like ILJIN, EVER, PICL, and Pravartaka, Amber remains resilient even as AC OEM outsourcing declines. Additionally, its diversification into the washing machine segment through a joint venture with Resojet reinforces its commitment to expanding its consumer durables portfolio. We pencil in a 20% revenue CAGR for consumer durables for FY24-FY27E,” it said.

Coromandel International, One97 Communications, Global Health, Chambal Fertilisers and Chemicals, Navin Fluorine International, Bharat Dynamics, SRF, Redington, and Aster DM Healthcare also gained somewhere between 20% and 30%.

While sharing his wealth creating mantra, Sandeep Raina, Head of Research, Nuvama Professional Clients group says, “We recommend a staggered investment approach in equities throughout 2025. Investors should focus on opportunities that have underperformed the market over the last 3-4 years, such as a mix of mega-cap BFSI stocks and cyclical low stories such as chemicals, auto, power, and industrial consumables. History suggests that the “heroes” of one bull market often underperform in the next.”

The Indian Hotels Company, Astrazeneca Pharma India, Krishna Institute of Medical Sciences, Radico Khaitan, Deepak Fertilisers and Petrochemicals Corporation, Medplus Health Services, Patanjali Foods, Shree Cement, Bajaj Finance and Lemon Tree Hotels also rallied more than 15% during the same period.

Sunny Agrawal-DVP and Head of Fundamental Research, SBI Securities says, “Investors should avoid leveraged trades and exotic derivatives products in the current uncertain environment. Strategy to survive is to gradually deploy fresh capital in the quality businesses and with investment horizon of more than 24 months. In terms of expectations, one should not expect super normal returns, which the street has witnessed during FY20-FY24 period. Decent returns of 12-15% CAGR over next 3 year is the realistic return expectations. Novice investors can invest in equity MFs through SIP route.”  

Kotak Mahindra Bank (up 13%), SBI Cards and Payment Services (up 13%), UPL (up 13%), Manappuram Finance (up 12%), The Ramco Cements (up 12%), Aavas Financiers (up 12%), Eicher Motors (up 11%), Bajaj Holdings & Investment (up 10%) and Eris Lifesciences (up 10%) stood among other major gainers on the list.

Brokerage Sharekhan is positive on Kotak Mahindra Bank with a target price of Rs 2,500. “Kotak Mahindra Bank is well-positioned to deliver superior performance. We should see a marginal uptick in the loan growth led by a rebound in the unsecured segment in FY26E although the slowdown in the unsecured retail segment was adequately compensated by uptick in the secured book and non-retail segment in 9MFY25,” Sharkhan said.

Commenting on Indian equity markets and FIIs flows, Himani Shah, Co-Fund Manager, Alchemy Capital Management says, “Markets have seen a steep correction since January 2025, after a broader decline beginning in September 2024. The main driver was a slowdown in the economy, especially visible in Q2 and Q3 of FY25, which led to a sharp decline in earnings growth. FIIs may return when global conditions stabilise, such as a reduction in US interest rates and improved geopolitical stability. Additionally, attractive valuations and strong economic growth in India could draw FIIs back in the medium to long term.”