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Business News/ Markets / Stock Markets/  40% of Nifty 50 stocks delivered double-digit returns this year; BPCL top gainer – check full list
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40% of Nifty 50 stocks delivered double-digit returns this year; BPCL top gainer – check full list

Year-to-date, Nifty 50 has surged by 4.70%, with 20 or 40% of its constituents delivering double-digit returns thus far. Leading the gains is BPCL, with an impressive increase of 34.20%, followed by ONGC, Bajaj Auto, Adani Ports and SEZ, and Tata Motors, all boasting returns of over 30%.

Year-to-date, Nifty 50 has surged by 4.70%, with 20 or 40% of its constituents delivering double-digit returns thus far. (Livemint)Premium
Year-to-date, Nifty 50 has surged by 4.70%, with 20 or 40% of its constituents delivering double-digit returns thus far. (Livemint)

The stock market has been on a sustained uptrend despite weak global uncertainties, bolstering its global standing with each passing day. Indian stocks remained hot picks among institutional investors due to the country's macroeconomic stability and earnings momentum.

Notably, even stocks that faced pressure previously are now participating in the bullish trend, reflecting the overall strength and resilience of the market. The momentum leading up to the Q4FY24 earnings season suggests that major companies are poised to deliver strong earnings, as indicated by robust business updates from many firms.

Additionally, the forecast of a normal monsoon in India and the decline in oil prices from a 5-month high have contributed to a positive market sentiment in recent sessions.

Real estate and auto stocks in particular are leading the charge of the bull run, buoyed by positive investor response to recent business updates.

Also Read: As El Niño flips over, Skymet forecasts normal monsoon this year

Moreover, metal stocks are enjoying a consistent upward trend, with industrial metal prices soaring to multi-year highs. Banking stocks have also performed strongly.

This surge in major sectoral indices propelled the Nifty 50 to achieve a new record high of 22,775 points in the previous trading session. The combined market capitalisation of NSE-listed companies now stands firmly close to 400 lakh crore, or $4.8 trillion. 

Year-to-date, the index has surged by 4.70%, with 20 or 40% of its constituents delivering double-digit returns thus far.

Also Read: Multibagger Stock: Kaynes Technology surged over 160% in a year; achieved 334% growth in 17 months

Leading the gains is BPCL, with an impressive increase of 34.20%, followed by ONGC, Bajaj Auto, Adani Ports and SEZ, and Tata Motors, all boasting returns of over 30%. 

Additionally, stocks such as Sun Pharma, Shriram Finance, Maruti Suzuki, Coal India, SBI, M&M, Power Grid Corporation, Bharti Airtel, Tata Steel, NTPC, Reliance Industries, Cipla, Adani Enterprises, and ICICI Bank have yielded returns ranging between 11.50% and 28%, respectively.

Also Read: Why is Indian stock market flirting with record highs? — explained with 5 reasons

Notably, the Nifty 50 has hit new record highs approximately 21 times in the current year so far, reflecting sustained momentum and investor confidence. 

The participation of retail investors in Indian stocks is steadily increasing, reflecting a growing interest and confidence in the equity markets. This surge is evident through the significant rise in demat accounts and robust inflows into mutual funds. 

This trend has not only broadened the investor base but has also provided a strong foundation for the market. Amidst challenges such as high FPI (foreign portfolio investor) outflows, the increasing participation of retail investors acts as a cushion, contributing to market resilience and stability.

Rally may pause 

In the upcoming sessions, market focus will shift towards the Q4 earnings season, commencing with software major TCS scheduled to release its Q4 numbers tomorrow. Meanwhile, on the global front, the surge in US retail inflation during March dashed hopes of a US Fed rate cut in June.

Also Read: US Fed rate cut unlikely in June. What does this mean for Indian investors?

Analysts suggest that the hotter-than-estimated inflation supported the view that the Federal Reserve is in no rush to cut interest rates, which could put an end to the upward trend in Indian equities.

"March inflation print coming at 3.5% on an annual basis against the expectation of 3.4% will certainly constrain the ability of the Fed to cut rates. This acceleration in price rise from 3.1% in January and 3.2% in February to 3.4% in March has dashed hopes of a rate cut in June," said Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"This year began with market expectations of six rate cuts. Now the expectation has come down to a maximum of three, perhaps two. Even now, a 50-basis point rate cut is possible this year, and these will be backloaded," he further added.

 

 

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 11 Apr 2024, 01:43 PM IST
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