Top 10 stocks that rose the most in May on BSE 500 Index; check full list here
Stock market news: India's Sensex and Nifty indices have continued to gain in May, with the Sensex closing 2.5% higher and the Nifty up 2.6%. The top 10 gainers on the BSE 500 index in May included Brightcom Group, Zensar Technologies, Dixon Technologies, Suzlon Energy, and Intellect Design Arena.
PremiumImproving macroeconomic fundamentals, strong foreign portfolio investment (FPI)inflows, overall strong performance by Indian companies in Q4, a pause in rate hikes by the Reserve Bank of India, falling crude oil prices, and easing inflationary pressures have all contributed to the domestic benchmark indices, Sensex and Nifty, clocking decent gains in May.
The Sensex closed 2.5% higher while the Nifty closed up 2.6% in May. The monthly advances for both indices continued for a third consecutive month. On Monday, May 29, the Indian markets began higher, with the key benchmark indices approaching all-time highs, just trading 1.3% down than the 18,887.60 levels reached on December 1 last year.
“Our markets witnessed a sharp pullback move in the last couple of months and the recent rally has also been supported by broader market participation. This is a positive sign and indicates an uptrend which is likely to continue going ahead. However, since the momentum readings on the midcap index are overbought, we advise traders to keep a ‘buy on dip’ approach in the June month. The supports for Nifty are placed around 18,300 followed by 18,100," said Ruchit Jain, lead research analyst at 5paisa.
On the final day of the month, FPIs had net purchases worth ₹3,405 crore. FPIs invested around ₹37,000 crore in May, substantially double their April levels. On the other hand, on Wednesday, domestic institutional investors (DIIs) sold shares worth ₹2,528 crore.
Top 10 Gainers in BSE 500 Index
The firms that led the BSE 500 Index in May are listed below, against a backdrop of encouraging news flow, strong Q4FY23 profits, order wins, and a change in management.
Brightcom Group Ltd, which jumped by 109.6%, was among the top 10 gainers in the BSE 500 index in May. Zensar Technologies Ltd saw a roughly 40% increase in share price in May, while Dixon Technologies (India) Ltd, Suzlon Energy Ltd, and Intellect Design Arena Ltd also saw gains of 34% each.
Engineers India Ltd and Cholamandalam Financial Holdings Ltd both saw gains of over 33% in May, while CreditAccess Grameen Ltd, Eureka Forbes Ltd, and Adani Enterprises Ltd all saw gains of over 29%.
Also Read: Stock market update: These large-cap stocks clocked strong gains in May; do you own any?.
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