Stock selection held the key to outperformance even as the rally became broad-based towards the last quarter of the calendar. Fund managers chased FMCG stocks despite expensive valuations, and rising bad loans failed to deter investors from piling on to banking shares.
Stock selection held the key to outperformance even as the rally became broad-based towards the last quarter of the calendar. Fund managers chased FMCG stocks despite expensive valuations, and rising bad loans failed to deter investors from piling on to banking shares. But as the spectacular performance of Larsen & Toubro , and HCL Tech proved, there were winners to be spotted even in dud sectors like capital goods and IT.
Infosys' tale of woes continued this year too, in now what appears to be more of company-specific issues more than an adverse operating environment. Number two on the list of laggards was Bharti Airtel , as a strained balance sheet, fierce competition and adverse regulations led to investors to shun the stock.
DB Realty figured among the surprise winners in the mid-cap space, with the re-rating driven by high networth investor Rakesh Jhunjhunwala's decision to invest in the company. The stock more than doubled since October after Jhunjhunwala broke his long standing rule of not investing in real estate firms, and was up over 200 percent for the year as a whole. Among midcap losers, Tulip Telecom shares nosedived after the company failed to repay foreign currency convertible bond holders in time. Indraprastha Gas and Manappuram Finance shares were felled by regulatory decisions, and Educomp Solutions never really recovered after brokerage house Espirito Santo raised doubts about the company's accounting practices.
Top Nifty gainers in 2012
Top Nifty losers in 2012
Top midcap gainers in 2012
Top midcap losers in 2012
READ MORE ON Sensex, Nifty, market, Larsen & Toubro, HCL Tech, Bharti Airtel, Jet Airways, SpiceJet , Rakesh Jhunjhunwala, Tulip Telecom, Indraprastha Gas, Manappuram Finance, Educomp Solutions
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Sensex yr-end target 26900; cherry-pick pvt banks too: HSBC