Moneycontrol PRO
Open App
Upcoming Event : Traders Conclave 2022 | India's Largest Retail Stock Investors & Traders Residential Conclave

Nifty took 24 sessions to move from 9700 to 9800; meet the winners which rose up to 180%

The index took 10 sessions to bounce back from its low of 9,473.45 on 27 June to hit a fresh record high of 9,830.05 in trade today on 11 July.

August 21, 2017 / 03:52 PM IST

The Nifty50 surged to a fresh record high of 9,830.05 for the second consecutive day in a row on Tuesday, but it took 24 sessions for the index to rally from 9,700 to 9,800.

The Nifty50 recorded a fresh high above 9,700 on 6th June when it reached its peak at 9,709 and soon after bears took control of D-Street and pushed the index back towards 9,500.

The index took 10 sessions to bounce back from its low of 9,473.45 on 27 June to hit a fresh record high of 9,830.05 in trade today on 11 July.

Even though index remained volatile since June but there were many stocks which rose up to 180 percent in the same period. Nearly 30 stocks gave over 50 percent return in the same period.

The stock which emerged as a top gainer on the NSE was Magnum Ventures which rallied as much as 184 percent since 6 June 2017, followed by Goa Carbon which rose 99 percent, and Venky's gained 94 percent in the same period.


As much as 29 stocks outperformed other asset classes such as fixed income, real estate and gold as they gave over 50 percent return in a matter of just 24 trading sessions which includes names like Emkay Global Financial Services, Simplex Projects, JP Associates, Shilpi Cables, McNally Bharat, Graphite India, HEG, and Emami Infra etc. among others.


Liquidity driven rally:

Indian market broke out of its narrow range on Monday, largely led by short covering from foreign institutional investors after SEBI restricted the use of P-notes to hedging and earnings.

In the case where the underlying derivatives position are not for purpose of hedging the equity shares, the issuing FPI has to liquidate such ODIs latest by the date of maturity or by December 31, 2020, whichever is earlier.

The optimism is also around June quarter earnings which some experts feel that it could be better than expectations.

“Such buoyancy in the market ahead of the earnings season indicates that markets are in the strong hand and participants are anticipating much higher levels ahead,” Adrian Mowat, MD & Chief EM Strategist, JP Morgan in an interview with CNBC-TV18.

The way markets have moved in the last couple of sessions, it looks like the next crucial resistance level of 10,000 could well come this month. However, some bit of consolidation cannot be ruled out which could give investors a buying opportunity to dip into quality stocks.

Jayant Manglik, President, Retail Distribution, Religare Securities Ltd said that our positional target of 10,000 in Nifty is intact but finding a trade at current level requires extra efforts.

“For fresh trades, we suggest waiting for some consolidation or dip in stocks and preferring hedged positions,” he said.
ISO 27001 - BSI Assurance Mark