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On the top of the chart, the share price of private lender YES Bank soared 342 per cent to Rs 24.55 on April 16 from Rs 5.55 on March 6. Agri-based company Kilpest India, chemicals player Vivimed Labs, diversified player Parle Industries, pharmaceutical player Ortin Laboratories and rice major KRBL also rallied between 125 165 per cent from their year’s low level.
Company as well as sector-specific developments mainly drove a couple of stocks. For instance, YES Bank hogged momentum after an SBI-led consortium invested Rs 10,000 crore in the bank, boosting its core capital. As a result, global financial firm Moody's Investors Service upgraded YES Bank’s credit outlook to positive from negative last month.
On the other hand, reports of a spike in rice prices in Asian markets to seven-year high supported companies like KRBL during the month. Commodity prices climbed amid panic buying and low supplies due to Covid-19 lockdown in many countries, including India, Thailand and Vietnam.
Eros International, Alpa Labs, Mangalam Drugs, Markans Pharma, Zuari Global, Mangalam Organics, Simran Farms, Parag Milks, Morepen Labs, K&R Rail Engineering, Nectar Lifesciences, Coral Labs, Bal Pharma, Ramky Infrastructure, Jindal Photo, Heritage Foods, Shiva Texyarn and Zuari Agro Chemicals were among the players which rallied more than 100 per cent from their lows scaled in March 2020.
Sectorwise, pharma stocks gained attention after the government relaxed export curbs on some ingredients and medicines. The BSE Healthcare index has climbed 23 per cent since March 1, while Sensex is marginally down 2.5 per cent during the month. However, the 30-share index gained nearly 4 per cent on a month-to-date basis till April 16.
“Q4 earnings and liquidity measures will drive market sentiment from here on. However, we believe markets will consolidate at present levels for the next two weeks,” said Mayuresh Joshi, Head of Research, William O’Neil.
Gains in the last one month remained broadbased as more than 350 stocks climbed 50-100 per cent from their 52-week lows on the bourses. Some of the stocks that fall in this category included NBCC, Care Ratings, Glenmark Pharma, Insecticides (India), Rajshree Sugar and Unichem Labs.
Value investor Jiten Parmar and partner at Aurum Capital said, “After the recent fall, there is scope for value stocks across the market cap. Growth style and momentum investing remained in limelight for the past two years. I think the value will play out and one should invest in beaten-down quality companies. Telecom, cement and non-ferrous metals look attractive to us.”
According to market experts, this is the right opportunity for investors to create an investment portfolio. Taking calculated risks based on individual risk appetite could deliver big returns in the long term. One should accumulate quality stocks in the current market weakness.
For stock-specific investors, ICICIdirect recommended Divi’s Labs and Sanofi from the pharmaceutical sector. The brokerage is also positive on HUL, Dabur and Bharti Airtel.
Angel Broking is positive on Hawkins Cooker, Asian Paints, Avenue Supermart, Colgate Palmolive, Hindustan Unilever, Nestle India, Bata, Britannia, Dabur and L&T Infotech.
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(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price