Worst over? Sensex rides high on auto, banking and realty stocks
Stocks within consumer durables, banking, automobiles, and capital goods space have also witnessed handsome gains during the past three months. The BSE Consumer Durables index has given returns of 27.2% since the beginning of September, followed by CNX Bank Nifty (19.79%), BSE Auto (16.11%), BSE Capital Goods index (15.57%), and BSE FMCG index (12.52%).
United Spirits has been the best performer in the BSE 200 universe. The scrip has given returns of 120% on the back on the United Spirits-Diageo deal. “The IMFL business in India, a market which offers attractive growth opportunity underpinned by favorable demographics, rising income, and preference for premium liquor,” said Gautam Duggad, VP research, FMCG & retail, Motilal Securities.
Experts said that foreign brokerages and institutions continue to bet on Indian markets, with a strong bias towards cyclicals like financials and are largely positive on industrials and energy, consumers and pharmaceuticals based on valuations and earnings growth potential.
Other major gainers in the last three months include real estate developers Unitech (67%) and HDIL (54.6%), Indiabulls Real Estate (50.11%), pharma majors Wockhardt (48.40%) and Aurobindo Pharma (65.42%), Union bank of India (52.4%), Oriental Bank
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