Indian stock markets are hovering near record highs with the benchmark Sensex index nearing 37,000-mark while NSE Nifty was just 100 points away from breaching its previous all-time high. We take a look at a mid-cap bank share below Rs 50 that may double your money in the stock market.
Indian stock markets are hovering near record highs with the benchmark Sensex index nearing 37,000-mark while NSE Nifty was just 100 points away from breaching its previous all-time high. The domestic markets have been broadly rising since last two weeks, during which BSE Sensex has appreciated by more than 4% following the steep uptick in the shares of heavyweight companies such as TCS and Reliance Industries. Even today, the S&P BSE Sensex surged 191.66 points to hit a fresh all-time high of 36,740.07 whereas NSE Nifty made a day’s high of 11,071.35, up by 48.15 points.
However, on a broader stretch, most of the mid-caps and small-caps have seen considerable value erosion in the recent past as the benchmark indices Nifty Next 50 has lost over 8% to 26,367.2 from a level of 30,964.65 as on 29 December 2017. Other broader market indices such as Nifty Midcap 50 has slid 12% and Nifty 500 has declined by nearly 3% in the last six months. A mid-cap private bank share which may double your money. Interestingly, this share is available for below Rs 50.
Mid-cap bank share that may double your money in the stock market
Shares of Srinagar-based The Jammu & Kashmir Bank Ltd have dropped about 15% in the last one month to Rs 49.65 from a share price level of Rs 59 as on 13 June 2018. The domestic research and brokerage firm Motilal Oswal Securities has given a ‘buy’ with a target price of Rs 100 which implies a potential upside of 100% from the current market price.
Check the stock market details: The Jammu & Kashmir Bank Ltd
Shares of Jammu & Kashmir Bank are categorised in the ‘A’ group on BSE and is a part of S&P BSE 500 index. Jammu & Kashmir Bank has a stock market value of Rs 2,770 crore on BSE on the basis of the share price of Rs 49.75.
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