Indian stock markets have been on a continuous roll since December 2016 despite a major correction observed in February 2018. In the 13-month long period from December 2016 to January 2018, Indian equity markets have emerged as one of the top performers among the major economies of the world. Domestic equities witnessed a heavy jolt in the last week due to the global sell-off with the US benchmark index Dow Industrials losing about 1,600 points in a day followed by downturned world markets. The S&P BSE Sensex had risen over 30% in the period under review with a bunch of stocks from small to large cap vastly outperforming the key equity index.
An extremely volatile trade was observed in the month of February so far, mainly due to the global sell-off, further scaled up after the Union Finance Minister Arun Jaitley introduced a 10% tax on LTCG on equity over 1 lakh. During the heavy sell-off period, foreign institutional investors pulled around Rs 3,800 crore from Indian equities in the first seven days from 1 to 9 February 2018. As Indian stocks turn volatile, we take a look at 3 mid-cap stocks below Rs 300 that have returned up to 210% in last one year.
Shares of Jindal Steel and Power, Indiabulls Real Estate and Adani Enterprises have risen up to 210% in the last 12-month period. Interestingly, all three shares are below Rs 300. The stock of Jindal Steel and Power rose 210% to Rs 274.1 from a price level of Rs 88.5; the stock of Indiabulls Real Estate had advanced 200% to Rs 234.65 from a price level of Rs 78.25 and the stock of Adani Enterprises had gained 137% to Rs 217.25 from a price level of Rs 91.7. All the three stocks are component of Nifty Mid100 Free index of National Stock Exchange.
Earlier yesterday, shares of heavyweight companies such as HDFC twins, RIL drove Sensex to log a 295-point gain on Monday with Nifty ending near 10,500 while shares of Tata Steel and Bank of Baroda rose up to 9%. The S&P BSE Sensex gained 294.71 points or 0.87% to finish at 34,300.47 and NSE Nifty jumped 84.8 points or 0.81% to conclude at 10,539.75. Shares of Tata Steel, Bank of Baroda, Marico, Bajaj Finserv, PNB, Power Grid, Yes Bank, IndusInd Bank, UPL and BHEL advanced 2-9%. A market-wide recovery was seen in the Indian equities as all the broader indices and nine sectoral indices settled in green. Among the A group of shares on BSE, stocks of L&T Technology Services, Shipping Corporation of India emerged as the top gainers surging 10-12% while the stock of Fortis Healthcare, Hexaware Technologies lost 3-6%.