Nifty crosses 8,000 first time since Nov, 2015 on Modi govt’s 2nd anniversary; BHEL, Adani Ports among stocks that jumped over 50%

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Updated: May 26, 2016 2:22:31 PM

During November 6, 2015 to May 25, 2016, Bharat Heavy Electricals (BHEL) surged the most — 56 per cent, it was followed by Adani Ports (up 55 per cent), Cipla (up 40 per cent) and State Bank of India (up 39 per cent).

NSE, Investment, government debt securities, mock bidding, interests, foreign investors, FDIThe broader index Nifty 50 reclaimed 8,000 mark on Thursday for the first time since November 6, 2015 supported by impressive corporate results and anticipation of strong monsoon this year. (Photo: PTI)

Supported by impressive corporate results and anticipation of strong monsoon this year, the broader index Nifty 50 reclaimed 8,000 mark for the first time since November 6, 2015 on Thursday. This coincides with Narendra Modi-led NDA government completing its two years after coming to power.  Sentiment also remained strong on Thursday as oil advanced to $50 a barrel for the first time this year as US industry data showed a decline in stockpile. At 1.31 pm, Nifty was trading 77.25 points up at 8,012.15.

During November 6, 2015 to May 25, 2016, Bharat Heavy Electricals (BHEL) surged the most — 56 per cent, it was followed by Adani Ports (up 55 per cent), Cipla (up 40 per cent) and State Bank of India (up 39 per cent).

On the other hand, Tata Steel, GAIL (India) and YES Bank slid 32 per cent, 24 per cent and 23.87 per cent, respectively, and remained among top losers in the Nifty 50 index.

IT majors Infosys slid 6 per cent during the period. However, Tata Consultancy Services remained flat (down 0.83 per cent).

In an significnt move, Morgan Stanley on Wednesday upgraded its rating for India to ‘overweight’ from ‘equal weight’ citing the country’s relative valuation to emerging markets (EMs). India, the brokerage points out, is still trading at a 36 per cent premium versus MSCI EM, which it believes is fair given its macroeconomic stability and likely earnings trajectory gap versus the rest of EM.

Other reasons cited for the upgrade are the relative positioning among fund managers, rising dividends per share leading to more attractive dividend yield and a supportive macro economic environment with little deflation threat, expectations of an above average monsoon rainfall and a possibility of productivity-enhancing reforms.

Top gainers in Nifty since November 6, 2015

top 10 gainers since November 6, 2015

Top losers in Nifty since November 6, 2015

top 10 losers in nifty pack since november 6 2015

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