In the market rally in March, 27 stocks in BSE surged between 50-94 per cent and 90 surged between 30-50 per cent till March 22.
In the market rally in March, 27 stocks in BSE surged between 50-94 per cent and 90 surged between 30-50 per cent till March 22. Sharp rally were seen in sugar stocks this month as out of top 7 companies 5 are from sugar sector.
Stocks such as Dwarikesh Sugar Industries, Usha Martin, Prakash Constrowell and Thiru Arooran Sugars advanced 93.14 per cent, 79.77 per cent, 79.65 per cent and 78.12 per cent, respectively, during the month and remained top BSE gainers in March so far.
On the other hand, share price of Crompton Greaves, Visagar Polytex and Suncare Traders slid 63.72 per cent, 46.51 per cent and 46.27 per cent in March so far.
Domestic equity indices BSE Sensex and NSE Nifty which plunged 12 per cent in the first-two months of the ongoing calendar year wiped off most of their losses in March as they surged 10 per cent.
The 30-share Sensex climbed to 25,330.49 on March 22 from 23,002 on Feb 29. It was trading at 26,117.54 on December 31 last year. Likewise, The 50-share index jumped to 7,714.90 on March 22 from 6,987.05 on Feb 29. The index was at 7,946.35 on December 31.
According to market experts, rate cut hopes by the Reserve Bank of India next month, strong rupee and buying by foreign institutional investors supported market sentiments this month.
“Hopes that the RBI would consider cutting rates in its next policy meeting raised sentiment and helped the rupee appreciate. Apart from rate cut optimism, market participants also cheered the government’s commitment to fiscal prudence. If the foreign fund inflows continued in the next few session, this could further help rupee to appreciate against the dollar,” IFA Global said in a note.
Foreign institutional investors raised their bets on Indian markets as they bought shares worth of Rs 14,534.29 crore this month so far. Rupee surged 3 per cent to 66.54 against dollar on March 22 from 68.616 on Feb 29, according to the data available with RBI.
On the further movement of benchmark indices, Nikhil Kamath, co-founder and director, Zerodha, said, “BREXIT and the news of Brussels bombing will take center-stage, short-term moves on the Nifty will be based more on international cues than the inherent macros going forward. Overall we are still bullish on the markets with a short-term target of 7,950 on Nifty, utilities and banking sectors continue to shine.”
Below is the list of stocks which jumped over 50 per cent this month so far.
Data Source: Ace Equity