Benchmark Nifty has rallied 11 per cent in the last month as investors have looked beyond the result-day disappointment and pinned hopes that the new coalition government will continue to be able to formulate policies to drive economic growth.
After dropping to a low of 70,234, the Sensex has added nearly 10,000 points over the last one month.
Since June 4, when benchmark indices had plunged 6 per cent after the Bharatiya Janata Party (BJP) fell short of reaching the 272-majority mark on its own, the Nifty50 index has gained 11.2 per cent.
Meanwhile, the broader market Nifty Midcap 100 and Nifty Smallcap 100 have rallied 16 per cent and 21 per cent, respectively. Barring one (Maruti Suzuki India), all Nifty 50 stocks gained during this period. Shriram Finance (up 27 per cent), Wipro (22 per cent) and Oil & Natural Gas Corporation (22 per cent) have gained the most since June 4.
The list of top-gainers in the broader Nifty 500 universe is dominated by public sector undertakings (PSUs).
Shares of Garden Reach Shipbuilders and Mazagon Dock Shipbuilders have more than doubled since June 4 on optimism that the government will increase spending on defence and boost domestic production.
Among the losers are RHI Magnesita India, BSE and Medplus Health Services.
First Published: Jul 05 2024 | 7:54 PM IST
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