187 BSE500 stocks offer double digit returns as markets scaled new heights in June
The India Cements was the top gainer in this pack with nearly 44% return, followed by Amara Raja Energy (41%), JK Paper (40.5%), and V Mart Retail (40.5%).
Indian benchmark indices scaled new heights gains in the last week of the June month despite mixed signals from the global market, particularly regarding inflation concerns. While the largecap stocks saw significant investor attention, the broader market of mid and segments underperformed.During the June month, as many as 187 have delivered double digit weekly with four of them offering over 40% returns.
The was the top gainer in this pack with nearly 44% return, followed by Amara Raja Energy (41%), (40.5%), and (40.5%).
About 11 stocks including , , , , , Cholamandalam Financials, among others have offered returns between 30-40% during the week.
In the smallcap segment, about 2 stocks and Moschip Technologies have turned multibaggers. While GTL Infrastructure has gained 118%, Moschip delivered 114% returns in the last one month.
Meanwhile, nearly 452 stocks in the smallcap segment offered double-digit returns during the reporting month. In the midcap segment, around 42 stocks gained in double-digits.
Among the Sensex pack, around 5 stocks including , , , and , offered returns of double-digits.
During the month, the IT sector especially showed notable recovery along with private banks which outperformed public sector banks in the banking segment.
What should investors do?
In the coming week, investors will closely monitor domestic CPI data for July, which is projected to show a significant increase due to rising food prices.
In the upcoming week, the focus will be on the release of US and Indian manufacturing PMI data and the Fed Chair’s speech.
"The undercurrent of market is positive, with no major risk visible for the domestic market in the short term. All eyes will be on the union budget proposals which will dictate the market in the medium term," said Vinod Nair, Head of Research, Geojit Financial Services.
"We expect this positive momentum to continue at a steady pace with stock-specific action. However, the release of economic data points next week would keep a little volatility in the market. Sector like Auto is expected to be in the limelight as OEMs would release their monthly auto Sales number," said Siddhartha Khemka, Senior Group VP, Head - Research, Broking & Distribution, Motilal Oswal Financial.
Having moved up sharply, technically Nifty is currently facing hurdles at the resistance of 24000-24100 levels.
"Any dip from here is likely to be a buying opportunity. Immediate support is at 23800 levels," said Nagaraj Shetti of HDFC Securities.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Source: Stocks-Markets-Economic Times
