21 stocks surged over 50% in Nifty’s 11,000-12,000 journey

Mumbai, June 4 (IANS) Around 21 stocks contributed the most in the Nifty's 333-days journey from 11,000 to the 12,000 mark, with over 50 per cent gain during the period.

The index settled above the 12,000 mark for the first time on Monday. On Tuesday, it settled at 12,021.65, lower by 66.90 points or 0.55 per cent from its previous close.

Among the 21 stocks of Nifty 500, shares of three companies rose more than two-fold, according to data from Ace Equity. Adani Power, Balrampur Chini Mills and Vinati Organics rose by 160.88 per cent, 125.14 per cent and 122.30 per cent respectively.

They were followed by Fine Organic Industries and Praj Industries, which increased by 93.28 per cent and 84.76 per cent.

The other companies in the top 10 were Procter and Gamble Health (77.44 per cent), Info Edge (India) (75.08 per cent), Power Finance Corp (74.03 per cent), UPL (73.06 per cent), ICICI Lombard General Insurance (71.61 per cent).

The 21 top companies also included ICICI Bank (55.31 per cent), Axis Bank (50.95 per cent), Interglobe Aviation (50.44 per cent).

The other stocks included SRF, Bata India, Muthoot Finance, DCM Shriram, Tube Investments of India, Aditya Birla Fashion and Retail, Titan Company and Heidelberg Cement India.

Analysts said that the recent surge in the market was mostly based on hopes of reforms, return of the BJP-led NDA government to power and also of probable interest rate cuts.

"The journey of 1,000 points was a hope rally. Now, the market now would depend upon how fast the reform process takes place and the problems with NBFCs get resolved," Saurabh Jain of SMC Comtrade said.

The Nifty50 may reach 13,000 mark and the BSE Sensex may touch 43,500 by the end of the year, Jain said.