Updated on 13 July 2017
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Do you have any of these stocks that rose 500 percent while Sensex breached 32000 mark
The S&P BSE Sensex added 1,000 points to its kitty in a matter of just 33 trading sessions to hit 32000 for the first time, while investors’ wealth on the BSE rose by Rs 5 lakh crore in the same period.
The index, which closed at 31,028 on May 26, 2017 rose to fresh record high of 32,054.33 on July 13, 2017. The total market valuation of all listed firms on the BSE had first hit Rs 1,25,63,812.15 crore on May 26, which rose to Rs 1,30,73,742, translating into gains of little over Rs 5 lakh crore.
The rally was not limited to Sensex, but was broad-based as eight stocks more than doubled investors’ wealth in the same period. Magnum Ventures rose by 545 percent followed by Goa Carbon which gained 157 percent, and Poona Dal rallied 133 percent in the same period.
Other stocks, which rallied over 100 percent include names like ABC Bearings (up 132%), Priya (up 131%), Quintegra (up 115%), Confidence Petro (up 104%), and Rasandik Engineering (up 104%).
A strong handover from firm Wall Street fuelled a rally in the Indian markets, apart from that rate cut hopes from the central bank after inflation numbers added to optimism.
Short covering arising out of unwinding of positions from foreign investors is supporting the rally along with flows from domestic institutional investors (DIIs).
The latest 1000-point rally in the Sensex was driven by Reliance, large Pharma stocks, Bharti Airtel, ITC, and Maruti. Unlike in the past, banks & IT stocks did not contribute meaningfully to the latest rise. Local fund and non-fund inflows contributed to this rise.