Updated on 31 Mar 2017
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Stocks hit fresh all-time highs in March 2017
The third month of 2017 will be remembered by market participants for the Nifty50 surpassing the psychological level of 9,200 for the first time ever on March 17.
In line with the rally in the equity benchmark, 64 BSE500 stocks from across sectors hit their all-time highs during the month.
MRF, the most expensive stock in terms of value, also hit its all-time high level of Rs 58,459.95 on March 22. Others such as Bombay Burmah, Grasim Industries, Future Retail, ICICI Prudential Life Insurance, Motilal Oswal Financial Services, Kotak Mahindra Bank, V-Guard Industries and PVR also hit new highs during the month.
In the auto and auto ancillary space, Exide Industries, TVS Motor, Escorts and Minda Industries hit all-time high levels in March. In the banking space, YES Bank, Lakshmi Vilas Bank, Federal Bank, IndusInd Bank and RBL Bank hit new peaks.
In the NBFC space, HDFC, Dewan Housing Finance (DHFL), Can Fin Homes, IIFL Holdings, Bajaj Finserv and Bajaj Finance also hit new highs this March.
The market rallied after the clearance to much-awaited GST by its governing council, positive outcome in the state elections boosted investor sentiment on Dalal Street.
The clearance to the crucial tax reforms legislations by the GST Council has raised hopes that the new indirect tax regime will be rolled out from July 1. Expectation of additional economic reforms also fuelled the equity market.
Experts are positive on the Sensex and Nifty50 logging further gains.
Food process and dairy stocks such as KRBL, Avanti Feeds and Hatsun Agro also touched the sky this month. On a year-to-date basis, shares of KRBL, Avanti Feeds and Hatsun Agro have gained 35 per cent, 43.5 per cent and 44 per cent as of March 22.