Investors shunned defensives like IT, pharma and went for cyclicals like banks, power, realty, capital goods and metals. Star performers in the midcap space were infra, cement, power and banking stocks. PSU stocks hogged the limelight with more than double-digit gains, which was a rare site for several stocks in this space.
moneycontrol.com
If you thought that the profit booking had begun after Sensex shedding nearly 1200 points from day's high on Friday then today's movement in the midcaps and smallcaps might change your view. The benchmark indices closed with 1 percent gains but the real action was stock-specific, especially in the broader markets where midcaps and smallcaps soared 10 to 20 percent.
Investors shunned defensives like IT, pharma and went for cyclicals like banks, power, realty, capital goods and metals. Star performers in the midcap space were infra, cement, power and banking stocks. PSU stocks hogged the limelight with more than double-digit gains, which was a rare site for several stocks in this space.
The market breadth was 3:1 and out of the 2950 stocks trading on BSE today, 418 stocks or 14 percent touched fresh 52-week high. This suggests the optimism in the broader markets triggered by Narendra Modi's resounding win. Analysts expect more stocks to join the list, especially beaten down ones.
All in all, it was a good day for the market. But how long the dream run will last is anyone's guess right now.
For full list of 418 stocks at 52-week high, Click here
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