At 12:45 PM; the S&P BSE Sensex was trading at 35,464 levels, rallied 2,115 points or 6.3% from its October 26 level of 33,349.
Housing Development Finance Corporation (HDFC), Maruti Suzuki India, Reliance Industries, Bharti Airtel and Adani Ports too outperformed the market by gaining in the range of 8% to 14% during the period.
The equity market bounced back from its recent low on account of continued foreign fund inflow and appreciating rupee. Positive leads from the US markets on optimism that the US and China may resolve their trade dispute too influenced sentiments.
Thus far in November, foreign portfolio investors (FPIs) have made net inflow of Rs 29.67 billion in equities till Thursday, provisional data shows. They had reported a record net outflow of Rs 292 billion during the month October.
The beaten down stocks from the sectors such as cement, paints, oil marketing companies, consumption led by fast moving consumer goods, aviation and financials outperformed the S&P BSE Sensex in the past three weeks.
Around 226 stocks from the S&P BSE 500 index beat the market by gaining over 7% during the period. Linde India, Jet Airways, PNB Housing Finance, Adani Transmission, Adani Power, Bandhan Bank and Radico Khaitan were up in the range of 25% to 63%.
ICICI Bank (Rs 375) and Divi’s Laboratories (Rs 1,574) were trading at their respective all-time high level after reporting a better-than-expected September quarter (Q2FY19) result.
L&T touched an intra-day high of Rs 1,413 today, was 4% away from its record high level of Rs 1,470.
"Engineering & Construction (E&C) companies positively surprised on execution across the board. Our coverage universe saw 20% YoY revenue growth after 27 quarters of sluggish trend. 1H EBITDA margins and order flow also touched highs after 5 years. This possibly reflects uptick in underlying economic activity apart from pre-election push. L&T is 56% of revenues in our universe. However, the strength in numbers appears reflected across companies. L&T, Voltas, ABB, KEI remain our top picks," said analysts at Jefferies in a recent report.
HDFC up 2% at Rs 1,890, gained 14% from its recent low of Rs 1,660 touched on October 22, 2018. The stock hit an all-time high of Rs 2,051 on July 30 this year.
|B P C L||274.65||321.15||16.9|
|Larsen & Toubro||1197.95||1396.40||16.6|
|St Bk of India||248.10||285.75||15.2|
|LIC Housing Fin.||405.30||457.25||12.8|
|Bank of Baroda||98.90||111.05||12.3|
|M & M Fin. Serv.||390.35||433.60||11.1|
|H D F C||1701.40||1889.75||11.1|
|Tata Power Co.||68.95||76.50||10.9|
|LTP : last traded price on BSE in Rs at 12:45 PM|
|Stocks from S&P BSE 100 index|