Nifty scales new peak but its components still trail their previous highs

The benchmark Nifty has scaled a new peak two weeks after the Sensex went past its previous all-time high. Both the indices had registered their previous all-time highs on August 28, 2018. At present, the Nifty is at 11,787, which is 48 points higher than its previous peak of 11,739 nearly eight months ago. 

Even though the Nifty has climbed a new peak, more than half of the Nifty components are currently below their August 28 levels. The list of stocks that are on the losing side is dominated by automobile firms such as Mahindra & Mahindra, Eicher Motors and Maruti Suzuki. Other notable losers are financial stocks Indiabulls Housing Finance and YES Bank, as well as pharma companies 

Sun Pharma and Cipla. The list of winners is dominated by private banks — who are also the biggest contributors to the indices’ gains over the past eight months, followed by technology stocks.