The bulls have firmly established their dominance in the Indian markets over the past three months. During this time, both the Nifty and Sensex, the benchmark indices of the Indian stock market, have witnessed substantial gains, setting new record new all-time highs.
Starting from April 2023, the Indian markets experienced a significant turnaround as the bulls took control. After a flat finish to March, the Nifty and Sensex exhibited a strong resurgence, showcasing substantial performance in the subsequent months.
In April, the Nifty and Sensex recorded impressive rally of 4.06% and 3.60%, respectively. The bullish momentum witnessed in April continued unabated into May, with Nifty recording a further gain of 2.60% and Sensex notching an impressive 2.47% increase.
The prevailing bullish sentiment has carried over into the current month as well, with both Nifty and Sensex continuing to showcase stellar performances. Nifty has already gained 1.57% in this period, while Sensex has soared by 1.22%.
In addition, Nifty registered an all-time high of 18,864 on June 16, and similarly, Sensex also marked a new record high of 63,520, solidifying their strong performance over global peers.
Overall, in CY23 so far, Nifty and Sensex have gained 3.98% and 4.18% and during the same period, 20 stocks of the Nifty 500 Index have climbed more than 50%.
JBM Auto emerged as the top performer on the list, delivering an outstanding return of 90.34%. The stock has demonstrated consistent growth over the past nine months, including the current period, resulting in a remarkable multibagger return of 158%.
On June 15, JBM Auto achieved a significant milestone by crossing the ₹1,000 mark and setting a new all-time high of ₹1,012 per share. Following closely on the list of top gainers is Olectra Greentech, whose shares have been on an upward trend since February 2023, resulting in an impressive return of 96% to date.
| Scrip Name | Year-to-date returns |
| JBM Auto | 90.34% |
| Olectra Greentech | 86.24% |
| Zensar Tech | 85.54% |
| Cyient | 83.39% |
| Sonata Software | 80.67% |
| Rail Vikas Nigam | 80% |
| Apar Industries | 74.19% |
| Data Patterns | 70.75% |
| Paytm | 68.58% |
| Cholamandalam Financial Holdings | 67.68% |
| Triveni Turbines | 62.57% |
| ABB India | 61.57% |
| Anupam Rasayan | 59.48% |
| Finolex Cables | 59.48% |
| Cholamandalam Investment & Fin | 55.85% |
| Aurobindo Pharma | 55.74% |
| KPIT Tech | 53.98% |
| HEG | 53.98% |
| KEI Industries | 53.13% |
| HAL | 51.89% |
| Glenmark Pharma | 51.47% |
| Ingersoll Rand | 51.14% |
| Cera Santiraryware | 50.67% |
| Source: Trendlyne |
In the overall performance of CY23 thus far, the stock has climbed from ₹497 per share to its current level of ₹926, generating a notable return of 86.24%. Zensar Tech, which had underperformed the market in CY22, experiencing a nearly 60% decline in value, has made a strong turnaround in CY23, delivering a return of 85.54% so far.
Investors responded positively to the Q4 results of Cyient, driving the stock to register double-digit returns since April 2023. On April 20, the company reported a better-than-expected consolidated net profit for the March quarter, amounting to ₹163.20 crore, representing a YoY increase of 5.83% and 4.48%, respectively.
Since the Q4 announcement, Cyient's stock has witnessed a remarkable surge, recording a gain of 36.30% to date. Overall, in the current year, the stock has delivered an impressive return of 83.39%. Sonata Software, was another IT stock, has also performed well, logging a return of 80.67% in the same period.
Rail Vikas Nigam, a railway infrastructure company, has delivered a substantial return of 80%, while Apar Industries and Data Patterns India have also recorded significant returns in CY23 thus far, with gains of 80%, 74.19%, and 70.75%, respectively.
Furthermore, Paytm, Cholamandalam Financial Holdings, Triveni Turbines, and ABB India have registered gains of 68.58%, 67.68%, 62.57%, and 61.57%, respectively.
Several other stocks, including Anupam Rasayan, Finolex Cables, Cholamandalam Investment & Fin, Aurobindo Pharma, KPIT Tech, HEG, KEI Industries, HAL, Glenmark Pharma , Ingersoll-Rand India, and Cera Sanitaryware, have also witnessed significant gains ranging from 50% to 60% in CY23 so far.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of MintGenie.
