stock market nifty: From 15K to 16K: Minnows rally as Nifty heavyweights take a backseat

NEW DELHI: Minnows are leading the bulls charge as Nifty50 claimed the 16,000 mark for the first time on Tuesday after taking out the 15,000 milestone some 120 trading sessions ago.

Data showed that nine of 10 top Nifty gainers since February 5 are non-index heavyweights, with Infosys being the only exception to the list. These stocks soared 28-104 per cent against Nifty50’s 7 per cent return during the period.

Seven of Nifty50 heavyweights, in contrast, fared badly and failed to match Nifty’s return.

Metal stocks topped Nifty50 charts since February 5 with Tata Steel (up 106 per cent), JSW Steel (up 85 per cent) and Hindalco (up 70 per cent) surging up to 106 per cent.

UPL gained 47.4 per cent during this period while Bajaj Finserv added 45 per cent to investor wealth. Wipro, Grasim Industries, Divi’s Laboratories, and Tata Consumer Products (which entered Nifty50 on March 31) have gained 28-39 per cent during this period.

In contrast, Nifty heavyweight Kotak Mahindra Bank tanked 16 per cent and HDFC Bank fell 11 per cent. HDFC is down 10 per cent, while Axis Bank and TCS are trading flat since February 5.

Hindustan Unilever, Larsen & Toubro, Reliance Industries, and ICICI Bank have risen 6-10 per cent during this period. With a 28 per cent return, Infosys was an exception.

Top 10 index heavyweights account for 58 per cent of Nifty50 weightage. Infosys weightage in the index stood at 8.74 per cent as of July 30.