Indian equity markets witnessed a volatile first month of the new calendar year. However, despite higher volatility monthly market returns are almost flat. The benchmark equity index BSE Sensex has slipped 0.7% this month as of January 31, 2024, from December 29, the last trading day of 2023. While the broader market index BSE500 has given a 2% return in the same duration. On the other hand, select stocks have given significant market returns in January.
The data available from ACE Equity showed that ahead of budget select 10 stocks from the BSE 500 universe have surged up to 76% in just one month. Here are the top 10 gainers in this list.
Indian Railway Finance Corporation (IRFC): This finance sector PSU stock is the biggest gainer in the BSE 500 index. IRFC’s share price surged 76% to Rs 175 on January 31 from Rs 99.3 a month ago. It has a current market capitalisation (m-cap) of Rs. 2.29 lakh crore.
Rail Vikas Nigam: This infrastructure PSU stock surged 70% in January to Rs 308 from Rs 181.5 and has a market valuation of Rs 64,281 crore.
Infibeam Avenues this fintech sector stock has gained 64% in January to Rs 35.1 from Rs 21.4 in December end. It has the latest m-cap of Rs 9,660 crore.
IRB Infrastructure Developers: Infibeam is followed by another infrastructure sector stock IRB Infra, its share price has surged 59% to Rs 66.1 from Rs 41.5 in a month. It has an m-cap of Rs 39,912 crore.
NBCC (India): With gains of 58% NBCC is at the number five in this list. This Real Estate sector stock jumped to Rs 129.4 on January 31, 2024, from Rs 81.6 a month ago. It has an m-cap of Rs 22,889 crore.
Oracle Financial Services Software (OFSS): OFSS’s share price has surged 55% to Rs 6533 and this IT firm has the latest m-cap of Rs 55,728 crore.
Alok Industries’share gained 52% to Rs 32.5 from Rs 21.3 and has a current m-cap of Rs 15,695 crore.
Rites Ltd surged (48%), Sobha Ltd gained (47%) and SJVN Ltd jumped (45%) are other major gainers in this list. One key point is that in the top 10 performing stocks, as many as 5 are PSUs. Also, majority of top performing stocks are from Realty and Infra sectors. In the previous budget government's focus on Infrastructure development may be the reason that these sectoral stocks are outperforming ahead of the next Budget.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
