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    Bulls eye fresh peak but 7 Nifty stocks languish over 20% from 52-week highs

    Synopsis

    Nifty is close to reaching its all-time high due to foreign institutional investors' strong inflows; however, at least seven Nifty50 constituents must rally over 20% to reclaim their previous 52-week highs, including Adani Enterprises and Adani Ports. Gautam Adani's flagship firm, Adani Enterprises, must surge 65% to touch its 52-week high of Rs 4,190. Similarly, Infosys, Cipla, and Hindalco are among the stocks that must rise between 21-27% to reclaim their all-time high levels. On the other hand, Bajaj Finserv is languishing 28% away from its 52-week high level of Rs 1,844.

    Bulls eye fresh peak but 7 Nifty stocks languish over 20% from 52-week highsiStock
    Calls on Dalal Street about Nifty reaching its all-time high soon are getting louder. Driven by solid inflows from foreign institutional investors (FIIs), Nifty is flirting with all-time high levels. The benchmark index is just 1.5% shy of reaching its all-time high of 18,887.60 it touched in December last year.

    New-found mojo on the back of the US reaching a debt ceiling agreement could provide a fresh catalyst for bulls to drive the Nifty higher.

    "Indian markets are seeing strong momentum driven by banking and other heavyweight stocks. We expect the uptrend in Nifty to continue and expect it to head toward its life-high levels on the back of positive global cues, consistent FIIs buying, and healthy corporate earnings," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

    That said, the picture is not the same for most index stocks. An analysis by ETMarkets.com shows that at least seven Nifty50 constituents must rally over 20% to reclaim their previous 52-week highs.

    Hit by the Hindenburg crisis, Gautam Adani's flagship firm Adani Enterprises is the farthest away from its record high levels, followed by Adani Ports.

    The former must surge 65% to touch its 52-week high of Rs 4,190 it hit on December 21. Adani Enterprises in the recently-concluded March quarter reported an over 2-fold year-on-year (YoY) rise in consolidated net profit to Rs 722.48 crore. Revenue from operations increased by 26% YoY to Rs 31,346.05 crore.

    The stock has only one hold rating and is currently under short-term additional surveillance by stock exchanges.

    Adani Ports, which is slated to post its Q4 earnings on Tuesday, is 36% away from the 52-week high of Rs 987.85. The average analyst estimate for the stock is Rs 834 which suggests an upside of 13% from current levels.


    Bajaj Finserv is languishing 28% away from the 52-week high level of Rs 1,844 which it touched on September 13, 2022. Analysts, on average, expect it to rise 8% to Rs 1,570.

    The company last month reported a 31% rise in consolidated net profit at Rs 1,769 crore in Q4FY23 as compared to the previous year's profit of Rs 1,346 crore. Its total income during the quarter rose 25% to Rs 23,625 crore as compared to Rs 18,862 crore a year ago.

    IT major Infosys, pharma stock Cipla and metal company Hindalco are among other stocks that must rise between 21-27% to reclaim their all-time high levels.

    (Data Inputs: Ritesh Presswala)

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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