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Nifty climbs to a 23-month high; five stocks soar over 50%

LiveMint logoLiveMint 23-02-2017 Nasreen Sultana

Mumbai: The Nifty climbed to a 23-month high at 8,970 as market gears up for February Futures and Options (F&O) expiry on Thursday.

Out of the 50 stocks, five stocks on the Nifty index gained over 50% during this period.

Index heavyweights Bharat Petroleum Corp jumped 83.98%, Yes Bank soared 69.57%, Maruti Suzuki gained 65%, Eicher Motors was up 54.92% and Zee Entertainment gained 51.38% in the 23-month period.

These stocks also have seen good rally this year as abundant liquidity is driving the market.

The Nifty is not far behind from its all-time high of 9,119 touched on March 4, 2015.

However, there are still many laggards in the Nifty, giving negative returns in the 23-month period. Axis Bank is down 15.16%, Sun Pharmaceutical Industries fell 32.71%, Wipro slipped 14%, Bharat Heavy Electricals was down 42.93% during this period.

The Sensex is also catching up. The 30-share index touched 29,000 during intraday trading on Thursday—a level it had last hit on 7 September, 2016.

The market capitalization of companies trading on BSE hit a new peak of Rs118.04 trillion. In 2017, foreign institutional investors (FII) net bought $1.28 billion.

Meanwhile, earnings growth does not seem to support market valuation.

Though December-quarter earnings were better-than-expected, corporate performance is not picking up with downgrades in earnings per share (EPS).

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