Hero MotoCorp, BPCL, Coal India, Bajaj Auto and Eicher are top 5 Nifty 50 gainers that helped Nifty scale new high

Nifty 50 index scaled all-time highs of 20,262.95 on Friday surpassing its earlier highs 20222.45 on September 15th . In its journey to new highs while the heavy weights as Reliance Industries Ltd and HDFC Bank Ltd have not contributed much and in fact their share prices are down 3-6% during the period however the top five gainers include Hero MotoCorp, Bharat Petroleum Corporation Ltd, Coal India Bajaj Auto and Eicher Motors.

Hero MotoCorp remained the largest gainer with the stock rising 24.65% during the period. The investor sentiments remain strong as festive season sales are likely to drive growth. An uptick in rural demand also remains positive for Hero MotoCorp prospects though sustenance will be watched

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Bharat Petroleum Corporation Ltd (BPCL ) is the second largest gainer with its share prices gaining 23.72% during the period. The improved outlook with declining oil prices has driven gains in the stock price. Brent Crude that was trading at close to $100 a barrel has corrected and is trading near $80 a barrel mark

Coal India Ltd is the third largest gainer with share prices rising 22.54%. The strong power demand in the country is lifting demand for Coal India’s produce. The rising volumes and better e-auction realizations also being aided by firm international coal prices remain key driver for investor confidence and Coal India’s earnings outlook.

Bajaj Auto Ltd also has seen handsome gains of 18.66% in its share prices during the period. The investor confidence on Bajaj Auto’s earninsg prospects is being helped by rebounding demand for two wheelers and also export demand to catch pace .

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Eicher Motors is another significant gainer with its share price rising 13.79%. The confidence on Eicher’s Royal Enfield sales remains strong and concerns on competition by new launches as Harley Davidson’s range by Hero MotoCorp and others are receding.

Beside amongst the other major gainers that have seen a couble digit rise in their share prices are Tata Motors and NTPC Ltd. The share prices of the two have gained 11.37 and 10.56% respectively.- 

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Updated: 01 Dec 2023, 11:28 AM IST