BackOver 25 Nifty 500 stocks gained between 20-58% in April, Aegis Logistics topped the list
Indian markets extended winning streak in April despite various challenges, with Nifty 50 and Sensex closing with over 1% gain. Mid- and small-cap stocks also rebounded, achieving record highs. Overall, in April, 27 Nifty 500 stocks experienced gains ranging from 20% to 58%.
PremiumDespite a multitude of factors, ranging from geopolitical tensions to weak earnings from IT stocks, Indian markets extended their winning streak for the third consecutive month in April.
Amid significant fluctuations during the first three weeks of the last month, market sentiment received a boost during the last week, primarily driven by strong performance in the banking and auto sectors following positive earnings reports for the March quarter.
Indian benchmark indices, Nifty 50 and Sensex closed April with gains of 1.24% and 1.13%, respectively. Nifty 50 experienced significant fluctuations, swinging over 1000 points in April.
In the final trading session of the last month, the index touched a new record of 22783 points, while the Sensex also approached its all-time high, falling just 13 points short.
Also Read: Nifty 50 surges 1.2% in April led by banks and auto stocks, IT sector lags
Meanwhile, mid- and small-cap stocks bounced back from their March slump, driven by regulatory uncertainties and high valuations. Investor sentiment improved in April, resulting in robust returns for both indices and the attainment of record highs.
The Nifty Midcap 100 index surged by 5.81%, while the Nifty Smallcap 100 index recorded a remarkable rally of 11.40% in April. Conversely, the Nifty 500 index continued its upward trend for the sixth consecutive month in April, ending with a notable gain of 3.66%. On April 27 Nifty 500 stocks experienced gains ranging from 20% to 58%.
Nifty 500 April winners
In April, Aegis Logistics shares emerged as the top gainers in the Nifty 500, soaring by 58%, marking its most significant monthly surge since May 2009. This remarkable rally followed a ‘buy’ rating initiation by domestic brokerage firm IILF Securities earlier in the month, attributing the stock's solid revenue model and robust margins.
Having climbed from its February 2022 lows of ₹167.25 per share, the stock is now trading at ₹687 apiece, reflecting an impressive 311% increase.
Tejas Networks, backed by the Tata Group, also showcased a stellar performance in April, recording a 57% gain. This surge effectively reversed the stock's negative trajectory over the preceding three months.
April's rally represents the most substantial monthly gain for Tejas Networks since its listing in 2017, propelling the stock to an impressive 3000% growth over the past four years.
Similarly, Exide Industries captured attention throughout April with consistent surges to new highs. The investor enthusiasm stemmed from multiple positive developments, including its subsidiary, Exide Energy Solutions, signing a non-binding MOU with Hyundai Motor Company (Hyundai Motors) and Kia Corporation (Kia) to explore strategic cooperation in India's EV market. Additionally, the company reported robust financials for the March quarter.
Several brokerages raised their target price for Exide Industries, citing strong growth prospects. Consequently, the stock ended April with a 52% gain. Similarly, Amara Raja Energy & Mobility also gained 38.3%.
Metal stocks, including Hindustan Zinc and Vedanta, also saw significant returns in April, with gains of 39.5% and 38.4%, respectively. This surge was driven by the sharp increase in prices of base metals such as copper, aluminium, zinc, lead, and nickel.
During the second week of April, global brokerage firm CLSA upgraded Vedanta's stock rating from ‘underperform’ to ‘buy.’ This upgrade reflects CLSA's optimism regarding Vedanta's prospects amidst the ongoing surge in metal prices. Additionally, CLSA revised its target price for Vedanta's stock to ₹390, positioning it as the second-highest target after Nuvama's ₹394.
Also Read: Schneider Electric: This multibagger stock turned ₹1 lakh into over ₹4 lakh in just a year
Meanwhile, other stocks such as Just Dial, Hitachi Energy India, Motilal Oswal Financial Services, Cochin Shipyard, Linde India, Voltas, Aditya Birla Capital, Hindustan Copper, Aditya Birla Fashion, Schaeffler India, Lloyds Metals & Energy, Godrej Industries, JSW Energy, Garden Reach Shipbuilders & Engineers, Sterling and Wilson Renewable Energy, Supreme Industries, IIFL Finance, KFIN Technologies, Nippon Life India Asset Management, HEG, and Whirlpool of India have delivered returns ranging between 20% and 38%, respectively.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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