Despite the recovery in Indian stock indices, as many as 30 per cent of stocks from the BSE 500 and BSE MidCap indices are still below their respective June 4 levels, when markets had witnessed a sharp fall after election results. This includes 159 stocks in the BSE 500 and 41 in the BSE MidCap indices. The extent of damage is also significant in the listed PSUs where half of their stocks continue to trade below their June 4 levels.
While Sensex and Nifty have recovered more than 3% from the fall in June, the BSE MidCap index has risen nearly 5% and SmallCap index by 10%. Not all stocks have recovered similarly. For instance, Thermax has lost 23% since June 4, while it has gained 147% since April 2023. Adani Total Gas and Adani Power are still down 21% from June 4, despite hefty gains since April.
Other scrips, including Poonawalla Fincorp, RBL Bank, Equitas SFB, Jindal Stainless, RHI Magnesita India, and Macrotech Developers, also lost between 17% and 20% during the same time frame of the recent past, having run up substantially earlier this year. In this way, while the broad market bounces back, individual stocks have not yet recovered from all losses.
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Source: Moneycontrol
News Desk
