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Riding bull run, 30 stocks rise 100% after UPA win

This article was posted on Jun 6, 2009 and is filed under Market News

AHMEDABAD: While the benchmark sensex sprinted over 24% to kiss the 15,000 level since the UPA government received a decisive mandate, there are many stocks which have polevaulted over 100% since the counting of votes on May 16.

Around 30 stocks in BSE-500 category, which contribute over 90% of the total market capitalisation, have risen over 100% in 15 trading sessions.

Almost 72 stocks have given a return of between 75 and 100%, while 138 stocks have appreciated between 50 and 75%.

Most of the stocks that appreciated over 100% belong to sectors like infrastructure, realty and finance. Investors have lapped up these stocks on hopes that the government will further initiate reforms in financial sector and will increase its spending on infrastructure to counter the adverse affects of slowdown.

“Majority of the stocks in infrastructure and realty segments were at depressed valuation before the election results were announced . Now, with the government focused on reviving the economy, huge fund flows have been diverted here,” said Amitabh Chakraborty, head, equity, Religare Securities.

Sensex has risen over 24% from 12,173 points to 15,104 points since May 15 as the FIIs have turned net buyers in the markets.

Foreign institutional investors have pumped in around Rs 12,400 crore in the equity market in last fourteen trading sessions.

source: Economictimes

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