The sharp upsurge in the market has upset many traders. Moving away from severe economic forecasts and rising Covid-19 cases, the benchmark Nifty has climbed 11.4% – from 8,823 on 18 May to just 9 trading sessions on 1 June.
Interestingly, all 50 Nifty components have given positive gains during this period. The biggest contributors to the gains have been HDFC Bank and HDFC, which account for a fourth of the 1,000-point rally on the Nifty. ITC, ICICI Bank and Reliance Industries are the next largest contributors.
However, the biggest gains were posted by Eicher Motors (up 31% from May 18), followed by Zee Entertainment (24%).