Around 70% of Nifty50 index constituents were gainers in March 2022: Motilal Oswal report

At least 70 per cent of Nifty50 index constituents reported growth in March 2022 as well as in fiscal 2021-22, the domestic brokerage house Motilal Oswal said in a report.  

The Nifty50 rebounded sharply in March 2022 gaining 4 per cent after remaining negative in February, according to the brokerage report named India Chartbook. It closed around 110 points or 0.6 per cent lower to 17675 on Monday. 

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Gainers 

Heavyweights such as JSW Steel, ITC, and UPL contributed most to the benchmark index by gaining up to 17 per cent each in March, followed by Reliance Industries, Infosys, Cipla, and Bharti Airtel which were up between 10 and 12 per cent, the brokerage said in a report. 

Citing the last financial year’s performance of index constituents, the brokerage said, “In FY22, 70 per cent of the index constituents posted gains YoY (Year-on-Year). In which, Bajaj Finserv, Hindalco, Titan, Tata Steel, and ONGC led the 50-share pack by surging up to 60 per cent in the last fiscal”. 

Individually, Bajaj Finance and Hindalco surged most by 76 and 74 per cent followed by Titan, Tata Steel, and ONGC up around 63, 61, and 60 per cent, respectively in FY22, report added. 

Laggards 

In March 2022, auto stocks such as Hero MotoCorp and Maruti Suzuki were the underperformers, down 10 and 9 per cent respectively. While Britannia Industries, Hindustan Unilever, and Apollo Hospitals each declined by around 6 per cent in the previous month, according to the report. 

On yearly basis, HDFC Life Insurance tumbled most by 23 per cent in FY22, followed by Hero MotoCorp down 21 per cent in FY22, Motilal Oswal noted. Similarly, Shree Cement, BPCL, and HUL were the other weak stocks on the Nifty index that declined between 16 and 18 per cent in FY22.