187 BSE500 Stocks Deliver Double-Digit Returns as Markets Reach New Heights in June

Indian benchmark indices reached new heights in the last week of June, despite mixed signals from the global market, especially concerning inflation. While large-cap stocks attracted significant investor interest, mid and small-cap segments did not perform as well.

In June, 187 BSE500 stocks provided double-digit weekly returns, with four of them offering over 40% returns. The India Cements led the pack with nearly 44% returns, followed by Amara Raja Energy (41%), JK Paper (40.5%), and V Mart Retail (40.5%). Additionally, 11 stocks, including Praj Industries, Mazagon Dock Shipbuilders, Cholamandalam Financials, and Whirlpool India, delivered returns between 30-40%.

In the small-cap segment, GTL Infrastructure and Moschip Technologies became multibaggers. GTL Infrastructure gained 118%, while Moschip Technologies delivered 114% returns in the last month. Nearly 452 small-cap stocks offered double-digit returns during June. In the mid-cap segment, around 42 stocks saw double-digit gains.

Among the Sensex pack, about five stocks, including Ultratech, Infosys, and HCL Technologies, provided double-digit returns. The IT sector showed notable recovery, and private banks outperformed public sector banks in the banking segment.

In the coming week, investors will closely watch domestic CPI data for July, which is expected to show a significant increase due to rising food prices. Attention will also be on the release of US and Indian manufacturing PMI data and the Fed Chair’s speech.

“The market’s undercurrent is positive, with no major risks visible for the domestic market in the short term. All eyes will be on the union budget proposals, which will dictate the market in the medium term,” said Vinod Nair, Head of Research at Geojit Financial Services.

“We expect this positive momentum to continue steadily with stock-specific action. However, the release of economic data points next week could introduce some volatility. The auto sector is expected to be in the spotlight as OEMs release their monthly auto sales numbers,” said Siddhartha Khemka, Senior Group VP, Head of Research, Broking & Distribution at Motilal Oswal Financial.

Technically, Nifty is currently facing resistance at the 24000-24100 levels. “Any dip from here is likely to be a buying opportunity. Immediate support is at 23800 levels,” said Nagaraj Shetti of HDFC Securities.