The sharp upswing in the market has got several traders off guard. Shrugging off grim economic forecasts and rising Covid-19 cases, the benchmark Nifty has climbed 11.4% — from 8,823 on May 18 to 9,826 on June 1 in just nine trading sessions.
Interestingly, all the 50 Nifty components have delivered positive gains during this period. The biggest contributor to the gains have been HDFC Bank and HDFC, accounting for a fourth of the 1,000-point rally on the Nifty. ITC, ICICI Bank and Reliance Industries are the next biggest contributors.
The biggest gain, however, has been posted by Eicher Motors (up 31% since May 18), followed by Zee Entertainment (24%).