While the Nifty’s performance has been lacklustre in the year so far, bluechip heavyweights Reliance Industries, Titan and Axis Bank have outperformed the index many times over. Interestingly, shares of billionaire Mukesh Ambani-led Reliance Industries have returned 24% since January, making it one of the best Nifty performers in the calendar year so far, according to a report.
According to a report by Motilal Oswal, shares of UPL (+28%), Titan Co (+24%), Reliance Industries (+24%),Tata Motors (+24%) and Axis Bank (+24%) were the top performers in the calendar year so far. Notably, shares including M&M (-20%), Hero Moto (-19%), Indiabulls Hsg (-19%), Vedanta (-18%) and Eicher Motors (-12%) were the worst performers in the period, noted the report.
Interestingly, stocks of Yes Bank (-39%), Indiabulls Hsg (-19%), Bharti Infratel (-16%), Indusind Bank (-10%) and Vedanta (-9%) were among the biggest Nifty losers in April, while shares of Tata Motors (+23%), Wipro (+17%), Ultratech (+16%), TCS (+13%) and HCL Tech (+9%) were the top performers in the month.
Taking stock of the latest Q4 earnings, Motilal Oswal said that while the overall macros have been stable, there has been no firepower in earnings so far. The firm said that 4QFY19 earnings season has begun on an expected note, with headline numbers meeting expectations for the 54 MOSL universe companies and 16 Nifty companies that have declared numbers so far.
“Commentaries on consumption have turned a tad weaker for both Automobiles and Consumer Staples. Banks, however, reported a further improvement in asset quality trends. The earnings season has been devoid of any fireworks as yet and broadly tracked the earlier quarter’s trend of earnings downgrades outweighing upgrades,” said the report. The near-term direction of the stock market will be decided by political developments observed Motilal Oswal, adding that the election outcome will induce elevated volatility in the equity, bond and currency markets.
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