Biceps missing in bull market? Every third Nifty500 stock at least 20% away from peak

June 27, 2023

Despite Sensex and Nifty reaching record highs in the last 3 months, a study of Nifty 500 stocks reveals that 185 stocks are at least 20% away from their 52-week high levels. Stocks that need to more than double in share prices to touch previous peaks include Adani Transmission, Gland Pharma, Adani Green Energy, Piramal Enterprises, Piramal Pharma, Adani Wilmar, Campus Activewear, and Tata Teleservices (Maharashtra). The underperformance of sectors like pharma and metal is said to be the main reason, while the bull market this time seems to be getting sectoral rather than making new highs and bottoms in all areas.

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