These 13 Nifty stocks rallied 11-72% from last record high to current record high

The benchmark indices touched a record high in January 2020, but the COVID-led lockdown spoilt the party on the Street. Indices fell 40 percent from the record high levels to hit a low in March.

The market got a boost after the government started the Unlock process in June. The liquidity flow and positive global cues also lifted the sentiment.

Nifty and Sensex have made fresh record highs this week with Sensex scaling the 43,000-mark for the first time. But the upward journey from March to November was not broad-based as only two sectors saw substantial gains.

IT and Pharma looked strong from last record high in January to current record high in November, rising 29 percent and 35 percent, respectively. And the rest are still in the red during same period as of publishing this article.

It meant that only few stocks drove this recovery - major ones were Reliance Industries, TCS and Infosys, which are index heavyweights.

Among the Nifty50 stocks, 13 gained in double digits from last record high to current record high. Divis Laboratories was the biggest gainer with 72 percent rally.

Dr Reddy's Laboratories, Cipla, Infosys, Wipro, HCL Technologies and Reliance Industries rallied 37-53 percent, while JSW Steel, Hero Motocorp, Tata Consultancy Services, Asian Paints, Britannia Industries and HDFC Bank gained 11-23 percent during same period.

On the other hand, 16 stocks from Nifty50 list remained under pressure, falling 10-42 percent during January-November period.

Larsen & Toubro, Axis Bank, Bharat Petroleum Corporation, SBI Life Insurance Company and Tata Steel were top 16 losers from last record.

Experts feel the market rally would be broad-based when these above stocks participate in the economic recovery going ahead and now with the improving data points along with government support indicated that these stocks could participated in the up move in Samvat 2077.

"The Indian economy has witnessed a strong acceleration over the past few months led by manufacturing with the PMI reading of 58.9 for October being the highest since mid 2008. Services PMI reading of 54.1 for the month of October is the first reading above 50 since March and points to green shoots of recovery for the services sector. We expect the economic recovery to continue from here on led by continued acceleration in the services sector which should provide support to the markets," Jyoti Roy, DVP- Equity Strategist at Angel Broking told Moneycontrol.

He expects both cyclical and defensive sector will continue to do well. "Going forward we expect the broader markets will do well as compared to the benchmarks and within broader markets cyclical should do well given revival in earnings in FY22," he said.