1 / 7The Nifty is up over 400 points on Monday after the Mahayuti alliance secured a resounding victory in the recently concluded assembly elections in Maharashtra. Four stocks are contributing to nearly 50% of the gains seen on the index with nearly all of the constituents, barring JSW Steel, Infosys and HCLTech are trading with gains in today's trading session. Here is a look at the top contributors to the Nifty 50 upside today:
2 / 7HDFC Bank is the top contributor in terms of points to the Nifty 50 gains. India's largest private bank is contributing 57 points to the Nifty upside. The stock is also in focus today ahead of the MSCI rebalancing, wherein it will see an increase in its weightage for the second time after August and Nuvama Alternative expects inflows to the tune of $1.8 billion in today's trading session.
3 / 7Reliance Industries is the second highest contributor to the Nifty 50 upside in today's trading session with 55 points. Brokerage firm Citi upgraded the stock to "buy" ahead of today's session, projecting a potential upside of 20% from Friday's closing levels. The stock has also corrected 20% from its recent peak.
4 / 7ICICI Bank is the other Nifty heavyweight, contributing nearly 50 points to the index upside in today's trading session. The stock has risen 4.5% in the last five trading sessions. The stock is back above the mark of ₹1,300 with today's upmove and is trading close to its 52-week high of ₹1,362.
5 / 7Shares of the infrastructure and construction conglomerate L&T are also a significant contributor to the Nifty upside on Thursday with a 4% upmove. L&T had received multiple downgrades ahead of its earnings but the management has held on to its order inflow, margin and revenue growth guidance for the year. The stock is another 4-5% away from its recent peak of ₹3,919.
6 / 7Contributions are also coming from auto stocks like Mahindra & Mahindra, who is contributing 26 points to the gains. Brokerage firm Jefferies wrote in a note on Monday wrote that M&M is a better investment case than Maruti within the auto sector currently, adding that it enjoys strong demand tailwinds, along with better margin sustainability. M&M, followed by TVS Motor and Eicher Motors are the top picks for Jefferies within the auto space.
7 / 7Double-digit contributions on the Nifty are also coming from PSUs like ONGC (12.6 points), IT giant TCS (11.5 points) and consumption giant HUL (10 points).
