It looks like the equity cult is back in India in right earnest. You have stocks like CDSL, Bombay Stock Exchange and ICICI Securities scaling 52-week highs. An exchange, a depository and a broker touching new highs tells quite a story of the rising equity cult.
Rising input costs may be a concern but the markets are not worried. Not if you look at the paint companies. Stocks like Asian Paints, Berger Paints and Shalimar Paints are at yearly highs. Markets are wagering on revenge spending on paints post the COVID 2.0 pandemic and costs to get passed on.
The latest quarter proved cement numbers to be solid. That has led stocks like Heidelberg Cement and Star Cements to new 52-week highs. Even Grasim, which is substantially Ultratech, has scaled new highs on the Nifty after quarterly results.
On the last day of the month, a total of 145 stocks on the NSE touched 52-week highs while 10-stocks touched 52-week lows. Now for some weird news. Hotels and flights may be running empty but India Hotels and Interglobe Aviation are at 52-week highs. You really don’t argue with markets, do you?