The big positive story in May-21 came from UPL. With a normal and on-time monsoon predicted by the IMD, the agrochemicals manufacturer gained nearly 34% in May. Of course, the structural story of India becoming a chemicals base still continues.
Oil was a surprise winner in the week. With Brent crude inching towards $70/bbl, IOC gained 22%, GAIL 20% and BPCL gained 13% in the month. The fourth quarter also saw sharply higher GRMs and inventory translation gains for oil companies.
Financials were not too far behind. After an uncertain April, Indiabulls Housing gained 19.9% in May after the HDFC origination tie-up. A positive quarterly surprise from SBI in Q4 also resulted in 16.77% gains in May-21. Tata Steel remains a star gaining 15.88% in May-21.
In a month when Nifty was up 6.51%, there were no Nifty losers. But there were some tepid performers. As the rupee gained strength, TCS gained just about 1.12% and HCL Tech just 2.3% in the month of May.