Asian Paints to IndiGo: 8 Nifty 50 Stocks That Outperformed the Market  

Mumbai, April 10: Dalal Street staged a smart recovery on Friday, with Nifty 50 reclaiming 24,000, while Sensex jumped more than 918 points. And among the bigger gainers in the Nifty 50 were eight stocks that managed to jump higher by much larger margins than the index itself, which closed with a 1.16% gain.

From Asian Paints to IndiGo, the biggest Nifty 50 winners on Friday hailed from sectors as diverse as consumer staples and aviation, yet were all united by one major macro trigger: crude oil prices crashing amidst US-Iran de-escalation and surging risk-on sentiment in global markets.

Asian Paints: Winners From Every Corner

Asian Paints was the top gainer in Nifty 50 today, rising 3.81% to ₹2,356 after a rollercoaster session that saw the stock slump to its lowest point at the open before bouncing back to end near its intraday high. The paints major opened at ₹2,267, dipped to a low of ₹2,267 at the open, recovered to touch an intraday high of ₹2,376 before closing at ₹2,356 on volume of 30 lakh shares valued at ₹709 crore. Compared to its previous close at ₹2,269, Asian Paints added ₹87 on the day.

Eicher Motors: Royal Enfield Rides High

Eicher Motors closed 3.75% higher at ₹7,415, its best single-session closing level in several weeks, after swinging between ₹7,201 as its low and ₹7,435 as its high. Compared to its previous close at ₹7,147, the stock jumped ₹268, on trade of 7 lakh shares valued at ₹519 crore as investors bid up the Royal Enfield maker on hopes of improving consumer demand as well as a direct beneficiary of lower fuel prices for two-wheeler owners.

Bajaj Auto: Flying High on Two Wheels

Bajaj Auto closed 3.29% higher at ₹9,830 after touching a high of ₹9,844 and a low of ₹9,399. Compared to its previous close of ₹9,517, the two-wheeler major jumped ₹313 on Friday on trade of 7.38 lakh shares valued at ₹719 crore. Looser crude oil prices have lifted investor sentiment surrounding Bajaj Auto thanks to an improving earnings outlook for the two-wheeler segment.

ICICI Bank: Banking Strong Gains

ICICI Bank was by far the most traded stock by value among today’s top gainers, closing 3.24% higher at ₹1,322 on massive volumes of 1.81 crore shares worth ₹2,394 crore traded. The stock moved between ₹1,288 and ₹1,324 during the day’s trade, ending near its high compared to its previous close of ₹1,281. ICICI Bank’s gain of ₹41 in a single session highlights trader belief in private banks as a major winner from the improving macroeconomic backdrop.

Mahindra & Mahindra: Bulls Rush In on M&M

M&M closed 3.13% higher at ₹3,266, up from its previous close of ₹3,166 by ₹99 on the day. The stock price touched a high of ₹3,270 and a low of ₹3,180 on trade of 28 lakh shares worth ₹909 crore. In addition to riding the auto sector tailwind, M&M also got a bump from optimism over rural demand improving with lower inflation from cheaper energy.

Shriram Finance: NBFC Climbs Higher

Shriram Finance closed 3.04% higher at ₹1,026, up from its previous close of ₹996. The stock traded with a high of ₹1,031 and a low of ₹1,011 on the day on heavy volumes of 80 lakh shares worth ₹823 crore traded. Amongst all eight top gainers, Shriram Finance trades the highest per cent from its 52-week low of ₹849.73. Shriram Finance has been witnessing a remarkable turnaround this week, with Friday’s closing price above ₹1,000 now representing a key psychological barrier for the stock that traded as low as ₹931 just two trading sessions ago.

TMPV: Auto Winners Broaden

TMPV closed 2.93% higher at ₹343, up from ₹333, after trading between ₹343 and ₹335 on very heavy volumes of 1.06 crore shares worth ₹362 crore. The breadth of heavy buying in stocks like TMPV indicate that retail traders are beginning to bet on mid-tier auto stocks as well.

IndiGo: Airlines Gain on Lower Fuel Prices

IndiGo capped off the list of the eight largest gainers in Nifty 50 with a 2.70% gain to ₹4,569, up from its previous close of ₹4,449. The stock hit a high of ₹4,578 and a low of ₹4,460 on trade of 12.96 lakh shares worth ₹586 crore. It’s IndiGo’s third straight session of strong gains as crashing crude oil prices from a geopolitical crisis high start to transform the airline’s cost curve.