The Nifty after recording an impressive 19% year-on-year (YoY) gain in FY22 has begun the year on a cautious note. The month of April was characterized by extreme volatility, with the benchmark oscillating in a range of around 1,300 points before closing 362 points (2.1% month-on-month) lower at 17,103.
In the sectoral space, utilities, oil & gas, consumer, automobiles, infrastructure, and PSU banks were the gainers, while technology, media, telecom, and real estate were the biggest losers. M&M, NTPC, Adani Ports, HUL, and Hero Motocorp were the top stock performers, while Infosys, Tech Mahindra, Hindalco, Wipro, and Bajaj Finserv led the laggards pack.
The increase in volatility was led by weak global cues, with concerns around inflation and potential rate hikes sparking a risk-off globally, leading to elevated FII outflows from India. FIIs saw outflows for the seventh consecutive month at $3.8 billion. However, domestic inflows continued for the 14th consecutive month at $3.1 billion in April 2022, highlighted domestic brokerage and research firm Motilal Oswal.
Under midcaps and smallcaps, its top stock picks include Ashok Leyland, Macrotech Developers, APL Apollo Tubes, Chola Finance, Indigo Paints, Restaurant Brands, Transport Corporation of India (TCI), GR Infra, Dalmia Bharat, Lemon Tree and Angel One.
Meanwhile, ICICI Bank, State Bank of India (SBI), Infosys, HCL Technologies, Reliance Industries (RIL), Titan, Apollo Hospitals, Hindalco, Bharti Airtel, Ultratech and Bank of Baroda (BoB) are the brokerage house’s top largecap stocks recommendations.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.