Multibagger Stocks:Best performing stocks under Rs 50 since last Budget!
These are the stocks under Rs 50 which have turned multibagger since last Budget announcement.
Benchmark NSE Nifty50 index has traded in the same range for almost four weeks straight. This clearly suggests that market participants are largely sitting on the sidelines and waiting with bated breath the unveiling of Union Budget 2023-24 which is scheduled on February 1, 2023 as economic retreats from peak and FII outflows further weighed on investor sentiment.
Historical trend suggests that Indian benchmark indices witnessed a muted trading ahead of the Union Budget, however, volatility surges as we inch closer to the D-Day. Hence, this time is no different as we are seeing Nifty50 trading within a range.
The Nifty has gained a little over 2.5 per cent from the last Budget till date. Interestingly, the top performing sector from last Budget till date has been Nifty PSU Bank as it has jumped nearly 43 per cent. Talking about the performance by the broader markets, it has been mixed with Nifty Midcap delivering a modest gain of 1.54, while Nifty Small-Cap index has slumped nearly 14.5 per cent.
The upcoming budget will be an important one as it is the last full budget before the general elections in 2024 and moreover, on the same day in the US the Fed will announce its monetary policy rates. The street is betting that finance minister Nirmala Sitharaman will keep on the path of fiscal consolidation and opt for narrowing the FY24 fiscal deficit. However, only time will tell what would be the outcome.
These are the stocks under Rs 50 which have turned multibagger since last Budget announcement. Here is the list:
A total of 11 stocks, which were trading under Rs 50 during the last budget announcement, have turned multibagger from NSE. What’s striking is the fact that the top gainer has been the stock of Imagicaa, the stock price of amusement park stock has seen a ride upwards mainly due to resolution process as the Malapni Group acquired a majority stake in the theme park.
Which stock do you think will be the best performing one under Rs 50 in the coming days? Let us know in the comment section.