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Amid the ongoing rally on Dalal Street, more than 350 stocks have doubled investors wealth in 2021 so far. The benchmark BSE Sensex has gained nearly 10% YTD, while the broader BSE Midcap and Smallcap indices have advanced 25% and 37%, respectively, during the same period.

Top gainers
With a gain of 980% YTD, Orchid Pharma emerged as the top gainer in the list. Shares of the company have advanced to Rs 1362.55 on June 17 from Rs 126.13 on December 31 last year. It was followed by Gita Renewable Energy (up 875%), Waaree Renewable (812%) and Chitradurga Spintex (up 688%).

Commenting on the factors which have been supported the Indian equity market, Jay Prakash Gupta of Moneylicious Capital said, “Robust liquidity across the globe is one of the main reasons which is driving riskier assets like equities. Lower interest rate along with higher liquidity is acting as a steroid for markets worldwide.”

He further added that gradual reduction in Covid cases, hopes of normal monsoon and impressive quarterly earnings are also providing support to the market.

Other major performers

Among the other major gainers, Gautam Adani-led companies including Adani Power, Adani Total Gas, Adani Transmission and Adani Enterprises have also surged over 100% YTD. On the other hand, ADAG group firm such as Reliance Power and Reliance Infrastructure advanced over 350% and 270%, respectively.

In a company-specific development, Reliance Power has recently sought shareholders’ approval for a preferential issue of 59.5 crore equity shares and 73 crore warrants worth Rs 1,325 crore to its promoter firm Reliance Infrastructure.

PMC Fincorp, Majesco, Xpro India, GRM Overseas, Anjani Finance, Rattan India Enterprises, Danlaw Technologies, Tata Teleservices (Maharashtra), Tips Industries, Saregama India, Gagan Gases, Praj Industries, Acrysil, Balaji Amines, Hikal, Tide Water Oil, Happiest Minds Technologies, Gateway Distriparks, Likhitha Infra, Angel Broking and HEG and HLE Glascoat stood among tother players which gained between 100%-400% YTD.

Stocks to buy
Brokerages still further upside in a couple of stocks despite the recent rally since January. For instance, Sharekhan has a ‘Buy’ call on Gateway Distriparks Limited with a price target of Rs 390, as it expects strong earnings growth led by its rail division. Edelweiss Professional Investor Research has ‘Buy’ on Balaji Amines with a price target of Rs 3,197.

Market outlook
While sharing his thoughts on the current market condition, Abhishek Basumallick, Founder of intelsense.in and quantamental.in said, “There is no doubt that valuations are stretched and has been such for a few years now. They could and should moderate once interest rates start moving upwards. Sectors like pharma and healthcare, chemicals, IT, real estate could do well. Also, emerging sectors like renewable energy also looks very interesting.”