After all! The Nifty 50 Index is one step ahead of its crown after a hard work of three and a half months. The 50-stock index, god for stock market worshipers, closed at its record highs and is now only a stone away from its all-time highs.
And you know what that means? This means that the index has now returned to that level in mid-February when the government was claiming its victory over the epidemic and the market was still high on the steroid shot provided by the budget.
Even though the country is gasping for basic healthcare in April, it is still reeling from the crisis of the last two months. And yet, it is ironic that the day the Reserve Bank of India suggested that the stock market may be a “bubble”, the market smiles and reaches record highs!
With metal stocks reaching new heights every day, the market has almost forgotten its love affair with cement stocks in the early months of this booming market. But, it seems that today is the day that the sector found its mojo as investors made the leap to buy shares, relying on Thermax’s optimism for the Capex revival and the condition of Credit Suisse’s falling input costs.
We know that SBI had its own meme and ITC NSE is destined for the Nobel Prize on memes makers heritage shithousery at 0.26%, but who knew that some would one day call Punjab National Bank NSE 7.39% as meme stock. If one digs a little deeper, it is possible for PNB’s stock to replicate Gametop’s parabolic growth earlier this year, given the large short interest on the counter. The outlook of PSU banks is changing for good, anything is possible.