Nifty Rally Leaves India Stock Investors Low in Two-Faced Market

The benchmark equity gauge of India’s 50 biggest companies reclaimed the 11,000 level after four months on Wednesday, but not all investors are celebrating. Only a handful of stocks, including Reliance Industries Ltd. and software exporters Infosys Ltd. and Tata Consultancy Services Ltd. have driven the gains in the NSE Nifty 50 Index since the year started, Bloomberg News reported. What’s more, about 40 percent of the gauge’s members are trading below their prices from three months ago, data compiled by Bloomberg show. Anemic breadth among frontline stocks aside, confidence in the broader market has also been busted recently by the meltdown in stocks teeming with risky debt. The Nifty Midcap 100 Index has slid to near its lowest level since October, led by companies such as Dewan Housing Finance Corp. that lost almost half its market value last week and Anil Ambani’s Reliance Infrastructure Ltd., which plunged 32 percent on Wednesday. Read more