Sensex-Nifty Set To Scale New Highs Riding HRITHIK Stocks

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Sensex-Nifty Set To Scale New Highs Riding HRITHIK Stocks
Yagnesh Kansara - 31 October 2019

Mumbai, October 31:What is the similarity between Bollywood and stock markets? In Bollywood there exists a superstar in the name of Hritik Roshan, in case of stock markets too there exists a group of stocks called HRITHIK. On the back of these stocks, the benchmark indices -Nifty and Sensex- are expected to attain new peak in 2020.

HRITHIK is an acronym and a group of seven stocks in line with FAANGs of five stocks listed on the New York Stock Exchange (NYSE). The FAANGs constituents are Facebook, Apple, Amazon, Netflix and Google(Alphabet). The constituents of HRITHIK group are HDFC Bank, Reliance Insdustries Ltd (RIL), ICICI Bank, Tata Consultancy Services (TCS), HDFC, Infosys and Kotak Bank.
These HRITHIK stocks are the most heavyweights among the benchmark indiex constituents and these stocks together weighs around 49.03 per cent of the Nifty.
Amar Ambani, Head of Institutional Research, Yes Securites said, “In the recent past we’ve seen that HRITHIK stocks have outperformed. We expect a similar trend to continue. The Sensex hits an all-time high today. Along expected lines, the benchmark indices are inching upwards on attractive equity yields, in a falling interest rate environment. A bearish outlook for oil and commodities in general, monsoon onslaught at its fag-end and government’s intent on less government in business, are offering strength to Indian equities”.
HRITHIK stocks also reminiscises such a grouping of stocks in late 1990s, during 1998-2001, when stock broker Ketan Parekh was active in the stock market. He was said to be active in the stocks which were in the information technology (IT), Communication and Entertainment sector. Hence they were called ICE stocks. These 10 stocks were Amitabh Bachchan Corporation Ltd (ABCL), Himachal Futuristic Communication Ltd (HFCL), Mukta Arts, Pritish Nandy Communications, Global Tele, Pentamedia Graphics, Tips Industries, Crest Communications and Aftek Insosys. However, with the fall of KP, as he was fondly known in the market, the fall of these K-10 stocks, as they were known, was also seen by the market

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