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The last record high was 11,171 on Janauary 29 followed by sharp correction till March 23 which dragged the index to 9,998.05 on closing basis. The index started recovery from last week of March but that was gradual with consolidation. The actual pace of growth increased in July and is still continuing in August.
2018 has been a roller coaster ride for the market. After the correction seen in February and March, everyone was taken by surprise when Nifty 50 again retested 11,000 in July. The index has jumped more than 600 points to cross 11,600-mark in the recent rally.
On closing basis of both days (January 23-August 23), the Nifty 50 rallied 4.5 percent and from 11,000-11,600 levels, the upside was 5.5 percent, but overall the same performance was not seen in other indices viz Nifty 500 (flat during Jan 23-Aug 23), Nifty Midcap (down 10 percent) and Nifty Smallcap (down 19.5 percent) indices.
On earnings front, Nifty50 companies reported sales growth of 23 percent, adjusted profit growth of 11.5 percent and EBITDA growth of 20 percent margin contracted by 43 basis points in Q1FY19 YoY, but Nifty Midcap companies' performance was completely different. Sales growth was 5 percent, adjusted profit growth of nearly 25 percent, EBITDA 9.5 percent and margin expansion of 60 basis points.
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