Nifty scrips still lag

The S&P CNX Nifty touched its lifetime high of 3769.10 today even as 66 per cent of its components are trading below their May 10 level.

As the 30-scrip Sensex was benefited by the introduction of Reliance Infocomm, Nifty too benefited by making three changes in its components after June 14.

The Nifty closed at 3769.10 today, 14 points higher than its all-time peak of 3,754.63, recorded on May 10. Of the 50 constituents of Nifty, 17 positive contributions while 34 posted decline and pulled it down.

Nifty removed Shipping Corporation, Tata Chemical and Tata Tea and introduced Reliance Communication, Siemens and Suzlon Energy on June 27. While three stocks that went out of Nifty had contributed only 33.04 points to May 10 levels, the three stocks that were included later have contributed 280.12 points to today's Nifty level of 3769.10.

Reliance Communication (RCL) played a key role in pushing the Nifty to a new high 3769.10 today. The stock which was introduced in Nifty on June 27 has contributed 161.90 points. Among other stocks, Suzlon Energy has contributed 76.24 points and Siemens 41.98 points.

Only 17 Nifty stocks made positive contributions to the rally. RCL apart, others major contributors are Infosys Technologies, Bharti Airtel, ICICI Bank Grasim Industries, State Bank of India and Mahindra & Mahindra.

Oil and Natural Gas Commission (ONGC), which has Nifty weightage of over 12 per cent, continued to be the laggard among the Nifty components. The stock has underperformed hugely with its Nifty contribution declining by 105.73 points from the May 10 level.

The other major Nifty components that have been pulling down Nifty since May 10 are Hindustan Lever (-30.16 points), ITC (-30.16 points), Tata Steel (-21.03 points), Hindalco (-15.04 points), Tata Motors (-14.14 points), National Aluminium (-13.98 points) and Bajaj Auto (-12.08 points).