Half of Nifty 50 stocks yet to reclaim Budget peaks, breadth stays fragile

Selective stocks like Bharat Petroleum Corporation, Divi's Laboratories, Hindalco Industries, Hero MotoCorp and State Bank of India, the technical charts are reflecting clear weakness.

Despite the benchmark index, Nifty 50 succeeds in conquering the Budget 2023 high on Wednesday; nearly half of its constituents failed to reach their respective peaks. In total, 23 stocks out of 50 have lagged in recouping their budget day highs. 

On Febuary 1st, the Nifty 50 index hit an intraday high of 17,972.20 level, which it struggled to cross since then. It took 10 sessions to claim the lost territory. 

The lists of 23 stocks include well-known names like Bharat Petroleum Corporation, Coal India, Divi's Laboratories, Eicher Motors, Housing Development Finance Corporation, Maruti Suzuki India, Adani Enterprises and Adani