Indian stock markets are on a bullish run this month as key benchmark indices, Nifty50 and Sensex, have soared to new all-time highs. BSE Sensex closed at 72,410.38, up 372 points or 0.52 percent on Thursday while Nifty50 gained 124 points to close 0.57 percent higher at 21,778.70, extending the gaining streak for the fifth consecutive session.
The broader market rally has helped many stocks to see a surge in share prices in recent weeks. The Indian Railways Catering and Tourism Corporation (IRCTC) has been in focus for its bull run in December. The stock has gained more than 23 percent in December.
The railway stock closed 0.46 percent lower at Rs 863.75 apiece on BSE on Thursday.
The Miniratna PSU of the Railway Ministry recently announced expanding its catering services outside Indian Railways. Outside the Indian Railways, IRCTC has signed agreements with BSF, the Indian Maritime University of Kolkata, and Cotton University to offer catering services. Apart from that, IRCTC has also added 18 catering units and 11 pairs of Vande Bharat trains, which will benefit the company.
The multibagger stock hit an all-time high of Rs 916.35 apiece on December 19.
IRCTC is the catering and tourism services arm of Indian Railways. The company offers railway ticket booking services, manages catering services in trains and offers railway tour packages.
Over the past one year the stock has surged more than 35 percent. The railway PSU stock has gained 24 percent in the last one month and 28% in the last three months. The stock has surged over 200 percent in the past three years.
Earlier this week, brokerage ICICI Direct predicted further upside to IRCTC shares. As per the brokerage, IRCTC stock will get the first resistance around Rs 880. After this, the stock is expected to see resistance at Rs 900 and Rs 913 levels. On the downside, the brokerage has predicted that IRCTC shares can get support until Rs 814 level.
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