A majority of companies that made their debut in the secondary market in 2019 are trading above their respective issue prices.

However, the year has not been too kind on the broader markets. Slowing economy, US-China trade war and outflow of foreign funds have kept the market volatile. Nonetheless, companies that got listed in 2019 remained largely unscathed as only three out of 11 stocks are trading below their respective issue price.

As of September 6, MSTC, Sterling & Wilson Solar and Xelpmoc Design & Tech are down 32 percent, 28 percent and 5 percent against their issue prices, respectively, onthe BSE.

IndiaMART InterMESH is leading the pack of gainers, surging 49 percent so far, followed by Neogen Chemicals and Metropolis Healthcare that have risen 47 percent and 36 percent, respectively.

At the time of rising NPAs, companies missing profit estimates and a declining top line and bottom line, what made these stocks buck the trend?

Analysts say it's the growth outlook that helps a company endure tough times.

"Companies with strong potential business dynamism and growth outlook will be doing good in any given market scenario," said Siddharth Sedani, Vice President - Equity Advisory, Anand Rathi Shares and Stock Brokers.

Besides, IPOs this year were more from the services and financial sector rather than manufacturing. Manufacturing and Investment cycle in India seems the worst hit in terms of slowdown is concerned," Sedani added.

The other reason is their book value which gives confidence to investors.

"Some of these companies have fresh blood with a very clean book. For example, Neogen Chemicals has posted a rise of 65 percent in its sales-boosting its profit to 90 percent. While at the same time Metropolis Healthcare is striving to be the third largest diagnostic chain in the country. It has seen a growth of two-digit in the last three years which is around 20 percent. So, both of these companies are rewarded for the same. Value is rewarded here," said Mustafa Nadeem, CEO Epic Research.

The most important question is, whether they will be able to hold the momentum of growth or not as the sentiment is gloomy due to weak economic atmosphere.

"The market right now has ignored two small positives - subdued oil prices and average monsoon , which has recovered from deficiency mode. At this juncture, unless fundamentals improve, we are unlikely to see an upturn in sentiment or flows and consequently market," said Sedani.

"The government at this point needs to take some additional growth-inducing efforts. If that happens, we can surely expect positive returns from the markets in the medium term. Also at this point, the valuations are really attractive so if the growth returns, the risk reward will be really favorable in the market, he added.

Nadeem also points out the sentiment of the market will be at play, but he thinks a long-term investment will give healthy returns.

"There may be some minor corrections in the trend which may be due to the overall shift in trend of the market," Nadeem said.

"There are many midcap and smallcap stocks which have suffered despite having a good business model and growth. So, if an investor is having a long term view, they should stay put," he added.