Sensex @80K | M&M, Tata Steel, among top 10 D-Street gainers, surge 15-75% in six months of 2024; full list here

The 30-share BSE Sensex achieved the historic 80,000 mark for the first time on Wednesday, July 3, fuelled by its fastest-ever 10,000-point bullish rally in record 58 sessions. The benchmark index breached 80,000 from 70,000 in six months, the fastest climb in its history, after touching the 75,000 mark on April 9, 2024.

The BSE  benchmark surged 632.85 points or 0.79 per cent to hit a record intraday high of 80,074.30 on July 3. Sensex later closed near the 80,000 level at 79,986.80, up by 545.35 points or 0.69 per cent over the last close. Heavy buying in banking and FMCG shares and firm trend in global market supported the rise.

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Among the Sensex pack, Adani Ports rose the most by 2.49 per cent. Kotak Mahindra Bank, HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank, State Bank of India (SBI), Power Grid, JSW Steel, Bajaj Finance, and Tata Steel were the biggest gainers. The market capitalisation of BSE-listed firms hit a record high of ₹445.43 lakh crore on Wednesday. In the broader market, the BSE midcap gauge jumped 0.86 per cent and the smallcap index rose 0.86 per cent today.

On the global front, the US Federal Reserve chief's commentary on inflation cooling down to two per cent by the end of CY25 was sentimentally positive for markets. Fed chief Powell made a dovish remark that the US economy is on a disinflationary path. The Fed’s next rate action could be a rate cut. Reserve Bank of India (RBI) may follow suit with a rate cut in the next policy meeting.

D-Street leaders of H12024

The top 10 best-performing Sensex gainers witnessed a massive surge of 15-75 per cent in their respective stock prices during the first six months of 2024, when the key benchmark covered its record run from 70,000 to 80,000-mark.

Auto major Mahindra & Mahindra (M&M) emerged as the top Sensex gainer with a significant gain of 73,75 per cent in its stock price, followed by Power Grid Corp of India, which rose 43.43 per cent in the last six months, as of July 3.

On the other hand, Asian Paints, Titan Company Ltd, and IndusInd Bank were among the top three Sensex losers in the last six months, registering a drop of 12.89 per cent, 8.79 per cent, and 6.56 per cent in their respective stock prices. 

Top 10 Sensex gainers in H12024:

Here are top Sensex performers which gained the most in the last six months:

1.M&M: The Mahindra-Group auto major dominated the Sensex and emerged as the index top gainer in H1 recording a massive gain of 73.75 per cent in its stock price. M&M overshadowed Tata Motors in terms of market capitalisation (mcap) and became India's second-largest auto major in June, among listed entities. 

2.Power Grid Corp of India Ltd: The electric power transmission public-sector undertaking (PSU) emerged as the second top gainer of Sensex in H1 registering a gain of 43.43 per cent in its stock price. Power Grid commands a market cap of ₹3,11,942.25 crore. As per analysts, the valuation is currently high for traders.

3.Bharti Airtel Ltd: The telecom major emerged as the third top gainer of Sensex in H1, recording a gain of 38.99 per cent in its stock price. Bharti Airtel recently introduced new prices across a range of its popular plans, with the company aiming to balance affordability and enhanced service offerings.

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4.State Bank of India (SBI): India's largest state-owned lender emerged as the fourth top gainer of Sensex in HI, witnessing a 33.67 per cent gain in its stock price. SBI recently unveiled a digital business loans solution for MSMEs' Invoice Financing, aimed at facilitating MSME loans with a fast turn-around-time.

5.Tata Steel: The Tata Group steel major emerged as the fifth top gainer of Sensex in HI, witnessing a 28.92 per cent gain in its stock price. Last month, Tata Steel shares traded ex-dividend as the steel authority declared a final dividend of ₹3.6. The record date was set as June 21, 2024.

6.Tata Motors: The Tata Group auto major was the sixth top gainer of Sensex in H1, recording a gain of 25.13 per cent in its stock price. Tata Motor's total revenue from operations in the fourth quarter of FY24 rose 14.3 per cent to ₹1.2 lakh crore. Jaguar Land Rover's revenues for FY24 were £29 billion, its highest-ever full-year revenue and up 27 per cent compared to FY23.

7.NTPC: India's largest power generation company was the seventh top gainer of Sensex, registering a gain of 22.57 per cent in its stock price. Recently, NTPC reported a 9.5 per cent year-on-year (YoY) rise in its power generation to 113.87 billion units (BUs) during the quarter ended June 2024 of the current fiscal.

8.ICICI Bank Ltd: The leading private lender was the eighth top gainer of Sensex, recording a gain of 22.31 per cent in its stock price. ICICI Bank revised its fixed deposit (FD) interest rates with effect from July 2, 2024. The latest rates now range between three per cent and 7.20 per cent for regular citizens.

9.Reliance Industries: The oil-to-telecom conglomerate emerged as the ninth top gainer of Sensex in H1, witnessing a gain of 18.94 per cent in its stock price. Billionaire Mukesh Ambani-owned empire's telecom major Reliance Jio recently revised its tariff plans, with key changes affecting several popular options.

10.Sun Pharmaceuticals: The pharma major was the tenth top gainer of Sensex in H1, recording a gain of 18.89 per cent in its stock price. Sun Pharma benefitted from generic opportunities in the US, boosting its earnings growth, though pricing trends remain a major worry, according to brokerages.

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Sensex recent milestones

The BSE benchmark was surprisingly at the 26,000 mark just four years ago during the COVID pandemic. By September 2021, Sensex had soared to the 60,000 mark. However, it took over 1.5 years for the index to hit 65,000 in July 2023. Within the same month, it surpassed 66,000 and 67,000 milestones.

After crossing 67,000 in July 2023, the index took 93 sessions to reach 68,000 on December 4, 2023, and another day to hit 69,000. Sensex added the last 10,000 points in under seven months, first hitting the 70,000-mark on December 11, 2023. The milestones of 70,000, 71,000, and 72,000 were all achieved in December 2023.

Market experts highlighted that India’s robust macroeconomic growth, credit expansion, and policy continuity have instilled confidence among investors. Positive cues from global markets have also helped Sensex reach these levels, according to Arvinder Singh Nanda, Senior Vice President of Master Capital Services.

After hitting the 75,000-mark, the index breached the 76,000 mark in just over one month on May 27. In June alone, Sensex crossed the 77,000 mark on June 19, 78,000 mark on June 25, and the 79,000-mark on June 27, before finally hitting the 80,000 mark on July 3.
 

Also Read: HDFC Bank ADR rises 4% after lower FII shareholding in June quarter lifts MSCI weight sentiment
 

Where is Sensex headed? What should investors do now?

Market experts noted that on intraday charts, the Sensex is holding a higher high and higher low formation, which supports a further uptrend from the current levels. The long-term Sensex milestones give confidence that equity markets did perform well in the long run, according to analysts. 

Traders need to be patient while investing and even after it. Based on the current domestic macros, experts advice to continue investing systematically in equities with a long-term perspective, maintaining caution at the same time.

‘’We are of the view that, as long as the index is trading above 79,600 the bullish structure is likely to continue. Above the same, the market could rally up to 80,200. Further upside may also continue which could lift the index up to 80,500. However, below 79,600 the texture could change. Below the same, traders may prefer to exit out from the trading long positions,'' said Shrikant Chouhan, Head Equity Research, Kotak Securities.
 

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.