M&M, Power Grid, 11 other stocks outperform Sensex in its fastest 10,000 points marathon
As a NEWS EDITOR, investors are urged by Nilesh Shah to maintain a long-term perspective and proper asset allocation as Sensex reaches the 80,000 milestone. He draws parallels with Nasdaq's history and notes Gold's outperformance compared to Nifty in the first half of 2024.
As the S&P BSE raced to 80,000 points, with the last 10,000 points coming at its fastest pace, its 13 constituents managed to outperform the index while 17 were laggards. Mahindra & Mahindra (M&M) topped the charts with 74% returns while witnessed a 9% price erosion during the 138-day journey of the heartbeat index. Sensex’s gains in this period were to the tune of 14.37%.On Wednesday, Sensex hit a of 80,074.3 covering 633 points in the intraday rally. It hit the 70,000 milestone on December 11, 2023. Banks were instrumental in engineering the movement led by , which could see its weight go up significantly in the in the August review.
, and State Bank of India (SBI) too played their part.
The other outperformers were Corporation, Adani Ports and Special Economic Zone (APSEZ), , , SBI, , , Reliance Industries (RIL), Sun Pharmaceuticals, , and ICICI Bank which gained between 43% and 17%.
Of the 17 stocks that underperformed against the Sensex, 9 gave positive returns in this period while 8 saw their share price erode. , Axis Bank, , Tata Consultancy Services (TCS), , , Larsen & Toubro (L&T), HDFC Bank and Nestle India gave positive returns between 14.24% and 1.75%.
Meanwhile, Hindustan Unilever (HUL), Bajaj Finance, Kotak Mahindra Bank, ITC, IndusInd Bank, Titan Company, Bajaj Finserv and Asian Paints gave negative returns between -0.77% and -9.49%.
Market data shows that Sensex touched 10,000 milestone for the first time in February 2006 and the 20,000-level took 463 days to cover. The next 10,000-point jump came in after 2,318 days in April 2017.
“Sensex milestones are a Journey and not a destination. Do remember that this journey is both forward as well as backward. Nasdaq went so backwards that it took 17 years to come back to the previous peak. Invest in the market as per your risk appetite, have a long-term horizon, significantly moderate your return expectations and follow the dharma of asset allocation,” said Nilesh Shah while commenting on Sensex achieving the 80k milestone.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Source: Stocks-Markets-Economic Times
