Sensex @80K: Power Grid to UltraTech Cement — 13 stocks outperformed Sensex in H12024; Check full list

The 30-share BSE Sensex is hovering above the Mount 80,000-mark, which the index first achieved on July 3, fuelled by its fastest-ever 10,000-point bullish rally in a record 58 sessions. The top 10 best-performing Sensex gainers reported a sharp surge of 15-75 per cent in their stock prices during the first six months of 2024-- when the benchmark covered its record run from 70,000 to 80,000-mark.

The top 10 Sensex gainers in the last six months included index heavyweights such as Mahindra & Mahindra (M&M), Power Grid Corp of India, Bharti Airtel, among others. However, stock exchange data suggests that a total of 13 top gainers on Sensex outperformed the benchmark during H12024 (January-June 2024). The frontline index gained nearly 14.37 per cent during this period.

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

D-Street leaders of H12024

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 the top Sensex performers which gained the most in the last six months and outperformed the Sensex during the 138-day journey:

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

11.Maruti Suzuki India Ltd: India's largest auto major outperformed Sensex in H1, recording a sharp gain of 18.88 per cent in its stock price.

12.Axis Bank: The leading private lender outperformed Sensex in H1, recording a sharp gain of 17.10 per cent in its stock price.

13.UltraTech Cement Ltd: The leading cement company outperformed Sensex in H1, recording a sharp gain of 16.35 per cent in its stock price.

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Stock Market Today

The record-setting spree of Indian stock markets continued on Thursday, July 4, with investors booking profits at higher levels. Sensex and Nifty 50 settled with nominal gains after rising half a per cent each and hitting all-time high levels. The indices opened bullishly and traded with gains during the session amid positive global cues. But gains were pared significantly in the afternoon, hinting at the rising caution against the market's premium valuation.

Sensex climbed 62.87 points or 0.08 per cent to settle at a new closing peak of 80,049.67. During the day, it rallied 405.84 points to hit a fresh all-time high of 80,392.64. Nifty rose 15.65 points or 0.06 per cent to settle at a record closing peak of 24,302.15. Intra-day, it surged 114.5 points to hit a fresh lifetime high of 24,401.

The broader, more domestically focussed small- and mid-caps rose about 0.5 per cent each today, outperforming the benchmarks. On Wednesday, the 30-share index hit the historic 80,000 mark for the first time intra-day trade. It surged 632.85 points or 0.79 per cent to a record intraday high of 80,074.30.

Where is Sensex headed? What should investors do now?

Analysts say that after a promising uptrend rally, the market witnessing non-directional activity at higher levels, as perhaps traders are waiting for either side breakout. For the day traders now, 24,400 for Nifty 50 and 80,390 for Sensex would be the immediate breakout level, according to experts.

Above which, the market could rally up to 24,500-24,525/80,700-80,800. On the flip side, below 24,280/80,000 the sentiment could change. Below the same, the market could retest the level of 24,200-24,165/79,700-79,550, they added.

‘’Nifty has approached its immediate target of 24,500 and appears slightly overextended. It would be prudent to take some profits and wait for a potential dip before considering new long positions in the index. The broader market strength and specific sectoral buying opportunities suggest that traders should focus more on stock selection and utilize dip/consolidation to add quality names,'' said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and 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.