These stocks have helped Sensex cross 62,000 for the first time since December
May 9, 2023
Credit: BCCL
Strong FII inflows prop up the Sensex
The benchmark Sensex crossed the 62,000 mark for the first time since December. It has rallied over 3 percent in the last month alone. Strong foreign institutional investor (FII) inflows of ₹13,364 crore so far in FY24 have helped boost the index.
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Top gainers on the Sensex in the last one month
Financial services, auto and fast-moving consumer goods (FMCG) stocks have helped the Sensex scale the 62,000 mark.
Credit: Canva
Bajaj Finance
Leading the charts is Bajaj Finance, with its stock rising by 15 percent in the last one month to ₹6,714. The company’s Q4 earnings beat analyst expectations with a 30 percent YoY rise in net profit to ₹3,158 crore.
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Nestle India
Maggi maker Nestle India is a close second with 13 percent gains in the last month at ₹21,936. The stock also scaled a fresh 52-week high in the period. Its Q4 net profit rose 25 percent YoY to ₹737 crore, on a 21 percent jump in domestic sales.
Credit: Nestle India
Kotak Mahindra Bank
Kotak Mahindra Bank emerged as the top gainer amongst banks, rising 12 percent to ₹1,955 in one month. This was on the back of a 26 percent rise in Q4 net profit to ₹3,496 crore, even as its net interest income grew 35 percent to ₹6,103 crore.
Credit: BCCL
Tata Motors
Tata Motors stock hit the top gear with gains of 11 percent in the last one month – taking it to ₹507 a piece – after it overtook Hyundai as the second-largest car maker in India.
Credit: Tata Motors
ITC
India’s largest cigarette manufacturer ITC extended its gains from FY23 to FY24, registering a 11 percent rise to ₹431. Analysts suggest that there’s more juice left in the stock, with double-digit growth expected through FY25.
Credit: ITC
Top losers on the Sensex in the last one month
On the other hand, IT stocks emerged as the top drags amidst weak Q4 performance and economic uncertainties in their key markets, the US and Europe.
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Infosys
IT major Infosys was the top loser in the last one month, with its stock shedding 11 percent to hit ₹1,262 after the company guided for just 4-7 percent constant currency revenue growth in FY24.
Credit: Infosys
Tech Mahindra
Tech Mahindra’s stock has lost 6 percent in the last one month, falling to ₹1,042. Its Q4 net profit fell 26 percent YoY to ₹1,118 crore, below analyst expectations.
Credit: Tech Mahindra
Sun Pharmaceutical
Sun Pharmaceutical’s shares have fallen 6 percent in the last one month to ₹955. This is after the US Food and Drug Administration temporarily halted shipments from the company’s Mohali facility pending implementation of corrective measures.
Credit: Sun Pharma
HCL Tech
HCL Tech’s shares fell 3 percent in the last one month to ₹1,072, joining its IT sector peers. Its Q4 net profit rose 11 percent YoY to ₹3,983 crore, while revenue rose 18 percent to ₹26,606 crore.
Credit: HCL Tech
Hindustan Unilever
FMCG major Hindustan Unilever’s shares fell 1 percent in the last one month to ₹2,506. Its Q4 net profit rose 10 percent YoY to ₹2,552 crore, missing analyst estimates.
Credit: HUL