27 Nifty 50 stocks recorded new all-time highs this year; will the rally continue in 2024?
Also Read: FPIs pump ₹42,733 in Indian equities in Dec; Inflows rise after US Fed stance This impressive rally prompted investors to book profits, resulting in a 1.41% dip in the Nifty 50 on December 20. However, analysts anticipate this minor setback to be short-lived, with expectations of a rebound towards the year's end. Despite subdued performances from heavyweight stocks like Reliance Industries, HDFC Bank, and Infosys, the index's rally found support from the automotive and financial sectors in 2023.
Notably, 27 constituents of the index achieved new all-time highs this year. Major Tata Group stocks, including Tata Motors, Titan, and Tata Consumer Products, achieved new all-time highs. Titan crossed the ₹3,00,000 crore market cap on November 23, while Tata Motors marked an exceptional 83% return this year, ranking as its third-best yearly performance in the last two decades.
Also Read: 2023 in review: Over 40 Nifty50 stocks rose between 10% and 90%; Tata Motors, NTPC top gainers Bajaj Group stocks also demonstrated outstanding performance this year, with Bajaj Auto delivering a return of 74.16% so far, reaching a new all-time high of ₹6,486 per share on December 18. Britannia Industries and Bajaj Finance also achieved returns of over 13% and set fresh all-time highs. Other auto group stocks, including Mahindra & Mahindra, Eicher Motors, and Maruti Suzuki India, recorded new all-time highs.
Among pharma stocks, Cipla, Dr Reddy's Laboratories, and Sun Pharmaceutical Industries reached peak values. In the IT sector, only HCL hit a new historic high this year. Banking stocks, including SBI, ICICI Bank, and Axis Bank, registered new highs, while power names like NTPC and Power Grid Corporation of India also reached new
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