RIL, HDFC Bank, Infosys, and 5 other large caps are 7-25% below all-time highs

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Also Read: Bulls celebrate saffron sweep in state assembly elections While state elections do not correlate with Loksabha elections, the recent outcome removes a key overhang of political uncertainty for the markets for the next five months. Analysts at domestic brokerage firm Motilal Oswal said, "The equity markets were justifiably anxious about the outcome of state polls and what it portends for the 2024 general elections.

With the outcome overwhelmingly in favor of the incumbent BJP, the confidence of the market in the current dispensation and political continuity post-2024 Loksabha elections will get a boost." "These augurs well for macro and policy momentum for India, which, at the moment, is seeing the highest growth among major economies (both GDP as well as corporate earnings)." Also Read: Nifty 50 hits record high for 4th straight day, just 41 points away from 21,000 Taking these signals, the Nifty 50 jumped 419 points during Monday's trade, and the momentum extended to the following trade with an additional rally of 168.30 points, while in today's session, the index extended its winning streak, recording a new peak of 20,958.65 points, coming close to the 21,000 level. Also Read: Stellar rally! Nifty 50 jumps 1,159 points in just 13 sessions In the last six trading sessions alone, the Nifty 50 has gained an impressive 1,061 points or 5.36%.

This robust rally has propelled the index to a gain of 15.19% in the current year so far. However, notable heavyweights have remained on the sidelines, trading 7–25% below their all-time highs.

Shares of Reliance Industries, the country's largest firm in terms of market capitalization, are trading 14.67% below their all-time high of ₹2,856. The stock this year so far has