 "Nifty's 22 components record new highs in June; Five on Wednesday")
The National Stock Exchange (NSE) benchmark Nifty on Wednesday notched up its ninth new record high of the month and 23rd of calendar year 2024. The blue-chip company index ended the day at 23,869, gaining 0.62 per cent over its previous close.
Five index components — Reliance Industries, ICICI Bank, Axis Bank, Bharti Airtel, and Grasim Industries — ended the day at lifetime highs, and another 17 recorded new highs this month. Given the market buoyancy, 34 of the 50 Nifty components have clocked fresh highs in 2024. While the 50-share index is up 9.8 per cent year to date (YTD), exactly half of its components has exceeded its returns.
Thirteen Nifty stocks are down YTD, while another 12 have delivered only single-digit returns. The best-performing stocks this year have been Mahindra & Mahindra (up 65 per cent YTD), Shriram Finance (45 per cent) and Adani Ports & Special Economic Zone (43 per cent). On the other hand, the worst-performers are LTI Mindtree (down 18 per cent), Asian Paints (16 per cent), and HDFC Life Insurance (9 per cent).
All but two index components have made fresh new highs after the Covid pandemic in 2020.
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The two that have not — IndusInd Bank and ONGC — are trading below their peak levels of 2018 and 2014, respectively.