60K to 70K: ICICI, ITC, L&T provide biggest lift in Sensex latest 10K lap

The Sensex crossed a key milestone for the first time on Monday by hitting the 70,000 mark, driven by gains in banking, IT and manufacturing shares.

The 30-share equity benchmark, for the first time, crossed the 60,000 mark on September 24, 2021. ICICI Bank, ITC and Larsen & Toubro are the top three stocks driving the jump from 60,000 to 70,000, contributing over 5,500 points.

ICICI Bank has gained 41 per cent, while ITC and L&T nearly 90 per cent each. However, due to the private sector lender’s higher weightage in the Sensex — a free-float market cap-based index — its contribution is higher than the two. The best-performing Sensex stocks between the 60,000 to 70,000 journey in percentage terms are NTPC (up 2.3 times), Tata Motors (2.3 times) and M&M (2.1 times).

 

Interestingly, nine index components have dragged the index lower by over 1,600 points since September 2021 and nearly half the components have underperformed.

The stocks that have dragged the index the most are Infosys (-536 points), Wipro (-316 points), Kotak Mahindra Bank (-219 points) and Hindustan Unilever (-152 points).

In percentage terms, the worst performers are Wipro (down 38 per cent), Tech Mahindra (-19 per cent) and Infosys (-16 per cent). The mega-cap underperformers are Tata Consultancy Services (down 6 per cent), HDFC Bank up 3 per cent and Reliance Industries (up 9 per cent).