A Moneycontrol analysis shows that only a handful of stocks have accounted for a significant part of the last 10,000-point upmove on Sensex, which was its fastest ever.
Only five stocks have accounted for 50 percent of rise in the valuation of the benchmark Sensex. The next eleven stocks in terms of highest rise in market capitalisation contributed another 30 percent to overall valuation.
The market cap of five Sensex stocks - Reliance Industries, Bharti Airtel, State Bank of India, Mahindra & Mahindra and ICICI Bank – registered a cumulative rise of Rs 11.85 lakh crore in the period between December 11, 2023 and July 3.
Experts believe that stocks that are expected to show robust earnings growth are leading the gains in the indices and overall market as well.
Interestingly, the market cap of seven stocks from the Sensex pack had declined during this period. Asian Paints was the biggest laggard followed by ITC and Titan Company. Other stocks on the losing side include Bajaj Finserv, Kotak Mahindra Bank, Indusind Bank and Bajaj Finance.
It took just 138 trading sessions to move from 70,000 to 80,000 to register its fastest ever 10000-points journey.
The market capitalisation of benchmark Sensex rose from Rs 136.89 lakh crore on December 11, 2023 when it hit the 70,000-mark to a little over Rs 158 lakh crore on July 3 – a gain of Rs 21.2 lakh crore.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
