Top 5 Nifty outperformers, underperformers of FY24
In FY24, the Nifty delivered nearly 30 percent return, its strongest performance since 2010. Forty-eight of the Nifty 50 stocks generated positive returns during the fiscal year
The financial year 2023-24 has been a spectacular year for the Indian stock market. Investors across the globe bet big on India's strong economic potential, which pushed the benchmark Nifty50 to greater highs and the index closed the year in style — near its record high of 22,500.
2/11
Bajaj Auto Bajaj Auto was the best performer on the Nifty50, surging 136 percent in FY24. Investors lapped up shares of the two-wheeler company on the back a premiumisation trend in the 350+ cc two-wheeler segment. The company's mega Rs 10,000-crore buyback also lifted sentiment for the stock.
3/11
Tata Motors The Tata Group stock has remained a bankable Nifty participant, rising over 132 percent in FY24. The strong prospects for the company's luxury arm, Jaguar and Land Rover, and its strong presence in the electric vehicle space have been the major drivers for the company.
4/11
Adani Ports and Special Economic Zone After the meltdown at the end of the previous fiscal following allegations of stock manipulation by American shortseller Hindenburg Research, shares of Adani conglomerate's flagship ports company made a strong comeback in FY24. Adani Ports and Special Economic Zone was among the best Nifty performers, delivering nearly 110 percent returns in FY24 on the back of the growing prospects of India's ports sector and its strong standing in the space.
Coal India Coal India is the only state-run company that delivered over two-fold returns in FY24. India's increasing power demand and the country's growing electrifications sent the coal stock higher.
6/11
Hero MotoCorp Another auto stock making its way in the top Nifty gainers of FY24 is Hero MotoCorp. Series of new launches announced by the company, hopes of a recovery in rural demand and the growing premiumisation in the sector sent the stock higher.
7/11
UPL UPL was not only the worst performer on the Nifty in FY24 but its steady decline through the year got it kicked out of the index a few days before the close of the fiscal. The weak demand haunting the agrochemical sector and the company's growing debt crisis dented sentiment for the stock. The stock fell 36 percent in FY24.
8/11
Hindustan Unilever Hindustan Unilever emerged as the second-worst performer on the Nifty, falling 12.5 percent during the year. The FMCG player was bogged down by poor rural demand and an erratic monsoon that weighed on the stock performance.
HDFC Bank Banking heavyweight HDFC Bank tanked 10.5 percent during FY24, despite analysts predicting outperformance following the reverse-merger with the parent firm, HDFC. The lender was plagued with concerns regarding deposits and pressures on NIMs.
10/11
Kotak Mahindra Bank The succession woes, rising interest in PSU Banks and struggles with deposits caused Kotak Mahindra Bank's stock price to eke out minor gains of 2.47 percent during the financial year.
11/11
Asian Paints managed to gain just 2.49 percent during the year, as concerns regarding heightened competition, price wars, and waning demand clouded the outlook for India's largest paint producer.
