The year 2023 so far has seen record-breaking performance by several stocks in the Nifty50 index. These stocks have achieved new lifetime highs, due to strong Q4 performance, fall in raw material (RM) costs and other favorable macroeconomic factors.
These record-breaking performances not only highlight the strength of the companies but also reflect the overall bullish sentiment in the market. In addition, the stellar rally posed by these stocks played a pivotal role in driving the Nifty50 index to trade near its record high.
The benchmark index on June 19 came within just 6 points of reaching its record high of 18,887, which was achieved in December last year. In CY23 so far, the index has gained 3.59%.
Within this period, 13 out of the 50 constituents of the index have experienced remarkable growth, reaching new all-time highs. Among these, Mahindra & Mahindra shares emerged as the standout performers, consistently breaking record highs.
From its March 2023 low of ₹1128.30 apiece, the company's shares have skyrocketed 26.13% to register a new all-time high of ₹1,422 on June 07. Similarly, Bajaj Auto shares have also witnessed a staggering growth of 33.21% from their February lows of ₹3,639 to touch an all-time high of ₹4,829 on June 8.
Another stock that has experienced a meteoric rise is ITC, whose shares have been on an upward trend since February last year. On February 2, 2023, after nearly six years, the stock surpassed its previous record high of ₹367 per share, which was achieved in July 2017. Subsequently, the bullish momentum persisted in the ensuing months, with the stock breaching the significant milestone of ₹400 on April 17.
Impressively, it has maintained its position above this crucial psychological level to this day. Notably, in today's trading session, the stock reached an unprecedented peak of ₹455.9 per share, further reinforcing its remarkable performance.
Another prominent player in the FMCG sector, Britannia Industries, also experienced a remarkable surge, with its shares touching a new record high of ₹5,064 per share in today's trading session. Investors responded positively to the company's Q4 performance, as the Wadia Group reported another quarter of stellar numbers, with a notable year-on-year growth of 47.61% in the net profit, reaching ₹558 crore.
Likewise, Nestle India witnessed a significant jump of 29% in just three months leading up to June 16, resulting in an all-time high share price of ₹23,175. Titan, the Tata Group, has also demonstrated a robust performance in its shares this year, achieving a new record high price of ₹3,024 per share.
In the banking space, HDFC Bank, ICICI Bank and Axis Bank the largest private sector bank and the second and third largest private sector banks in India have reached their all-time highs of ₹1,734, 958.8 and 989.7 per share.
Despite a weak performance in Q4 FY23, Ultratech Cement, the flagship company of the Aditya Birla Group, garnered investor optimism due to a sharp decline in key raw material prices.
The company's shares have performed exceptionally well, generating a return of nearly 19% in CY23. In addition, during the previous trading session, the shares reached ₹8,432 per share, marking a new lifetime high.
Another fabulous set of earnings by one of India’s leading telecommunications services providers, Bharti Airtel, propelled its shares to an all-time high of ₹888.8 apiece on May 31.
Besides, other stocks, including Powergrid Corp, Larsen & Toubro, and JSW Steel, have also touched their respective all-time highs of ₹249.6, 2,419.90, and ₹783.50.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of MintGenie.
