Sensex witnesses fastest 10,000-point rally led by these 5 stocks
The market capitalization of Sensex saw a significant surge from ₹136.89 lakh crore on December 11, 2023, to over ₹158 lakh crore on July 3. This marked a gain of ₹21.2 lakh crore in less than seven months, driving the Sensex from 70,000 in December to cross the 80,000 milestone in record time on Wednesday. According to experts, this rapid growth was primarily driven by robust earnings growth in certain stocks, including Reliance Industries and State Bank of India.
5 stocks account for half of Sensex's rapid rise
A Moneycontrol analysis has revealed that five stocks were primarily responsible for the last 10,000-point upswing on Sensex. These stocks accounted for half of the rise in the valuation of the benchmark Sensex. The companies leading this surge were Reliance Industries, Bharti Airtel, State Bank of India, Mahindra & Mahindra, and ICICI Bank. Their combined market cap increased by ₹11.85 lakh crore between December 11, 2023, and July 3.
Not all stocks experienced growth during the rally
Despite the overall surge, seven stocks from the Sensex pack experienced a decline in their market cap during this period. Asian Paints was the biggest laggard, followed by ITC and Titan Company. Other stocks that saw a decrease in market capitalisation included Bajaj Finserv, Kotak Mahindra Bank, IndusInd Bank, and Bajaj Finance. This indicates that not all sectors benefited equally from the rapid growth of Sensex.
