Indian equity markets concluded the fiscal year 2023-2024 on a high note, with the Nifty 50 and Sensex indices delivering their strongest performance in three years. The Sensex, comprising 30 leading stocks, surged by an impressive 24.85% over the past 12 months, while the broader Nifty 50 demonstrated an even more remarkable gain of nearly 29%. This period witnessed a mix of volatility and resilient recoveries, resulting in substantial returns for investors.
Among the top-performing large-cap stocks of FY24, Bajaj Auto emerged as the clear winner on the Nifty 50. The company achieved exceptional returns of 142.52% on investments made over the past year, with its market capitalization soaring to Rs 2,54,000 crore as of April 1, 2024.
Tata Motors secured the second spot in the rankings, with a hefty return of 136.67% driven by its luxury arm, Jaguar and Land Rover, and expansion in the electric vehicle segment.
Coal India, the world’s largest state-owned coal producer, stood as the third best-performing large-cap stock on the Nifty 50, delivering a notable return of 118.73% due to rising power demand and electrification initiatives.
Adani Ports and Special Economic Zone and Hero MotoCorp also showcased impressive returns of 113.76% and 107.91% respectively, driven by burgeoning opportunities in the port sector and new product launches in the premiumization trend.
Overall, the strong performance of these large-cap stocks contributed to the market’s positive momentum, offering investors significant returns in fiscal year 2023-2024.
