Sensex and Nifty hover at fresh record highs but at least half of largecap shares, as denoted by constituents of BSE100 index, require at least 20-220 per cent rally to revisit their all-time high levels. They included Zee Entertainment Enterprises Ltd, which needed a 218 per cent rally to test its February 2000 high of Rs 815 level, and also Bandhan Bank that would need a 216 per cent surge to revisit its August 2018 high of Rs 741.
Data compiled from corporate database AceEquity suggests DLF Ltd require 88.63 per cent rally over Monday's price to retest its January 2008 high of Rs 1,225. Shares of Anil Agarwal-led Vedanta need to double in price to revisit April 2010 high of Rs 494.30. Wipro shares need 83 per cent surge while require IRCTC 77 per cent rally to revisit October 2021 high levels.
Oil & Natural Gas Corporation Ltd, Bank of Baroda, Coal India Ltd and Lupin Ltd, needed 9-68 per cent rise to retest their 2014-2015 highs. Hero MotoCorp Ltd, Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and IndusInd Bank Ltd are still 10-34 per cent away from hitting their 2017-2018 highs.
Also read: Hot stocks on December 5: Adani Green, SBI, Federal Bank, KPI Green Energy and more
A total of 16 BSE500 stocks require over 50 per cent jump to revisit record levels; 33 stocks require at least 20 per cent jump while 52 stock need at least 10 per cent rise to hit record levels. This is even as the BSE Sensex hit a record high of 69,381.31 in Tuesday's trade. The NSE barometer Nifty also hit its all-time high of 20,849.60 today.
"We have seen strong outperformance in midcap and smallcap; whereas large-caps have relatively underperformed over the past few months. Some of the large-caps that underperformed in 2023 are trading at reasonable valuations," Kotak Institutional Equities said in a note.
Large-cap stocks’ market cap-to-GDP ratio is approaching reasonable zone, as stock prices consolidate and economic growth expands, said ICICI Securities in a note. This brokerages like stocks such as L&T, Bharti Airtel, Coal India Ltd, ONGC Lt, Mahindra & Mahindra Ltd (M&M), Indigo, HDFC Bank Ltd, IndusInd Bank Ltd and SBI.
Adani Power Ltd, Axis Bank Ltd, Larsen & Toubro Ltd, Bharti Airtel Ltd, NTPC Ltd, GAIL and Mahindra & Mahindra Ltd were among stocks that have hit their record levels in December, data showed.
Also read: Swan Energy shares zoom 10% on block deal; details here