A total of 20 of 30 Sensex stocks have not hit their record high levels at least in the first six months of 2023, even as the BSE barometer is scaling fresh highs each passing day. The ones that hit new highs, in tandem with the BSE benchmark, included ITC Ltd, Axis Bank, Bharti Airtel Ltd are HDFC Bank. The list is based on Wednesday's closing prices.
Power Grid hit an all-time high of Rs 249.75 on June 20. ITC hit its all-time high of Rs 455.90 on June 19. Two other Sensex stocks Titan Company Ltd and Larsen & Toubro Ltd hit their respective new highs on the same day. Ultratech Cement (June 16), Nestle India Ltd (June 16), Axis Bank (June 17) and Mahindra & Mahindra (June 13) and Mahindra & Mahindra Ltd (June 7) are some other stocks reclaiming their record high levels in June. Two stocks Bharti Airtel (May 31) and HDFC Bank Ltd (May 4) hit their peaks in May.
Among Sensex stocks, NTPC is yet to visit its all-time high of Rs 242.50 hit on January 15, 2008. This stock needed a 29 per cent rally over Wednesday's closing price to revisit its all-time high of Rs 242.50. Stocks like Sun Pharmaceutical Industries (21 per cent away) and Tata Motors (4 per cent away) hit their all-time high in 2015.
Maruti Suzuki India hit a record high of Rs 10,000 in December 2017. This stock is 6 per cent away from that level. IndusInd Bank at Rs 1,286.75 required 58 per cent surge to reclaim a high of Rs 2,037.90 hit on August 3, 2018.
Housing Development Finance Corporation Ltd, Kotak Mahindra Bank Ltd, Bajaj Finserv Ltd, Wipro Ltd, HCL Technologies Ltd, Hindustan Unilever Ltd and Tata Steel Ltd are some of the Sensex stocks that required up to 91 per cent rally to revisit their 2021 highs.
At Wednesday's close of Rs 385.55, shares of Wipro required a 91.88 per cent rally to revisit its all-time high of Rs 739.80 hit on October 14, 2021. The average target price on this stock at Rs 389 suggests no upside potential ahead.
Infosys, on the other hand, required 50.12 per cent jump over Wednesday's price to revisit Rs 1,953.70 level that it touched on January 17, 2022.
Amar Ambani, Head of Institutional Equities at YES Securities said Sensex's earnings kicker will come from expansion in margins, as companies keep some part of the gain from falling input costs, and strong results from banks and NBFCs. Valuations, he said, are not demanding at 15.5 times FY25 EPS. "If monsoons don’t play spoiler, 2023 will be a strong year for Indian equities. A lot of money is on the sidelines and the carry trade is playing out from Japan. FPI money should keep flowing into India, with expected stable yields and healthy rupee outlook,” he said.
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