Financial markets wrapped up FY24 on a strong note with the domestic equity indices Nifty 50 and Sensex achieving their most robust performance in three fiscal years.
The 30-share Sensex surged by 24.85% over the last 12 months, while the Nifty 50 demonstrated an impressive gain of nearly 29%, showcasing a blend of volatility and resilient recoveries. Investors experienced substantial returns during this period, with the indices accumulating approximately 27-31% return on investment between April 2023 and March 2024.
Top 5 Large Caps of FY24
Bajaj Auto
The Bajaj Group firm emerged as the top-performing large cap on the Nifty 50 in FY24, delivering an exceptional return of 142.52% on investments made over the past 12 months. The auto major also witnessed significant market cap growth, soaring up to 120% to reach Rs 2,54,000 crore as of April 1, 2024.
Tata Motors
Securing the second spot, the Tata Group’s auto major boasted a hefty return of 136.67% on investments generated over the last 12 months. Notably, the company’s luxury arm, Jaguar and Land Rover, along with its expansion in the electric vehicle (EV) segment, were major growth drivers, propelling the market cap by 139.60% in FY24.
Coal India
The world’s largest state-owned coal producer emerged as Nifty 50’s third best-performing large cap of FY24, delivering a return of 118.73% on investments made over the past year. The surge was attributed to the country’s escalating power demand and increasing electrification initiatives.
Adani Ports and Special Economic Zone
Despite facing challenges following Hindenburg’s report in early 2023, the Adani Group’s flagship port company staged a remarkable comeback to emerge as Nifty 50’s fourth best-performing large cap of FY24, with a return of 113.76% on investments made over the last 12 months. The resurgence was fueled by burgeoning opportunities in the port sector.
Hero MotoCorp
Securing the fifth position, Hero MotoCorp witnessed a return of 107.91% on investments made over the last 12 months. The company’s growth was propelled by new product launches and an increasing trend of premiumization in the sector.