FY24 market review: 120 stocks from Nifty 500 index gave multibagger returns


In the Nifty500 index, 120 stocks have given multibagger returns in FY24, which means at least 100 percent gains. Meanwhile, just 51 stocks (10 percent) from the index were in the red in the current financial year.

Top Gainers

BSE was the top gainer in the Nifty500 index, soaring 521 percent, followed by IRFC and Suzlon Energy, which skyrocketed 462 percent and 444 percent, respectively.

HUDCO, MRPL, Cochin Shipyard, and Ircon surged over 300 percent each. SJVN, Kalyan Jewellers, REC, NBCC, Persistent Systems, Zomato, BHEL, Tata Invest Corp, Sobha, Power Finance Corporation, FACT, Tata Motors -DVR, NLC India, Swan Energy, Olectra Greentec, Apar Ind, Adani Power, Trent, Hind Copper, and Jindal Saw also rallied between 200 and 300 percent each.

Furthermore, stocks that gave over 150 percent returns included Birlasoft, Mazagon Dock, ITI, Prestige Estates, Kaynes Tech, JBM Auto, EIH, Macrotech Developers, Engineers India, Indian Overseas Bank, Intellect Design, Punjab National Bank, Global Health, Welspun Corp, Oracle Fin Services, Angel One, Bank of Maharashtra, Central Bank of India, Torrent Power, Dixon Tech, Century Textiles, Infibeam Avenues, GIC, IRB Infra, DLF, BEML, MMTC, Hind Aeronautics, and Lupin.

Apart from these, another 62 stocks rose between 100 and 150 percent each.

Top Losers

Among losers, Rajesh Exports was the worst performer, down over 55 percent, followed by UPL, Delta Corp, One 97 Communications (Paytm), Zee, Campus Activewear, Polyplex and Corp, declining between 30 and 40 percent each.

Meanwhile, Sharda Cropchem, Orient Electric, Navin Fluorine, IIFL Finance, Sterlite Tech, Symphony, Aavas financiers, Atul, KRBL, Sumitomo Chem, Vedant Fashions, Alkyl amines, Brightcom Group, GMM Pfaudler, Vinati Org, HLE Glasscoat, Adani Wilmar, PVR Inox, and Hind Zinc also shed between 10 and 28 percent each.


With robust economic growth and market earnings seeing continued growth, most experts believe that the valuations despite being a tad elevated offer strong long-term growth opportunities.

“Currently, India is heading into elections within the next two months, which could set the market’s tone in the near term. Despite the potential for short-term volatility, the long-term drivers remain positive. India continues to be one of the few global geographies recording strong GDP growth, with economic indicators suggesting that India’s twin deficits and currency are under control. Looking ahead, the market dynamics are expected to be influenced by favorable cyclical factors. Infrastructure, domestic-oriented manufacturing, and utilities are anticipated to reap the benefits. Additionally, the growth opportunities in sectors like power, defense, and transportation, fueled by government policies, are expected to contribute to the market’s performance,” said brokerage house Motilal Oswal in a note.

Meanwhile, Shauryam Gupta, CEO – Rupeezy, believes that more than elections, the inflation data and the impending rate cuts will have a major impact on the markets. Unfavorable macroeconomic indicators may bring a correction in the market. However, it’s worth noting that the market appears to have already factored in the prevailing political climate. Given this context, he expects further upmove in the markets.

Furthermore, with the 2024 general elections knocking at the door and the incumbent Modi government most likely to retain office for the third term, Harshad Patil, Chief Investment Officer, Tata AIA Life Insurance, advises investors to look at a bottom-up stock-picking approach going ahead. He sees opportunities across sectors that offer investment potential for long-term capital appreciation. With robust economic growth and market earnings seeing continued growth, Patil believes that the valuations despite being a tad elevated offer long-term growth opportunities.


Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 29 Mar 2024, 10:22 AM IST


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