SENSEX touches record 75,000 level for the first time: 5 stocks that aided the rally

Benchmark SENSEX hit the record 75,000 mark for the first time ever on Tuesday, April 9, on renewed buying by investors following encouraging Q4 business updates by companies.

Broader NSE NIFTY also surged to a fresh lifetime high of 22,768 in the first half of the trading session. Buying in select counters such as Bajaj Finserv, Hindalco, ICICI Bank and HDFC Bank helped the key indices to break record levels for the second day in a row.

Encouraging business updates by companies for the March quarter raised hopes of better Q4 results boosted buying in select counters.

SENSEX, however, slipped below the 75,000 mark in the second half due to heavy profit-taking in index major Reliance Industries, Titan and L&T. However these are the top five stocks that propelled SENSEX to a historic 75,000 level.

HDFC Bank

A rally in HDFC Bank shares in the past five days helped both SENSEX and NIFTY scale record levels. HDFC Bank shares rallied more than 5% in the past five days. The leading private lender reported a strong 55.4% jump in gross advances to ₹25.08 lakh crore as of March 31, 2024, compared to ₹16.14 lakh crore as of March 31, 2023.

Infosys

Infosys shares gained more than 1% on Tuesday adding more than 60 points to the upside in the benchmark SENSEX. Gains in Infosys cushioned the impact from losses in other IT majors TCS and Tech Mahindra.

Infosys shares also posted gains in the past five days. Expectations of a reversal in underperformance by the stock renewed investors’ interest in the IT stock.

Mahindra & Mahindra

Mahindra & Mahindra shares have rallied nearly 5% in the past five days. The homegrown auto major has strengthened its market share while leader Maruti has seen a decline in the Indian market share. M&M sold 13% more sports utility vehicles (SUVs) year-on-year in March, bolstering its position in the growing segment. The automaker’s SUV sales increased to 40,631 units in March 2024.

Bajaj Finserv

Bajaj Finserv shares gained more than 1% on Tuesday taking its overall rise in the past five days to over 4%. Bajaj Finserv has rebounded from 200 simple moving average in the past month. Positive business updates have boosted the share price in the past month by over 7%.

ICICI Bank

The second largest private lender ICICI Bank was the biggest contributor to SENSEX upside on Tuesday. At close, ICICI Bank was up 1.81% and lead gainer among SENSEX shares. It added more than 120 points to the upside, helping contain overall losses in SENSEX.