Top gainers of 2024 | Trent, M&M among top 10 Nifty 50 performers, deliver hefty 25-135% returns in last 12 months

Top gainers of 2024: The Indian stock market swung to record highs in the first few months of 2024, but poor corporate earnings and an exodus of foreign funds curtailed their annual gains to about 8.5 per cent, the lowest among major global peers and even pushed stocks into correction territory.

Domestic equity benchmarks Nifty 50, and Sensex rose 8.8 per cent and 8.2 per cent, respectively, this year, logging their ninth straight year of gains, mostly on support from domestic institutional investors and the policy continuity after the ruling Bharatiya Janata Party (BJP) regained power.

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The equity benchmarks rose nearly 21 per cent each to hit record highs on September 27. In November, they slipped into correction territory—a 10 per cent drop from all-time high levels—hurt by record monthly foreign selling in October and slower earnings growth. The blue chips are still in correction territory. 

Stock market investors became richer by ₹77.66 lakh crore in 2024. BSE-listed firms' market capitalisation (mcap) surged by ₹77,66,260.19 crore to ₹4,41,95,106.44 crore in 2024. On December 31, the 30-share BSE benchmark declined 109.12 points or 0.14 per cent, settling at 78,139.01. The NSE Nifty dipped marginally by 0.10 points to settle at 23,644.80.

“The final day of the year concluded with minor losses despite a recovery from the day's lows. However, consolidation pressure is dragging domestic momentum amid negative global cues and ongoing concerns over a strengthening dollar index and US bond yields,” said Vinod Nair, Head of Research at Geojit Financial Services.

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"Losses were mainly in IT and realty stocks, while other sectors saw gains. Nonetheless, the market's focus is expected to shift back to domestic third-quarter results for insights into potential growth and earnings recovery and to the Union budget, offering a short- to medium-term perspective amid global uncertainties," added Nair.

In broader markets, the small caps and midcaps gained about 24 per cent each in 2024, outperforming the benchmarks for the second straight year as domestic investors and mutual funds piled on due to the return potential in these segments. Among stocks, Mukesh Ambani-led Reliance Industries, the second-heaviest stock in the indices, dropped six per cent to post its worst year since 2011 on weaker earnings in the last two quarters.

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D-Street leaders of 2024

Among sectors, the pharma index was the top sectoral performer, jumping 39 per cent, aided by steady sales growth in domestic and US markets and stable pricing in the US. Trent, a retailer, gained about 133 per cent, the most among Nifty 50 stocks, helped by stable earnings till the September quarter.

Trent emerged as Nifty 50's top gainer regarding stock price movement in 2024, followed by Mahindra & Mahindra (M&M) and Bharat Electronics Ltd (BEL). Nifty 50's top 10 best-performing stocks, including Trent and others, have delivered hefty returns in the range of 25-135 per cent. Here are Nifty 50's top 10 best-performing stocks of 2024 with the returns generated in the last 12 months:

Nifty 50's top 10 best-performing stocks of 2024:

1.Trent

The Tata Group-owned retail major has emerged as Nifty 50's best-performing stock of 2024 with a remarkable return of 133.17 per cent on investments generated over the last 12 months. The growth was driven by stable corporate earnings growth till the end of the September quarter of FY25.

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2.M&M

The auto major emerged as Nifty 50's second best-performing largecap of 2024 with a hefty return of 73.88 per cent on investments generated over the last 12 months. M&M's new product offerings, especially in the electric vehicle space, have increased its sales growth and attracted investors' attention.

3.BEL

The state-owned defence major has emerged as Nifty 50's third best-performing largecap of 2024 with a return of 59.15 per cent on investments generated over the last 12 months. Government orders and the high-growth sector have made BEL an investor's favourite in the last few quarters.
 

4.Bharti Airtel

India's leading telecom major has emerged as Nifty 50's fourth best-performing largecap of 2024 with a return of 53.82 per cent on investments generated over the last 12 months. Airtel's tariff plans and its competitive advantage with Reliance Jio make it a steady buy for market enthusiasts.
 

5.Sun Pharmaceuticals

The drug manufacturer has emerged as the Nifty 50's fourth best-performing large-cap of 2024, with a return of 49,78 percent on investments generated over the last 12 months. Sun Pharma's high-growth sector advantage has driven it to deliver steady earnings among peers in the current fiscal year.
 

6.Shriram Finance

The Shriram Group-company is among Nifty 50's best-performing largecaps of 2024 with a return of 40.71 per cent on investments generated over the last 12 months. The promoter group's recent block deals and acquisitions have resulted in a steady rise for the insurer to deliver positive returns.
 

7.Tech Mahindra

The IT major is among Nifty 50's best-performing stocks of 2024, with a return of 34.07 per cent on investments generated over the last 12 months. Tech Mahindra's steady net profit and revenue growth in the last few quarters has attracted significant attention from market experts and investors.

8.HCL Technologies

India's third-largest IT service major is among Nifty 50's best-performing stocks of 2024, with a return of 30.78 per cent on investments generated over the last 12 months. HCL Tech's focus on its offerings in diverse verticals and geographies has led to an impressive movement in its stock price in the last year

9.Power Grid Corp of India

The state-owned power generator is among Nifty 50's best-performing stocks of 2024, with a return of 30.78 per cent on investments generated over the last 12 months. Power Grid's capex guidance and government lending have resulted in steady earnings growth in the last few quarters, a positive for equity returns.

10.Bharat Petroleum Corp Ltd (BPCL)

The oil marketing company (OMC) is among Nifty 50's fifth best-performing stocks of 2024 with a return of 29.79 per cent on investments generated over the last 12 months. BPCL's focus on building greenfield refineries and state projects has resulted in positive analysts' ratings and steady returns over equity.

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Outlook for 2025:

The Indian stock market in 2025 is set to ride on strong economic growth and government efforts to boost infrastructure and digital innovation. Sectors like capital goods, technology, financial services, consumption, and healthcare are expected to shine. Semiconductors, electronics, renewable energy and electric mobility will likely grab more attention.

According to Vijay Bharadia, Managing Partner and CIO at Wallfort PMS, the Indian growth story remains robust, and several positive developments in 2024 reinforce our optimism for the coming year. Significant strides in infrastructure development, a thriving manufacturing sector, and an ongoing digital transformation are laying the foundation for economic growth. 

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These factors, along with strong domestic consumption and healthy corporate earnings, have given market analysts and economists greater confidence that India is well-positioned for continued success in 2025.

"Looking forward, the market's direction will be greatly influenced by elements such as investor confidence, government policy, the Union Budget, the Q3 earnings, and the new US president and potential ramifications for world trade. These will impact the market's course during 2025," said Vishnu Kant Upadhyay, AVP - Research and Advisory at Master Capital Services Ltd.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts, consider individual risk tolerance, and conduct thorough research before making investment decisions, as market conditions can change rapidly, and individual circumstances may vary.