Even though 2023 started on a weak note, about 163 stocks scaled all-time highs year-to-date, showed data by Ace Equity.
For analysis purposes, ETMarkets has considered stocks of companies with a minimum market capitalisation of Rs 1,000 crore.
These 163 stocks are spread across sectors and industries. The maximum number of stocks to have hit lifetime highs in 2023 belong to the capital goods sector. 26 stocks have hit record highs, followed by automobiles and metals at 16 each.
In the financial and chemicals sectors, 14 and 16 stocks, respectively, have hit all-time highs, data showed.
Of the 163 stocks, 4 are part of the benchmark Nifty 50 and these are ITC, L&T, Mahindra & Mahindra, and Axis Bank.
ITC is the second-best performing stock on Nifty 50 year-to-date. The stock has given more than 20% returns so far in 2023, whereas Nifty 50 has given over 2% negative returns.
ITC also scaled a lifetime high of Rs 402 on Monday. In over 3 years, the stock has turned a multibagger. In the March quarter alone, the stock gained about 16%.
Given the strong earnings growth prospects for all the key businesses of ITC, the stock remains a top bet in the consumer space for analysts.
“We have a strong buy on ITC. Last year, ITC was among the best performing stocks, and we expect that to recur this year also,” said Abneesh Roy, executive director, Nuvama Institutional Equities.
In the brokerage’s model consumer portfolio, ITC enjoys a 30% weightage, which is the highest along with Godrej Consumer.
The second Nifty stock is L&T, The stock, which is often seen as a proxy to India’s infrastructure growth, has net gained more than 6% so far in 2023. The stock scaled its lifetime high of Rs 2,330 on April 11. Like ITC, L&T stock too, has turned a multibagger in 3 years.
L&T remains a top pick in the engineering and infrastructure space for analysts given its consistent performance and the ability to withstand economic risks.
Brokerage BNP Paribas believes that a slowdown in the pent-up demand, rising interest rates as well as a deceleration in activities prior to the elections in FY24 could hamper growth for the sector, but it continues to prefer L&T in the pack.
The third Nifty stock to hit a lifetime high this year is M&M. The stock hit its highest level in February, but from the highs, it has corrected about 14%.
But this is a stock that most analysts are bullish on given the strong demand outlook for passenger vehicles which will drive sales of its sports utility vehicles.
Besides the Nifty 50 stocks, several others in the smallcap segment have had a strong run in 2023 which has taken them to lifetime high levels.
About 18 smallcap stocks have gained 50-500% year-to-date and scaled record highs.
At a time when the information technology sector is facing growth challenges, institutional investors bet big on Sonata Software stock.
In the quarter ended March, mutual fund holding in the company increased to 13.08% from 12.63% in the December quarter. In the March quarter alone, the stock has gained by a whopping 48%.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)