Nifty 50 index top gainers and losers in Q1’24

The Nifty 50 index has done well in 2024, helped by the strong inflows from Indian and global investors. The index soared to a record high of INR 22,535, about 3.45% above where it opened the year. It has jumped by over 25% in the past 12 months. 

Top gainers and laggards

The Nifty 50 and BSE Sensex indices have done well as the Indian economy continued thriving. The most recent data showed that the country’s economy expanded by 8.4% in 2023, beating analysts estimates. 

Economists believethat the economy will continue thriving this year. In a note last week, analysts at Goldman Sachs estimated that the economy would grow by 6.6% this year. Moody’s one of the biggest rating agencies, sees it growing by 6.8%. Other big players like Morgan Stanley and S&P Global also boosted their estimates.

Meanwhile, foreign investors have been increasing their allocations to Indian stocks this year and analysts at JPMorgan believe that inflows will jump after the country’s elections, which will start on April 19th.

Further, there are signs that the Reserve Bank of India (RBI) will start cutting interest rates later this year. Recent data showed that retail inflation retreated to its lowest level in three months. Analysts see the bank cutting in the third quarter.

Most Nifty 50 index constituents have rien this year. Bajaj Auto, a leading manufacturer of motorbikes and tuk-tuks, has been the best-performing stock in the index as it jumped by over 34%. Its total sales rose to 1.19 million in the quarter ending in December, up from 1.05 million a year earlier.

Bharat Petroleum’s share price has risen by over 34% this year as demand for petroleum products jumped in India. Adani Power’s stock jumped by over 33% this year after India’s Supreme Court ruled against further probes into Gautam Adani’s conglomerate.

The other top-performing companies in the Nifty 50 index were Oil & Natural Gas Corporation, Sun Pharmaceutical, Tata Motors, and Maruti Suzuki. 

On the other hand, the top laggard of the index in 2024 is LTIMindtree, whose shares have tumbled by over 22.3%. LTI is a big provider of technology consulting solutions across sectors like banking, energy, and utilities.

The other worst-performing companies in the index this year were Asian Paints, HDFC Bank, Hindustan Unilever, Britannia Industries, and Hindalco Industries. All these shares have crashed by over 8% this year.

Nifty 50 index technicals

Nifty chart by TradingView

Technically, the Nifty index has remained above the 50-day and 100-day Exponential Moving Averages (EMA). It is trading at an important resistance at INR 22,527, its highest point on March 11th. 

The index has formed what looks like a double-top pattern, which is a popular bearish sign. Therefore, bulls needs to move above the crucial resistance at INR 22,527 to invalidate the double-top pattern.

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