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Almost all the stocks from all the sectors had a good run in June 2024. But IT and Engineering Stocks continued to cheer the investors. While Reliance Industries jumped by 9.52%, HDFC Bank went up by 9.97%. HDFC Bank had been stuck in a range for quite long, but at last we saw some momentum in the stock. Infosys, HCL Tech, Mahindra and Mahindra, and Ultratech Cement gave double digit returns.
We continue to see great momentum in the price of Zomato stock which grew by 12% in June 2024. As the market has started favouring IT stocks, Wipro and LTI Mindtree too gave returns of 17.62% and 14.51% respectively. Siemens continued to have a great run in the market as it went up by double digits for the fourth month in the last five months. Another Engineering stock, ABB, which was the darling of the market in May 2024, gave a subdued return of just 2%.
Trent reported a huge jump in PAT for Q4FY24 on year-on-year basis. This was mainly due to exceptional items of ₹543 crore. The stock has started running in the market, as if on steroid.
Adani stocks did not have a great time in the market. Almost all of them gave negative returns.
A few more stocks that gave double digit returns in June 2024 are:
- Tech Mahindra
- Samvardhana Motherson
- JSW Energy
- Cholamandalam Investment
- Cummins India
- Dabur India
- Shriram Finance
- Dr. Reddy’s
- Bosch
- Shree Cement
- Mazagon Dock
- Godrej Properties
- ICICI Prudential Life Insurance
- ICICI Lombard General Insurance
- Oracle Financial Services
After seeing the great run that the IT Software and Services stocks had in ?June 2024, almost everyone is asking one thing: “Is it the right time to get into IT stocks?”.
Engineering stocks continue to do better than the other stocks. But the market is not favouring only a few sectors. this time the momentum can be seen across all the sectors. HDFC Bank, which did not move at all since merger, has at last woken up. It is leading the Private Banking sector in the market rally seen after the election results.
Market is eagerly waiting for the full budget which is expected to be presented this month. Any kind of disappointment due to the full budget may lead to a big correction in the market.
