2024 Review: Multibagger Alert! Over 30 Nifty500 stocks rise 100%-320% this year; Jyoti CNC, KFin Tech among top gainers

Multibagger stocks: Indian markets are set to end 2024 on a positive note, marking the ninth consecutive year of gains for the frontline indices. However, a strong sell-off in the last three months has dampened the possibility of beating the previous year’s performance.

In the first half of 2024, the Nifty 50 and Sensex delivered a stellar performance as they gained 10.5%, showcasing robust market momentum. Yet, this strength waned in the second half, particularly during the December quarter, as a combination of global and domestic challenges erased a significant portion of the first-half gains.

Key factors contributing to this slowdown included heavy selling by foreign portfolio investors (FPIs), concerns over high valuations, a decelerating Indian economy, weak urban consumption, escalating tensions in the Middle East, and the ongoing Russia-Ukraine conflict. These headwinds collectively weighed on investor sentiment, resulting in a nearly 2% decline in the indices during the quarter so far.

Currently, the Nifty 50 and Sensex are trading with gains of over 8% for 2024, compared to a robust 20% rise in 2023. Notably, since 2015, the indices have consistently ended each calendar year with positive returns, with their highest yearly gain recorded in 2021.

In 2024, Nifty 50 achieved new milestones by crossing the 26,000 level to set a new all-time record of 26,277, while the Sensex has also touched a fresh record high of 85,978.

Midcap and small-cap stocks outperformed in 2024, stealing the spotlight. The Nifty Midcap 100 index has surged 23.2%, while the Nifty Smallcap 100 index is up 23.6% so far in the current year. 

Nifty 500: 33 stocks deliver multibagger returns

Thirty-three stocks within the Nifty 500 index have delivered stellar returns ranging from 100% to 320% in 2024 so far, showcasing strong performances across diverse sectors, including real estate, EMS, power, and capital goods. 

Among the top gainers is GE Vernova T&D India, which surged by an astonishing 320.7%, building on its 336% rally in 2023. Over the past two years, the heavy electrical equipment maker has delivered a cumulative return of 1,773%, reaching a peak of ₹2,155 per share.

Another standout performer was Jyoti CNC Automation, a recent debutant on Dalal Street. After its listing in January 2024, the stock closed most of the following months in the green zone, soaring 302% to ₹1,331 per share from its listing price of ₹434. 

Similarly, Kfin Technologies, another new entrant to the exchanges, climbed from ₹485 to ₹1,444 per share, delivering a 197% gain. The stock is trading 294.7% above its IPO price of ₹366.

EMS stocks continued their remarkable run for a second consecutive year. Kaynes Technology India surged another 180%, adding to its 248% jump in 2023, while Dixon Technologies posted a 175% gain, following a 66% rise in the previous year.

Other notable gainers in the Nifty 500 included Motilal Oswal Financial Services, Oracle Financial Services, Anant Raj, PB Fintech, Bharti Hexacom, Hitachi Energy India, Godfrey Phillips India, Rail Vikas Nigam, Kirloskar Brothers, BSE, Netweb Technologies, Trent, Cochin Shipyard, HUDCO, Aegis Logistics, Newgen Software Technologies, Techno Electric & Engineering Company, Mazagon Dock Shipbuilders, Zomato, Kalyan Jewellers, IFCI, and Blue Star. These stocks delivered returns ranging from 110% to 195%, reflecting widespread investor confidence and growth across sectors.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.