Early June this year was like a rollercoaster for the Indian stock market as exit poll optimism excited everyone. Still, the actual unexpected results on election day caused a sharp dip. But things calmed down soon, and the market went way up.
It was an exciting month for the stock market. The Nifty crossed the 24,000 mark for the first time ever, making June the best month for the stock market this year with several gainers. The Nifty50 index surged by an impressive 6.57%, recording its best monthly performance in 2024.
Let’s examine the top gainers and losers from the NIFTY50 for June 2024 and what made them tick or dip.
Top 5 NSE Gainers in June 2024
| Company | Open | Pervious Cloe | % Change |
| Tech Mahindra | 1430.35 | 1430.35 | 2.81 |
| Wipro | 517.9 | 514.85 | 2.49 |
| Grasim | 2666.2 | 2670.45 | 2.3 |
| TCS | 3884 | 3904.15 | 2.12 |
| Bajaj Finance | 7075 | 7115.55 | 2.12 |
1. Tech Mahindra (TECHM)
Leading with a 2.81% gain, Tech Mahindra registered a stock price of ₹1,473 on 1 July 2024. Its strong performance can be attributed to two key factors. Firstly, the company delivered positive quarterly results, boosting investor confidence. Secondly, the overall IT sector witnessed a positive outlook, further fueling Tech Mahindra’s rise. Their focus on digital transformation projects and strategic partnerships solidified their position in a growing market.
2. Wipro
Wipro’s stock climbed 2.49%, reaching 527.20 on 1st July 2024, thanks to robust demand for IT services. The company’s success in executing large-scale digital projects showcased its capabilities, attracting investors. Additionally, Wipro’s consistent performance and trading above its moving averages signaled a bullish trend, further increasing investor confidence.
3. Grasim Industries (GRASIM)
Grasim’s stock appreciated 2.3%, reaching a 52-week high of ₹2,725.05 as of 1st July. This surge was primarily driven by two factors. First, the company’s strong presence in the cement industry, a key player in infrastructure development, benefited from positive market sentiment towards infrastructure projects. Second, Grasim’s overall performance likely impressed investors.
4. Tata Consultancy Services (TCS)
TCS’s stock value received a 2.12% boost, solidifying its position as a top performer at ₹3,693.45 on 1 July. This can be attributed to the company’s comprehensive portfolio of IT services, catering to a wide range of client needs. Also, TCS’s consistent financial performance and global presence, known for delivering innovative solutions, instilled strong investor confidence.
5. Bajaj Finance (BAJFINANCE)
Bajaj Finance is rounding out the top gainers with a 2.12% increase in stock value at ₹7,075 on 1st July 2024. This impressive rise stemmed from investor optimism following the company’s strong full-year earnings report release. The report likely showcased significant growth in revenue and net income, along with a high profit margin, all positive indicators for the company’s future.
Top 5 NSE Losers in June 2024
While the above companies did well in the market, these companies
| Company | Open | Pervious Cloe | % Change |
| NTPC | 381.75 | 378.35 | -2.06 |
| Eicher Motors Ltd | 4640 | 4672.95 | -0.92 |
| Apollo Hospitals | 6180 | 6185.7 | -0.82 |
| SBI | 849.35 | 848.95 | -0.72 |
| Dr Reddy’s Laboratories | 6430 | 6402.35 | -0.66 |
NTPC:
Despite achieving a growth of 17.15% in coal despatch from its captive mines during Q1 FY25, NTPC stock fell by 2.06% at the market close. It stood at ₹378.35 on 28 June 2024 TIt stood at ₹378.35 on 28 June 2024 The share price saw a decline due to a dip in electricity demand during a period of lockdown, affecting the overall economic activities in the country.
Eicher Motors:
Eicher Motors’ share price dropped by 0.92% in June 2024, making it one of the top losers of the month. The decline in share price was accompanied by a decrease in trading volume: Eicher Motors’ share price dropped due to margin pressure. The company’s EBITDA margin for the September quarter was down over 100 basis points compared to the June quarter.
Apollo Hospital:
Apollo Hospital’s share price dropped by 0.82% in June 2024, closing at ₹6,185.70 on 28 June. The stock value fell after the announcement of a ₹2,475 crore fundraising through Private Equity firm Advent for its unit Apollo HealthCo, raising concerns about the valuation of its Pharmacy and HealthCo businesses.
SBI Bank:
SBI’s share price dropped by 0.72% in June 2024, with a decrease in trading volume becoming another loser in June. The stock value drop to ₹848.95 at the market closing on 28 June was due to a weak market sentiment following the Supreme Court’s rejection of its plea for an extension of time for disclosure of electoral bond details.
Dr. Reddy’s Lab
Among the losers was Dr. Reddy’s Lab. Due to a decrease in trading volume, its share price dropped by 0.66% in June 2024 and closed at ₹6,402.35 on 28 June 2024. The pharma sector was under pressure, with most stocks trading in the red.
Despite a strong 2023, Indian pharma stocks underperformed in June 2024 due to factors like potential regulatory changes impacting exports, pricing pressures in the US market, and currency fluctuations—all critical aspects for a sector heavily reliant on international sales.
The IT and infrastructure sectors emerged as the big winners in June 2024, driven by positive company results and an optimistic outlook. Companies like Tech Mahindra, Wipro, and Grasim Industries gained for their strong performance. However, not all sectors shared the gains, leading to companies such as NTPC, Eicher Motors, SBI, and DRL facing dips due to reduced demand, margin pressures, and regulatory hurdles.
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FAQs
What was the overall performance of the Indian stock market in June 2024?
The Indian stock market performed very well in June 2024. The Nifty 50 index surged by 6.57%, marking its best monthly performance for the year.
What factors contributed to the strong performance of the market?
Several factors contributed to the market's rise, including positive quarterly results from companies, a robust IT sector outlook, and positive investor sentiment towards infrastructure development.
Which sectors were the biggest gainers in June 2024?
The IT sector was a major gainer, with companies like Tech Mahindra and Wipro experiencing significant stock price increases. Additionally, Grasim Industries benefitted from positive sentiment towards the infrastructure sector.
Why did some companies lose value in June despite the overall market growth?
Several reasons could explain a company's stock price decline even during a market upswing. For instance, NTPC's share price fell due to a dip in electricity demand, while Eicher Motors' decline was likely caused by margin pressure.
I’m Archana R. Chettiar, an experienced content creator with
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