Super 10 bring over 50% of Nifty’s 10,000-point gain

Benchmark Nifty is up 10,000 points from its pandemic low of 7511.1 hit in March last year — a rally fuelled by easy money policies from global central banks, development of Covid-19 vaccines and a gradual recovery in the Indian economy.

Ten stocks have contributed to over 50% of this 10,000-point rally. Reliance Industries has contributed 1,000 points, which means about one-tenth of this rally was due to gains in the oil-to-telecom conglomerate.

Financials and software exporters — TCS and Infosys — were the other big index movers. Six out of the top 10 stocks that moved the Nifty were financials. Coal India, Hero MotoCorp, IOC, Eicher Motors and Bajaj Auto contributed the least to the Nifty’s rally.


The Nifty and Sensex scaled new intra-day and closing highs on Wednesday. Nifty ended at 17,519.45 on Wednesday, up 10,008.35 points or 133% from the March 24, 2020, low of 7,511.1. Sensex closed at 58,723.20, up 33,084 points, or 129% from its pandemic low of 25,638.9 hit on the same date.

State-owned companies have been the weak links in this rally, contributing little to market gains. The auto sector is a close second in the list of laggards, underperforming the benchmarks amid supply-side bottlenecks, low uptick in consumer demand and margin pressure from higher raw material costs.