The Indian stock market took a significant hit on Thursday, with the Sensex tumbling nearly 1,000 points. This decline followed a sharp sell-off in the US markets after the Federal Reserve’s commentary post a rate cut. Despite the widespread market weakness—where two stocks declined for every one that advanced—a few names defied the trend and soared to all-time highs. Let’s dive into the standout performers of the day.
KFin Tech: A Record-Breaking Rally
KFin Tech emerged as a star performer, closing 7.6% higher on Thursday and reaching a record high. The surge came after brokerage firm Jefferies reiterated its “buy” rating on the stock and raised the price target to ₹1,530. The stock’s performance in 2024 has been nothing short of spectacular, with an impressive 196% gain year-to-date, nearly tripling in value.
Oracle Financial Services: Bouncing Back Strong
Oracle Financial Services showcased resilience, recovering sharply from intraday lows to close 4.5% higher, also hitting a record high. The stock mirrors KFin Tech’s stellar run in 2024, delivering a staggering 197% gain so far. It’s clear that investors have taken a liking to this financial tech powerhouse.
Mankind Pharma: A Steady Climber in a Weak Market
While most sectors struggled, pharma stocks stood out as a beacon of hope. The Nifty Pharma index ended the day as the only sectoral gainer. Among its constituents, Mankind Pharma caught the spotlight, with its shares rising 45% in 2024 to date. In an otherwise challenging market, Mankind Pharma’s consistent growth is noteworthy.
