Trent, ITC, TCS, Tata Steel: Half of Nifty, Sensex stocks still far from record highs

Equity Benchmarks Nifty and Sensex might have hit all-time highs in Thursday's trade, nearly half of index stocks, mostly common, such as Trent, ITC, Tata Consultancy Services Ltd (TCS), Eternal Ltd and Tata Steel, require up to 94 per cent upsides over the prevailing prices to reclaim record levels. This along with the weak market breadth for November suggests a handful of stocks are taking key benchmarks to record high levels. 

A total of 14 Sensex stocks and 23 Nifty stocks were at least 10 per cent away from their record high levels, as available with corporate database AceEquity.  

Trent at Rs 4,292.25 apiece at Wednesday's closing price required 94.42 per cent rally to revisit its record high of Rs 8,345 apiece on NSE hit in October 2024. Adani Enterprises Ltd, the flagship Adani group stock, required 75 per cent rally over its prevailing price of Rs 2,317.05 to revisit December 2022 high of Rs 4,062.14 apiece. 
Similarly, Wipro required 48 per cent jump, while bigger peer TCS needed 45 per cent gain to climb record levels. Coal India at Rs 377.30 needed 44 per cent rise to hit August 2024 high of Rs 543.55. Bajaj Auto Ltd, Oil & Natural Gas Corporation Ltd (ONGC), NTPC Ltd, Power Grid Corporation Of India Ltd and ITC Ltd are still needed 30-40 per cent rally. 

Stocks such as Infosys Ltd, JIO Financial Services Ltd, Hindustan Unilever Ltd, Asian Paints Ltd, HCL Technologies Ltd, Tech Mahindra Ltd and Eternal Ltd required 20-30 per cent jump. Meanwhile, Dr Reddy's Laboratories Ltd, Max Healthcare Institute Ltd, Cipla Ltd, Ultratech Cement Ltd and Tata Steel Ltd were 10-14 per cent away from record levels. 

Meanwhile, the broader market is also showing signs of weakness. The market breadth, as suggested by advance-to-decline ratio for the BSE listed stocks, has fallen to the lowest since March 2025, data compiled from the stock exchange suggested. 
In March 2024, a total of 1,943 actively traded stocks on BSE advanced and 2,334 declined, suggesting a advance t0 decline ratio of 0.83. BSE data suggested the ratio stood at 0.84 for November, with 2,177 stocks advancing and 2,602 declining for the ongoing month. It reflected the weakness in the broader markets, even as Nifty and Sensex are up about 2 per cent each this month. The BSE Smallcap index fell 3 per cent during the same period.