High & Dry

The benchmark indices have scaled record highs but a majority of their components still haven't

(Click on image to enlarge)

The Indian market has been hovering around its all-time high this year but only a third of the Sensex companies have managed to touch record highs.

Of the 10 companies that touched all-time highs in 2014, most were from pharmaceutical, automobile, banking and information technology sectors. Going by the Street expectations, most of these companies are now fully priced in and offer a little upside. Twenty per cent of the index components have not yet recovered from their 2007-08 highs. Bharti Airtel and Tata Power are still more than 40 per cent below their previous record highs, while Larsen & Toubro is almost 20 per cent shy. Wipro, too, is 40 per cent below its all-time record high of Rs 980, touched during the 2000 dotcom boom.