The Indian stock market witnessed multiple multibagger stocks last year.

In the last one year, specifically from the last Republic Day, Nifty 50 rallied a little more than 19% with most of the gains seen between the middle of May and September 2023.

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Again in December, while the rest of the period was consolidative for the market during the year.

A total of 68 stocks of the Nifty 500 index stood out as star performers from the closing of January 25, 2023, till January 25, 2024.

The Nifty 500 index gained 28% during the same period.

Notably, the performance of broader markets was brighter than the benchmarks with the Nifty Midcap 100 and Smallcap 100 indices surging 54% and 64%, respectively.

Most of the stocks in the multi-bagger list are from the realty, public sector undertaking (PSU), infrastructure, auto, pharma and energy stocks, registering a rally between 38% and 100%.

Half of these sectors like PSUs, infra including railway, and energy are expected to be star performers in the years to come as well, largely due to capex-driven growth.

The railway stocks were the best performer of the lot with the IRFC topping the list among the 68 stocks registering a 444% gain, Rail Vikas Nigam took the fourth spot with a 299% surge, while RITES was up 103%.

Other stocks like Suzlon Energy, REC, Power Finance Corporation, SJVN, Bharat Heavy Electricals, Torrent Power, Sterling and Wilson Renewable Energy, Adani Power, JSW Energy and Olectra Greentech were the gainers in power space rising 101 to 347%.

PSU stocks remained in the limelight, with Cochin Shipyard, Mazagon Dock Shipbuilders, ITI, Engineers India and MMTC climbing 122-261%.

The real estate space caught the attention of bulls due to demand revival and declining inventories after a long period of consolidation. Housing & Urban Development Corporation, NBCC (India), Prestige Estates Projects, Sobha, DLF and Brigade Enterprises gained 115 to 245%.

The upcoming budget is expected to lay the groundwork for future policy decisions, and analysts anticipate that the power sector will continue to attract attention.