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Most sensex scrips yet to reach previous highs

The sensex may be inching closer to its lifetime high. But most stocks on the benchmark index are trading below their previous highs. Only one out of every three scrips on the sensex has either touched a yearly high recently or is quoting close to those levels. 
Index heavyweight Reliance IndustriesBSE -2.28 % (RIL) hit its 52-week high on April 6, while engineering behemoth Larsen and ToubroBSE 0.23 % (L&T) breached the mark during Friday's trading. Leading mortgage lender HDFC touched its yearly high on April 3, while passenger vehicles major Maruti SuzukiBSE -0.34 % crossed the level on April 5. 

Despite most sensex stocks remaining lower, a bunch of heavyweights is driving the index close to all-time highs. Ten stocks in the sensex -including heavyweights such as HDFC BankBSE 0.20 %, RIL, ITCBSE -0.58 %, SBI and L&T, which have a combined weightage of 47.14% on the index, are pushing the benchmark to higher levels, data showed. 

Pharma and information technology (IT) scrips have remained laggards. Heavywe ights from these sectors have seen their share prices rule 20% lower than their peaks hit between June and August last year. 

Infosys, which is seeing a war of words between the management and founder promo ter over pay hikes, has seen the biggest fall from the yearly pe ak among sensex constituents in the IT pack. The InfosysBSE -1.79 % scrip has fallen over 23% since hitting its 52-week high of Rs 1,278 on June 3 last year. Its cross-city rival Wipro's stock is more than 15% down from peak levels while the TCSBSE 1.14 % scrip is over 11% lower than its yearly high. 

Shares of top pharmaceutical companies have fared poorly as well. Dr Reddy's LaboratoriesBSE -1.97 % is still down 28% from the peak levels breached in July last year. LupinBSE -2.61 % and Sun Pharmaceutical IndustriesBSE -3.04 % are trading over 22% and 19% lower than their highs.

CiplaBSE -0.03 % is, however, only 5.3% short of the mark. The laggards in the sensex, however, do not carry a huge weightage. For instance, the pharma pack has only 6.3% weightage, while the three IT firms that form part of the in dex have an aggregate weigh tage of 16.24%. 

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