Nifty, Sensex see gains of up to 20% in 2023, ending with gains for 8th straight year.
- Stock Market Today- Nifty, Sensex see gains of up to 20% in 2023, ending with gains for 8th straight year. Nifty Midcap 100 index gained more than 50% and REC, PFC, IRFC saw gain more than 200%, were amongst key mid cap gainers. Tata Motors saw its stock price double amongst largest Nifty 50 gainers
The Sensex and Nifty after a consecutive five-day rally though snapped their winning spree on Friday, ending 0.23% and 0.22% lower on the last day of the year, however they have ended 2023 on a stellar note.
The Benchmark indices Sensex and Nifty have gained around 18.74% and 20.03% during 2023. The market continued their winning spree for 8th straight year ending in gains. Notably the 18-20% gains by the benchmark indices have been one of the strongest in last six years barring 2021 when indices saw extraordinary gains post easing of Covid restrictions.
Pranav Haridasan, MD & CEO, Axis Securities said that “2023 was intriguing for both the Indian and Global equity markets. While the year commenced with restrained expectations and notable volatility in the initial months, the Indian market witnessed a remarkable recovery in the second half from its March 2023 bottom.
The broader markets too have not only seen handsome gains during 2023 but outperformed the benchmark with Nifty Mid cap index gaining more than 50%. PFC, REC IRFC with gains of more than 200% were biggest mid cap gainers. Nifty Bank rose for the third consecutive year but relatively underperforms, up 12.34%. Also amongst all Nifty 50 stocks, apart from Adani Enterprises and UPL all stocks gave positive returns.
Tata Motors that was amongst largest Nifty 50 gainers on Friday and ended with gains of 3.38%, has been the largest gainer in 2023 having seen its stock price more than double (up 101.04%).
Public Sector undertakings were key winners and amongst Nifty Stocks Coal India, NTPC were amongst top five Nifty gainers. Realty stocks followed suit as the NIFTY PSE Index and Nifty Realty Index saw gains of more than 80%.
Amongst Auto two-wheelers stocks as that of Bajaj Auto and Hero MotoCorp too have been key gainers with their share price rising 88% and 51% respectively.
Moving forward In 2024, the Indian economy will continue to stand out, especially against the challenging backdrop of other emerging economies, feels Axis’s Haridasan. “We firmly believe that India will continue its growth momentum in the year ahead and remain the land of stability against the backdrop of a volatile global economy” said Haridasan. The bolstered balance sheet strength of corporate India and the significantly enhanced health of the Indian banking system are positive factors. These elements are poised to facilitate Indian equities in achieving double-digit returns over the next two to three years, supported by robust double-digit earnings growth, he added.
Though other experts also remain positive on forward prospects, however are also watchful on near term events.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services expects market to continue its ongoing positive momentum in near term driven by healthy macros, strong FIIs inflow and positive global cues.
Next week is likely to be eventful as series of economic data globally are set to release. Auto is likely to remain in focus as OEMs will announce sales number for the month of December, added Khemaka.
Also in the coming week “Profit booking and the developments around the Middle East, the movements in the Dollar Index etc. are likely to influence the markets at the periphery said Dr. Joseph Thomas, Head of Research, Emkay Wealth Management
The immediate focus would be on Q3 earnings which should be in-line with street expectations and any deviation in earnings would be a reason for markets to go into profit booking zone, said said Rakeshh Mehta, Chairman of Mehta Equities Ltd.. The Budget would be a no event and major focus would be on Lok Sabha elections in May 2024, which would drive the overall market sentiment as per Mehta.
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