Stock Market Today: Sensex, Nifty 50 snap 5-day winning streak on year’s last trading day, rise 20% in 2023
Stock market today: Sensex closed 170 points, or 0.23 per cent, lower at 72,240.26 while the Nifty 50 closed the day at 21,731.40, down 47 points, or 0.22 per cent. Mid and smallcaps hit their fresh record highs.
Stock market today: Domestic equity benchmarks the Sensex and the Nifty 50 ended the year's last trading day on a negative note, snapping their five-day winning streak, on profit-booking in select heavyweights even as the mid and smallcap indices ended with healthy gains.
The year 2023 concluded on a healthy note for the domestic market as the benchmarks the Sensex and the Nifty 50 ended the year with healthy gains of 19 per cent and 20 per cent respectively.
The mid and smallcap indices clocked strong gains and significantly outperformed the benchmarks. The BSE Midcap and Smallcap indices surged almost 46 per cent and 48 per cent respectively in 2023.
Against a backdrop of geopolitical tensions and heightened interest rates, the local market surged due to robust economic growth, anticipated rate reductions, and a substantial surge in participation from retail investors.
On Friday, December 29, the Sensex opened at 72,351.59 against the previous close of 72,410.38 and touched its intraday high and low of 72,417.01 and 72,082.64 respectively. The 30-share index closed 170 points, or 0.23 per cent, lower at 72,240.26.
The Nifty 50 opened at 21,737.65 against the previous close of 21,778.70 and touched its intraday high and low of 21,770.30 and 21,676.90 respectively. The index finally closed the day at 21,731.40, down 47 points, or 0.22 per cent.
The BSE Midcap and Smallcap indices hit their fresh record highs of 36,889.87 and 42,728.21 respectively during the session.
The BSE Midcap index closed 0.85 per cent higher at 36,839.22 while the Smallcap index ended with a gain of 0.69 per cent at 42,673.76.
The overall market capitalisation of BSE-listed firms rose to nearly ₹364.3 lakh crore from ₹363 lakh crore in the previous session, making investors richer by about ₹1.3 lakh crore in a single session.
Some 337 stocks, including Mahindra and Mahindra, Tata Motors, Tata Steel, Sun Pharma, Nestle and UltraTech Cement, hit their fresh 52-week highs in intraday trade on BSE.
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Top Nifty 50 gainers today
Shares of Tata Consumer Products (up 4.61 per cent), Tata Motors (up 3.38 per cent) and Bajaj Auto (up 1.74 per cent) ended as the top gainers in the Nifty 50 index. Some 18 stocks ended higher in the index.
Top Nifty 50 laggards today
Shares of BPCL (down 3.18 per cent), SBI (down 1.49 per cent) and ONGC (down 1.34 per cent) closed as the top laggards in the Nifty 50 pack.
As many as 31 stocks ended lower in the Nifty 50 pack.
One stock - TCS - ended flat in the index.
Sectoral indices today
Sectoral indices ended mixed on Friday.
Nifty Bank fell 0.45 per cent while the Nifty PSU Bank and Private Bank indices lost 0.64 per cent and 0.23 per cent respectively.
Nifty Oil & Gas, with a loss of 0.97 per cent, ended as the top loser among the sectoral indices.
On the other hand, Nifty Auto jumped 1.14 per cent. Nifty FMCG (up 0.85 per cent) and Realty (up 0.73 per cent) also closed with healthy gains.
Experts' views on markets
"The market witnessed mild profit booking on the last trading day of the year. The euphoria is expected to continue during the start of the next year on account of the exuberance of rate cuts and the drop in bond yields," said Vinod Nair, Head of Research at Geojit Financial Services.
"Oil prices fell by 10 per cent during the year which could ease inflationary pressure and support the operating performance of the corporates. We feel that though the outlook on broader indexes is moderate in the short to medium term, the large caps will maintain their vibrancy due to strong earnings growth and in anticipation of the continuation of premium valuation," Nair said.
“Markets had been on a record-breaking spree over the last few sessions and hence caution prevailed in today's session with investors booking profits selectively in banking, oil & gas and energy stocks, while gains in auto stocks limited the downfall. While select bouts of profit-booking could be seen going forward, overall the undertone remains bullish on the back of strong macro factors and renewed FII buying in the wake of sliding US bond yields,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Technical views on Nifty 50
"Nifty remained sideways during the session, fluctuating within the range of 21,650-21,750. A Doji pattern was formed on the daily chart, indicating indecisiveness in the market. This sentiment requires confirmation through a decisive breakout above 21,750 or a breakdown below 21,650. If it falls below 21,650, the Nifty could potentially decline towards 21,500. Conversely, if it sustains above 21,750, the index might aim for 22,000," said Rupak De, Senior Technical Analyst at LKP Securities.
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