Indian Stock Markets End 2023 with Minor Losses After Five-Day Winning Streak

Indian Stock Markets End 2023 with Minor Losses After Five-Day Winning Streak

VoM News Desk | December 30, 2023 | 09:34 AM IST | Breaking News | Follow on Google News

Indian Stock Markets End 2023 with Minor Losses After Five-Day Winning Streak/PTI

Indian Stock Markets End 2023 with Minor Losses After Five-Day Winning Streak

The Indian stock markets experienced a minor setback as they concluded 2023, putting an end to a five-day winning streak in a trading session marked by mixed global cues. The Sensex slid by 170 points, closing at 72,240, while the Nifty dropped by 52 points, ending the session at 21,726.

Mixed Sentiment Among Investors
Investor sentiment was notably mixed during the day’s trading. Although larger indices observed declines, the Midcap index showcased exceptional performance, reaching a record intra-day high and surging by 366 points to close at 46,182. Conversely, NiftyBank faced a decline, dropping by 216 points to conclude at 48,292.

End of an Eight-Year Winning Streak
The Indian equities market, having surpassed the $4 trillion mark for the first time, witnessed the conclusion of an eight-year winning streak. Despite this, fund managers and strategists foresee a potential rise in the NSE Nifty 50 Index in 2024, supported by increased retail and foreign investor inflows and robust corporate earnings growth. However, potential hurdles lie ahead, such as the anticipated national vote in April-May and valuations at 20.2 times estimated earnings, which could impact India’s equity rally.

Profit-Taking Marks the End of a Record Year
Investors opted for profit-taking after the recent substantial rally, closing out a year that set records with benchmarks surging by up to 20%. The BSE Sensex saw a decline of 170.12 points or 0.23%, settling at 72,240.26. In 2023, the BSE benchmark climbed by 11,399.52 points or 18.73%, and the Nifty surged by 3,626.1 points or 20%. The broader Nifty fell by 47.30 points or 0.22%, closing at 21,731.40.

Moreover, there is a growing trend among Indian investors, with an increasing number venturing into riskier stocks, engaging in futures and options trading with hopes of quick gains. Notably, the notional turnover of derivatives on the National Stock Exchange of India Ltd. has more than doubled over the past year, with retail investors constituting over 25% of the average daily turnover in derivatives.

VoM News Desk

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