2023 Review. Oil & Gas, Metals, Private Banks amongst key sectoral laggards this year. Underperform Nifty-50 gains

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Also Read- Outlook 2024: How equities, gold and crude oil will perform next year The Petrochemical prices too have remained volatile and unfavorable for petchem producers as concerns on rising supplies from China have dampened prospects. The refining margins too have remained volatile. Overall the key heavyweights such as Reliance Industries have not seen any major uptick in stock prices during 2023 and this also has weighed on Oil & Gas index performance.

The Oil marketing companies have done well during 2023 with a record rise in marketing and refining profits. The City Gas distributors however faced volume growth constraints. In the meanwhile, the base metal and steel prices have not supported performance of Metal companies.

The opening up of China economy post easing of covid restriction at the start of 2023 while was looked at with optimism, pick up in China demand disappointed. Global recession concerns also weighed on metal prices leading to underperformance by the metal stocks. Also Read- Nippon Life India Asset Management share price rises almost 9% on large trade deal news, scales 52 week highs In the Banking space while PSU banks outperformed the Private Bank Index underperformed the Nifty 50 index gains.

Experts are of the view that Private Banks already had seen good run. Also generally large caps have not participated much in the recent rally and so there has been underperformance by private banks. The heavy weighs as HDFC Bank also did not participate in the rally earlier as concerns had remained elevated on HDFC Bank and the HDFC Ltd merger, leading to some impact on margins' Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We