Nifty 50 set to clock healthy double-digit gains in 2023; what are the key challenges for the market in 2024?
Adani Enterprises (down 27 per cent) and UPL (down 19 per cent) - in the red this year so far. Stocks such as Tata Motors and NTPC have surged 87 per cent and 82 per cent, respectively. As many as 27 Nifty 50 stocks have gained over 20 per cent while 40 stocks have gained over 10 per cent in the year so far.
Most gains for the benchmark index have come since November. Data shows Nifty was just a little over 5 per cent up till October 31 this year. After falling nearly 3 per cent in October, Nifty 50 clocked a gain of 5.5 per cent in November and is up 6 per cent in December so far.
The sharp rebound in the index could be attributed to the return of foreign portfolio investors (FPIs) following the easing of US bond yields and growing talks that interest rates have reached their peaks. Data from NSDL shows after two months of selling, FPIs pumped in about ₹24,546 crore in the Indian financial market in November while in December so far, they have invested about ₹77,388 crore. (Exciting news! Mint is now on WhatsApp Channels.
Subscribe today and stay updated with the latest financial insights! Click here!) Also Read: Nifty 50 may touch 24,200 next year led by FPI inflows, says ICICI Direct; Federal Bank, Gail among top picks for 2024 The outlook for the domestic market for the year 2024 is positive due to India's robust macroeconomic conditions, anticipated rate cuts, and the prospect of a stable government after the General Elections. "The RBI has given robust growth projections for FY25 as well with growth averaging 6.5% in the first three quarters of the fiscal. Such optimistic expectations for real GDP growth give space to remain bullish on the market," said brokerage firm Motilal Oswal in a note.
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