Nifty down 10% from peak. A Santa Claus rescue mission could be underway this Christmas
Santa Claus rally on Dalal Street as Nifty is down nearly 10% or 2,500 points from its September 27 peak of 26,277. In the last 10 years, the stock market has been gifted with a Santa rally 90% of the time and market insiders say this time could be no different.
Santa Claus rally, typically associated with an upsurge in stock prices in the last five trading days of December and the first two days of January, is nothing but a seasonal phenomena noticed not just on Wall Street but also on Dalal Street.
An analysis of the last 10 years shows that Santa rally was missing only in 2015-16 when Nifty fell 0.95% in those 7 trading sessions. On an average Nifty has given a return of 1.67% during the period with 2021-22 seeing the highest jump of 4.71%. Last year too, Nifty saw a Santa rally of around 2%, shows data from SAMCO Securities.
Santa rally has been even more prominent in smallcaps with a 100% track record and an average of 4.4%. During 2022-23, the highest return of 7% was seen in Nifty Smallcap 100 index.
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