Nifty, Sensex see gains of up to 20% in 2023, ending with gains for 8th straight year.
Also Read- Tata Consumer becomes sixth Tata Group stock to surpass ₹1 lakh crore market cap The broader markets too have not only seen handsome gains during 2023 but outperformed the benchmark with Nifty Mid cap index gaining more than 50%. PFC, REC IRFC with gains of more than 200% were biggest mid cap gainers. Nifty Bank rose for the third consecutive year but relatively underperforms, up 12.34%.
Also amongst all Nifty 50 stocks, apart from Adani Enterprises and UPL all stocks gave positive returns. Tata Motors that was amongst largest Nifty 50 gainers on Friday and ended with gains of 3.38%, has been the largest gainer in 2023 having seen its stock price more than double (up 101.04%). Public Sector undertakings were key winners and amongst Nifty Stocks Coal India, NTPC were amongst top five Nifty gainers.
Realty stocks followed suit as the NIFTY PSE Index and Nifty Realty Index saw gains of more than 80%. Amongst Auto two-wheelers stocks as that of Bajaj Auto and Hero MotoCorp too have been key gainers with their share price rising 88% and 51% respectively. Moving forward In 2024, the Indian economy will continue to stand out, especially against the challenging backdrop of other emerging economies, feels Axis’s Haridasan.
“We firmly believe that India will continue its growth momentum in the year ahead and remain the land of stability against the backdrop of a volatile global economy" said Haridasan. The bolstered balance sheet strength of corporate India and the significantly enhanced health of the Indian banking system are positive factors. These elements are poised to facilitate Indian equities in achieving double-digit returns over the next two to three years, supported by robust double-digit earnings growth, he
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