Samvat 2079: Dalal Street investors make Rs 64 lakh crore; 221 stocks turn multibaggers

economictimes.indiatimes.com:

Samvat 2079 came to an end on Friday, but benchmark Nifty50 has managed to give double-digit returns this year and investors turned wealthier by a staggering Rs 64 lakh crore.
The new year as per the Hindu calendar began on a promising note for Dalal Street with benchmark indices hitting lifetime highs on December 1, 2022.
However, hawkish monetary policy actions by the US Federal Reserve and expectations of a recession in the world’s largest economy dampened the mood and dragged down markets.
Adding fuel to the fire was the explosive report by US-based Hindenburg Research against the Adani Group in late January, which not only triggered an exit by foreign investors from Indian equities, but it eroded over $100 billion wealth only in Adani group stocks within the span of a month.
The downfall in the markets saw benchmark indices hit their 52-week lows on March 20, 2023. From its December highs, the index had corrected about 11%.
Licking their wounds, the bulls on Dalal Street made a strong comeback and the non-stop run since March-end took the Nifty 50 past the 20000-mark milestone to an all-time high of 20222.45 points. From the March lows, the index has rallied a sharp 20%.
While the year brought high levels of volatility amid major global and domestic events, several stocks turned superstars, particularly in the midcap and smallcap segments.
The 50-stock index has net gained more than 10% since last Diwali, but the Nifty MidSmallcap 400 index has rallied a whopping 32% in the same period.

Stories you might be interested in