Nifty 50 Clocks Nearly 20% YTD Gains As Year’s Last Trading Session Concludes
Nifty 50 index closes 0.22 per cent lower at 21,731, whereas Sensex settles 0.24 per cent lower at 72,237 levels
The last trading session concluded flat with a slight loss in benchmark indices, Nifty and Sensex. The year-to-date (YTD) returns for Nifty stood at precisely 19.85 per cent, out of which 16.32 per cent returns came in the last six months. The year traded with certain dents such as, fears of recession, rate hike, geo-political tensions, IPO boom etc. However, all's well that ends well.
The National Stock Exchange (NSE) Nifty 50 index closed 0.22 per cent lower at 21,731, whereas the S&P Bombay Stock Exchange (BSE) Sensex settled 0.24 per cent lower at 72,237 levels.
In the Nifty 50 index, Tata Stocks rallied the highest among the stocks with Tata Consumer and Tata Motors gaining 4.40 per cent and 3.46 per cent respectively. Tata Motors also became the first Nifty 50 company to double its stock price in 2023.
Additionally, Bajaj Auto, Eicher Motors, Nestle, Hindustan Unilever, Britannia and Tata Steel gained more than 1 per cent. While, 30 stocks declined in the index with state enterprises, BPCL, ONGC, SBI Bank, Coal India traded lowest.
Analysts Note
“Markets had been on a record-breaking spree over the last few sessions and hence caution prevailed in today's session with investors booking profits selectively in banking, oil & gas and energy stocks, while gains in auto stocks limited the downfall. While select bouts of profit-booking could be seen going forward, overall the undertone remains bullish on the back of strong macro factors and renewed FII buying in the wake of sliding US bond yields,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
“The year 2023 came to a robust conclusion, marked by a solid performance. Looking ahead, it is recommended for investors to capitalise on every market dip by opting to buy rather than sell, considering the strong foundational factors (macros) supporting India. Traders are advised to closely monitor and trail their stop-loss accordingly,” said Shrey Jain, Founder and CEO SAS Online.
Sectoral Movement
In terms of sectoral performance, IT, Banks and Pharma witnessed muted trade, whereas Metal, Realty and FMCG traded highest in the green territory.
Besides, the more domestically focussed indices, mid-cap and small-cap traded higher with gains of 0.80 per cent and 0.61 per cent respectively.
Among Nifty 50 mid-cap stocks state-run Idea hit the upper circuit of 20 per cent followed by Ashok Leyland, MRF and Gujarat Gas traded higher more than 2 per cent.
Conversely, Hindustan Petroleum lost highest and slumped 4.49 per cent followed by Tata Consumer losing more than 2 per cent. Persistent Systems and Lupin also traded more than 1 per cent lower.
Stocks Specific
Man Industries extended its gains to nearly 7 per cent after the firm on Thursday declared successful testing of its pipe to transport safe hydrogen.
Power Mech Projects rose more than 7 per cent after the firm reported about its new offers worth Rs 21.92 billion.
Man Infra surged more than 4 per cent after the firm reported its redevelopment plan in Mumbai which is expected to generate Rs 5 billion in revenue.
In the IPO segment, Innova Captab made a discounted listing at Rs 471 per share with 5.1 per cent premium. However, the stock rallied during the session and closed 20.85 per cent higher at Rs 541.
