Markets sign off ’23 with gains up to 20%
Mumbai, December 29
Equity indices Sensex and Nifty declined on the last trading day of 2023 as investors preferred profit-taking after the recent sharp rally, wrapping up a record-setting year with benchmarks surging by up to 20%. After a five-day winning run, selling pressure emerged in energy, banking and IT counters on Friday, which dragged indices lower, traders said.
Investors turn richer by Rs 81.90 lakh cr
- Investors added a whopping Rs 81.90 lakh crore to their wealth in 2023 as a raft of positive factors powered a stellar rally in stocks
- Strong macroeconomic fundamentals, political stability, optimistic corporate earnings outlook and positive signals from the US Federal Reserve played a major role in the rally
The Sensex fell 170.12 points to settle at 72,240.26 after a weak beginning to the trade. The Nifty declined 47.30 points to settle at 21,731.40. In 2023, the BSE benchmark jumped 11,399.52 points or 18.73%, and the Nifty climbed 3,626.1 points or 20%.
Experts said India’s strong macroeconomic fundamentals, political stability owing to the BJP’s success in recent elections in three states, optimistic corporate earnings outlook, signals from the US Federal Reserve about three prospective rate cuts next year and heavy retail investor participation played a major role in the rally.
