Samvat 2079 came to an end on Friday which left India’s investors richer by ₹44 lakh crore. The combined market cap of all BSE-listed companies stood at ₹320 lakh crore at the end of Friday, compared to ₹276 lakh crore at the start of the Samvat on October 24 last year.
The Nifty 50 index ended the Samvat 2079 with gains of 9.4%. For Samvat 2078, the index had declined by 1%, while in Samvat 2077, it had gained over 40% courtesy of the rebound in the market from the Covid-19 lows.
Tata Motors ended as the top gainer on the Nifty 50 this Samvat, followed by stocks like L&T, ONGC and Bajaj Auto. Five out of the top 10 gainers on the Nifty 50 this Samvat were PSU stocks.
While the Nifty 50 gained around 9.5% in Samvat 2079, the broader markets outperformed the benchmark indices by a distance.
The Nifty Midcap index gained 32% for the Samvat, while the Smallcap index gained 37%. This, despite a brief correction that both indices saw in September, once the Nifty 50 crossed its record high of 2022.
If five out of the top 10 Nifty gainers were PSUs, that number for the Midcap index comes up to eight. The list of gainersis led by stocks like Rail Vikas Nigam, REC, IRFC, PFC, Mazagon Dock among others.
Among the Smallcap names, Suzlon ended as the top gainer on the index. The stock has gained more than 250% so far in 2023, making its best ever calendar year performance since it went public in September 2005.
Another major gainer on the index was BSE, which tripled this year, which is also its best performance since it listed in 2017.
Brokerage firm ICICI Direct has pegged its one-year forward target on the Nifty 50 at 21,500 with a sectoral bias towards banks, capital goods and infrastructure, along with power stocks.
On the flip side, it recommends investors to avoid sectors having more global exposure like IT and Oil & Gas.
First Published: Nov 10, 2023 3:44 PM IST
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.