Sensex in Review: From NTPC to Hindustan Unilever, here are top 10 Sensex stocks that moved the most in 2023

In 2023, the domestic equity benchmarks, Nifty 50 and BSE Sensex, exhibited a remarkable upswing of approximately 20%, marking their second best performance since 2017. This stellar performance positioned them among the top performing stock indexes globally. Notably, Nifty 50 achieved its eighth consecutive year of positive returns.

India solidified its status as a stock market powerhouse, crossing the $4 trillion market capitalization threshold and securing the fifth position globally, following the likes of the US, China, Japan, and Hong Kong. Also read: The bullish trend was underpinned by sustained inflows from domestic mutual funds, foreign capital, better than expected economic growth, and robust corporate earnings.

Investors on Dalal Street witnessed a significant boost to their wealth, with a staggering 81.90 lakh crore added in 2023, propelled by an impressive rally in stocks. However, in the final trading session of the year, both Nifty 50 and Sensex experienced a halt to their five day winning streak. The Nifty 50 settled at 21,731.40, and the Sensex closed at 72,240.26.

This pause was attributed to profit booking in select heavyweights, even as the mid and smallcap indices concluded with substantial gains. Over the last five trading sessions, the BSE benchmark surged by 1,904.07 points or 2.70%, while the Nifty climbed 628.55 points or 2.97%. In the last one year, the Sensex benchmark rose over 19 per cent.

Additionally, the midcap and smallcap indices significantly outshone the benchmarks, with the Midcap index soaring by 46 per cent and the Smallcap index surging by an impressive 48 per cent. Also read: Also read: Looking ahead, the markets anticipate a potential increase of 15 percent from the present levels.

ICICIdirect, a domestic brokerage firm, projects that the Nifty 50 is poised to reach the 25,000 mark by the conclusion of 2024, while the Sensex target is set at 83,250. Also read: ‘’Our December 2024 target for Nifty is set at 25,000 wherein we have valued Nifty at 20x PE on FY26E EPS of 1,250/share with corresponding Sensex target set as 83,250; offering a potential upside of ~15 per cent from current index levels,'' said Pankaj Pandey, Head Research, ICICIdirect.

Key events to monitor in 2024 include the impending quarterly earnings season, the Budget, and the General elections, along with the Fed rate decision and the US presidential election, as emphasized by analysts. Market observers emphasize that the market's upward momentum in 2024 is likely to be fueled by factors such as consistent domestic mutual fund inflows, the resurgence of foreign buying, robust economic growth surpassing expectations, and strong corporate earnings.

“Sliding crude oil prices is likely to keep inflation under check, all of which should augur well for Indian equity markets going ahead. The rally in the market is likely to further continue over the next three six months and Sensex, Nifty could see another five seven per cent appreciation while mid cap, small cap indices may witness another 10 15 per cent jump,'' said Rakeshh Mehta, Chairman of Mehta Equities Ltd.

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