Sensex, Nifty open final day of year in negative territory
India's equity markets opened in red on the final trading day of 2023, weighed down by major players like Infosys, HDFC Bank, and Reliance Industries. Sensex traded 222 points (0.31%) lower at 72,187 and Nifty traded 65 points (0.30%) lower at 21,713. The Nifty and Sensex have both marked a 19% increase this year and are set for their most impressive month of 2023, having already secured an 8% gain so far.
Gainers and losers
Among the Sensex stocks, Kotak Bank, Titan, Power Grid Corporation, Infosys, and Bharti Airtel began the day with losses, whereas Tata Motors, Nestle, Maruti Suzuki, and ITC commenced with gains. In terms of sectors, Nifty Bank, IT, Metal, Consumer Durables, and Oil & Gas saw a downward opening, while Nifty Auto, FMCG, Media, and Pharma opened higher.
Small- and mid-cap outshined benchmarks in 2023
Throughout 2023, key sectors such as real estate, auto, pharma, and state-owned banks saw growth ranging from 33% to 82%. Despite concerns over valuations, small-caps and mid-caps outshined benchmarks. However, many analysts anticipate a reversal in 2024 as mid and small caps become overvalued while large caps remain relatively fairly valued.
