Many stocks proved to be good for investors in 2023. The NSE Nifty rose 18% this year, with small and mid-cap equities rising.
Most shares were profitable for investors in 2023. Some shares rose 1300%. Up to December 19, 82% of National Stock Exchange shares had positive returns. This has helped NSE Nifty rise 18% this year. Meanwhile, tiny and mid-cap stocks generated tremendous profits. The Nifty Smallcap 250 index rose 46% this year. The Nifty Midcap 100 index rose 42%.
Indian market growth is unusual globally. This year, the market fell due to Russia-Ukraine war, Israel-Hamas war, global inflation, rising crude oil costs, high US 10-year yield, and reduced consumption. Indian market growth was robust despite this.
The greatest gain was 1,291% for Jai Balaji Industries shares. Last December 30, this share was Rs 54.70. This share costs Rs 755 now. This was followed by S&S Power Switchgear 616, Geeke Wires 544, Orionpro Solutions 501, Inox Wind Energy 398, Servotech Power Systems 384, Thomas Scott (India) 371, Titagarh Railsystems 369. JITF Infralogistics gained 363, Ashapura Minechem 351, and Eimco Elecon (India) 395.
HDFC Securities says the Nifty-50 index has limited upside potential in 12 months. The brokerage firm expects large size banks, industrial and real estate, power, auto, pharma, OMCs, gas, and capital markets to climb next year.
India’s forex reserves grow. In the week ending December 15, foreign exchange reserves rose 9.11 billion to $615.97 billion. The RBI provided this information. In the week of December 15, media reported a USD 2.816 billion increase in foreign exchange reserves to USD 606.85 billion.
Nationwide, gold and other precious metal jewelry is selling fast. Jewelry sales may climb 10–12% in 2023-24. Rating agency ICRA noted this Friday as gold prices increased. Domestic jewellery sales would rise from 8-10% to 10-12% this year, according to Bhasha news.
Good macroeconomic data, more industrial output, and attractive PLI schemes will draw more foreign investors to India in 2024 despite geopolitical concerns and tougher interest rates.
To keep India an attractive and investor-friendly destination, DPIIT Secretary Rajesh Kumar Singh said the government examines FDI policy regularly and makes modifications after broad stakeholder consultations.
Conclusion
2023 was a good year for those who invested in the stock market. The NSE Nifty index rose 18% this year, with small and mid-cap stocks surging most. The Russia-Ukraine war, inflation, and rising crude oil prices did not hurt the Indian market. The biggest increase was Rs 755 for Jai Balaji Industries. Large cap banks, industrial, real estate, power, auto, pharma, OMCs, gas, and capital markets gained. Indian foreign exchange reserves grew 9.11 billion to 615.97 billion in the week ending December 15. Gold and other precious metal jewelry sales should rise 10-12% in 2023-24. Foreign direct investments into India should rise in 2024 due to robust macroeconomic statistics, higher industrial output, and appealing PLI projects.
