The Nifty index kicked off December with a fresh breakout, experiencing a robust month characterized by bullish activity. It reached a new all-time high of 21,801, showcasing a remarkable gain of over 1,600 points throughout the month.
The Sensex recorded a decline of 100.68 points, opening at 72,171.26, while the Nifty experienced a drop of 39.60 points, starting at 21,702.30. This downward trend set the tone for the day's trading activity, prompting investors to closely monitor market movements.
The NSE Nifty 50 managed to rise 10.50 points (0.21 per cent) to settle at 21,741.90, while the BSE Sensex recorded a marginal gain of 31.68 points (0.04 per cent) to reach 72,271.94.
Indian stock indices started off the New Year marginally in the red, extending losses from the previous session, primarily attributable to profit booking after a stellar cumulative performance in 2023. High valuations, as analysts pointed out, too, are a concern.
Particularly in December, they made a beeline to invest in Indian stock markets, with a cumulative accumulation of Rs 66,135 crore. To put it into context, the entire year saw an inflow of about Rs 171,107 crore, and notably, over one-third of it came in December.
Indian stock indices settled 2023 last active trading session marginally in the red, largely due to profit booking and subdued global cues. Sensex and Nifty settled 0.2 per cent lower each on Friday.
The day commenced with a dazzling surge, with Sensex surging by an impressive 275.62 points, unveiling itself at an extraordinary 72,323.34. In tandem, Nifty painted a picture of optimism, marking a spirited rise of 75.25 points and kicking off the trading day at an electrifying 21,737.70.
The Sensex soared past the remarkable milestone of 72,000, while Nifty outperformed by surpassing 21,600. These impressive gains translated to a substantial rise of 18.62 per cent for the Nifty50 and a commendable 17.4 per cent increase for the Sensex over the course of the year.
The Sensex opened 1.12 points higher at 71,112.85, and the Nifty saw an opening gain of 18.70 points at 21,368.10. The initial market movements indicate optimism among market participants after the festive break.
Cumulatively, the past twelve months have been stellar for investors who parked their money in Indian stocks. Though there has been a couple of turbulence, first during the Adani-Hindenburg episode and lately during the initial days of the Israel-Hamas war, the calendar year 2023 gave han
Analysing the daily chart for Nifty 50, market observers noted the formation of a bullish piercing candlestick pattern, suggesting potential bullish momentum in the market.