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The closing of the stock market on the final trading day of 2023 marked a shift in the winning streak as benchmark indices saw a downturn. On Thursday, major stock market indicators experienced a dip, halting their previous upward momentum.
At the close of the trading day, the S&P BSE Sensex witnessed a decline of 170.12 points, settling at 72,240.26. Simultaneously, the NSE Nifty50 also concluded on a lower note, down by 47.30 points to settle at 21,731.40. Interestingly, broader market indices managed to buck this trend and ended the session with gains.
While specific sectors like Nifty Auto, Nifty FMCG, and Nifty Metal saw favourable increases by the end of the trading day, the heavyweight indices like Nifty Bank, Nifty Financial Services, and Nifty IT recorded losses, impacting the overall market sentiment on Dalal Street.
However, despite the setback on the year's final trading day, both the primary benchmark indices displayed an impressive performance throughout 2023, boasting an increase of over 18% each. The bulk of these gains occurred in December, propelled by a flurry of positive developments. Analysts foresee continued success for domestic stock markets in 2024, provided the conducive domestic and global economic environments persist.
The Nifty50's top performers included Tata Consumer Products, Tata Motors, Bajaj Auto, Nestle, and Adani Enterprises, while BPCL, SBI, ONGC, Infosys, and Coal India were among the prominent losers.
Commenting on the market performance, Shrey Jain, Founder and CEO of SAS Online, highlighted, "The conclusion of 2023 showcased robust market performance, with the Nifty 50 expected to wrap up the year with a 20% surge and the BSE Sensex likely to close with an increase of over 18%." He further advised investors to leverage market downturns as buying opportunities, emphasizing the strong underlying factors supporting India's market fundamentals. Jain also recommended traders to vigilantly track and adjust their stop-loss positions accordingly.
