Financial Year 2024 Recap: The Broader Markets Outperformed Nifty, Sensex Handsomely
Here are the key highlights of the equity markets during fiscal 2024.
Marked by new highs and volatility, fiscal 2024 was a boon to equity investors who parked their investments in broader markets.
In FY24, while the benchmark indices advanced 29% at most, Nifty Smallcap and Nifty Midcap bagged returns of 64% and 56%, respectively.
In another noteworthy trend in the small-cap space, Jai Balaji Industries Ltd., a steel manufacturer with captive power generation and plants in nine locations, saw its share price rise over 20 times.
NDTV Profit brings you key highlights of the equity markets during fiscal 2024.
How Benchmarks Fared
The NSE Nifty 50 rose about 28% in FY24, while it hit an all-time high of 22,526 mark on March 11. The index stands at the 22,365 level, as of 11:45 a.m. on Thursday.
The S&P BSE Sensex lagged Nifty, rising 25% in the financial year and hitting a fresh life high of 74,245.17 on March 7. The index was testing the 73,780 level during the last session of the fiscal year.
The trend for the benchmarks remained bullish throughout the year, they saw a brief dip from September to November last year.
Nifty has witnessed a significant rise from 17,360 level to touch the high of 22,525 level in the financial year 2024, gaining almost 29% and currently hovering near the all-time-high zone, according to Shiju Koothupalakkal, technical research analyst at Prabhudas Lilladher.
Nifty has been maintaining a strong uptrend and has further scope of upward movement having higher targets of 22,700 and 23,200 levels for the medium-term time frame, Koothupalakkal said. "As of now, the important near-term support zone would be around 21,900 levels, which is where the significant 50EMA lies.”
Broader Markets Outperform Benchmarks
Risky bets in the small and mid-cap space paid off for investors, as the indices outperformed the benchmarks during the year.
On NSE, Nifty Smallcap rose 63.44%, while Nifty Midcap advanced 55.76%.
The BSE Smallcap jumped 60.76% and BSE Midcap was up 62.97%.
Sectors That Outperformed
All Nifty sectors gained during the year, with investor wealth ballooning in the real estate space, which saw its value more than double. Wealth gain was not limited to realty, as auto, pharma, oil and gas, energy, and PSU banks rose over 50%.
Nifty Media rose the least by 7%, mainly dragged by Zee Entertainment Enterprises Ltd.
Who Gained The Most
Tata Motors Ltd., Bajaj Auto Ltd., and Adani Ports and Special Economic Zone Ltd. were among the big gainers. In the Nifty 50, Tata Motors and Bajaj Auto rose over 133%, while Adani Ports and Coal India Ltd. rose over 100%.
HDFC Bank Ltd. and Hindustan Unilever Ltd. were the only Nifty 50 companies to see declines in FY24. The 10% decline in the private lender was mainly due to the sell-off triggered by the contraction in its net interest margins in January.
In the small-cap space, Jai Balaji Industries shares saw a mammoth gain of about 20 times during the year. While Inox Wind stock rose 468.51%, HBL Power Systems Ltd., Schneider Electric Ltd., Anand Rathi Ltd., Housing and Urban Development Corp., Mangalore Refinery Ltd., and Jupiter Wagons Ltd. rose over 300%.
On the small-cap stocks that saw a decline in value, Rajesh Exports Ltd. led the pact with a fall of 55%.
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