Stock Market Today: Sensex, Nifty Log A Record Eight-Year Winning Streak Despite A Last Day Drop

The yield on the 10-year bond closed 4 bps lower at 7.17% on Friday.

Source: Bloomberg

-The local currency settled 4 paise lower at 83.21 against the U.S dollar on Friday. 

-It closed at 83.17 on Thursday.

Source: Cogencis

Benchmark equity indices snapped their four-day record rally and closed the last day of the year lower. However, they ended the year higher with the Nifty 50 gaining 19.39% and the Sensex gaining 18.05%.

All stocks of the Sensex ended with yearly gains in 2023 and only two stocks of the Nifty 50 ended the year lower. Weekly, indices ended higher after snapping a seven-week rally last Friday.

On Friday the Nifty ended at 21,726.45, down 52.25 points or 0.24% while Sensex ended 170.12 points or 0.23% lower at 72,240.26. Intraday, the Nifty hit a low of 21,676.90 points and the Sensex hit a low of 72,082.64.

"Indian equities were clearly an outperformer compared to most global peers in CY23, more in mid and large cap space," said Pankaj Pandey, Head-Research at ICICIDirect in a note. "Interestingly, this was amidst geopolitical tensions, rise in key policy rates across the globe and volatile commodity prices."

"Looking ahead, it is recommended for investors to capitalize on every market dip by opting to buy rather than sell, considering the strong foundational factors (macros) supporting India," said Shrey Jain, Founder and CEO SAS Online. "Traders are advised to closely monitor and trail their stop-loss accordingly."

Shares of Tata Motors Ltd., HDFC Bank Ltd., Tata Consumer Ltd., Hindustan Unilever Ltd., and Adani Enterprises Ltd. contributed the most to the gains.

Meanwhile, those of Infosys Ltd., ICICI Bank Ltd., State Bank of India Ltd., Reliance Industries Ltd., and Kotak Mahindra Bank Ltd., capped the upside.

All sectoral indices ended the week higher except Nifty IT and Nifty Media. Nifty Auto and Nifty Metal gained the most by over 4%.

Broader markets outperformed, with S&P BSE MidCap index rising 0.85%, and S&P BSE SmallCap gaining 0.69%. Around 13 sectors, out of 20 compiled by the BSE, advanced, and seven declined. BSE Telecommunication and BSE Auto gained the most among sectoral indices.

The market breadth was skewed in the favour of buyers. About 2,021 stocks rose, 1,749 declined, while 121 remained unchanged on the BSE.

• Zomato made a comeback after 2022 mayhem was up 2.2 times and turned profitable in Q1FY24

• HAL has been the high-flyer of the year gained 2.4 times on the back of strong order book

• Power pack REC and PFC gained 3.5 times on the back of robust loan growth

• Suzlon energy gained 3.6 times on the back of healthy orderbook

• All railway stocks have been multibaggers with Indian railways announcement to purchase trains with Rs 1 lakh crore

• Jai Balaji Industry gained 13 times on the back of strong operating profits

• Kaynes technology gained 3.5 times with strong customer additions and high margin verticals