Vivek Kumar M
Indian stock markets closed on a high on the last day of trading session on Thursday, with both the Sensex and Nifty closing up almost 1%. Overall, bulls continued to dominate the bourses in FY24, despite geopolitical tensions and inflation continuing to be sticky for most part of the year.
The Nifty closed on Thursday at 23,326, up 0.92% or 203 points while the Sensex, after hitting 74,000 points, closed 73,651, up 0.90% or 655 points.
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In FY24, the Nifty 50 jumped 29% to close the year at 22,326.90 points, and the Sensex ended with 25% gains at 73,651.35 points. While the Nifty’s returns was the highest in 14 years, barring FY21 when fears of the pandemic led to huge volatility, the Sensex’s returns was the best in almost a decade. Come from Sports betting site VPbet
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The Midcap and Smallcap indices, despite some concerns from the regulator the Securities and Exchange Board of India and mutual fund managers, also performed exceptionally well, soaring around 60% each – the highest in 14 years.
Obviously, investor wealth went through the roof, rising Rs 128.7 trillion – the highest ever in absolute terms.
No wonder, industry experts are quite enthused with the performance. “The year gone by had been one of the best year with respect to widening of market depth with substantial participation in mid size companies. At the same time, the power of mutual fund through increased retail participation and size of assets under management got reflected in providing the much needed stability to Indian stock market,” said A Balasubramanian, CEO, Birla SunLife Mutual Fund.
According to market experts, one of the main reasons for the Indian market to do well was the steady inflows from retail investors who participated in the market directly as well as through mutual funds. Even the foreign institutional investors (FIIs), who were net sellers in FY 22 and FY23, turned positive in FY24. In all, domestic institutional investors put in as much as Rs 2.08 trillion during the year, FIIs invested almost Rs 2.06 trillion ($25 billion).
As Nilesh Shah, CEO, Kotak Mutual Fund put it, “The last year was a dream year for the stock market. The triveni sangam of flows, sentiments and fundamentals propelled the markets to near life-time high and premium valuation. With premium valuations, however, come the responsibility to meet /exceed expectations.”
The Indian markets followed the global template as most of the key indices rose during the year. That is, key indices in the US and Europe, barring UK’s FTSE 100 index, have risen in the range of 16-40% in the last one year. The FTSE 100 has risen around 8% in a year.
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Going forward, FY25 could be a year when investors may have to temper down their returns’ expectation. “Markets could, however, swing from optimism like now to pessimism like during Covid times,” said Kotak’s Shah.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services agreed that investors should not expect FY25 to be similar to FY24, especially when it comes to small-cap and mid-cap stocks. “Our view is that in the coming year there will be underperformance from broader market because there are concerns in market about valuations,” he said.
Balasubramanian, however, believes that bulls are likely to run the show in the coming financial year as well. He believes that the buoyancy should continue given the fact economic growth will gain further momentum which will also supported by lowering of fiscal deficit and also stable due to lowering of interest rate.
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