Sensex and Nifty posted strong gains in 2023 and experts expect the momentum to continue in 2024
Sensex and Nifty will have their first trading session of 2024 today after a strong 2023. While Sensex posted over 18 per cent growth, Nifty surged by over 19 per cent last year. The final trading session of 2023 on Friday last week saw both decline slightly.
Analysts remain optimistic about the prospects of the market as the momentum in the indices is expected to continue. Vinod Nair, Head of Research at Geojit Financial Services, said, "The euphoria is expected to continue during the start of the next year on account of the exuberance of rate cuts and the drop in bond yields. We expect a modest return of 10 to 12% on the main market in CY24."
The year 2024 will witness several important elections which would be on the mind of investors. India is expected to go to polls in April as second tenure of PM Modi-led government concludes while United States and United Kingdom are also expected to hold their elections later in the year.
As the year starts, here are the stocks to watch on 1 January:
1) Grasim Industries: The company has expanded its manufacturing operations in Bharuch, Gujarat by 1.23 lakh tonne. The shares of the company ended 2023 at Rs 2,123.45.
2) ACC: The company commissioned a new cement unit in Madhya Pradesh with a capacity of 1 MTPA. The shares ended 2023 at Rs 2,208.
3) Bandhan Bank: The bank has sold NPAs worth Rs 719 crore in its portfolio to an asset reconstruction company for Rs 289 crore. The shares closed 2023 at Rs 243.10.
4) Torrent Power: The company has incorporated Torrent Green Hydrogen which was registered in Gujarat. The shares of the firm ended 2023 at Rs 933.
5) Innova Captab: Canara Robeco Mutual Fund and Invesco Mutual Fund have bought 9 lakh and 6 lakh equity share respectively. The shares of the company closed at Rs 542.50 in 2023.