Stock markets on Sunday ushered in Samvat 2080 on a firm note with key indices gaining 0.55 per cent in the auspicious Muhurat trading session. The benchmark Sensex rose 355 points to 65,259.45 and the NSE Nifty index rallied by 100 points to 19,525.55 on buying support from investors.
Infosys gained 1.41 per cent, Reliance Industries (RIL) moved up by 0.72 per cent, Tata Motors 0.44 per cent and HDFC Bank 0.64 per cent. Small-cap index rallied by 1.14 per cent. BSE market capitalisation rose to 322.48 lakh crore.
Samvat 2079 was a year filled with global uncertainties, but the Indian market was able to absorb all the chaos and turn in decent returns of almost 10% — higher than the average inflation rate of 5.85%. The total investor wealth grew by Rs 46 trillion or 17% to Rs 320.3 trillion. It was tough year globally – geopolitical tension due to the Russia-Ukraine war and more recently, Israel-Hamas conflict. Inflation spiralled across the world leading to strong interest rate action from central bankers. US bond yields and threat of rising crude oil prices remain a worry.
Sunil Shah, Director at Khambatta Securities Ltd, said Indian equities are expected to outperform most other global markets in the face of continued geopolitical uncertainties and relatively higher domestic economic growth. “The major themes will be domestic consumption and premiumisation, enabling companies to post strong earnings growth aided by margin accretion,” Shah said.
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Infrastructure and construction players are expected to do well as the government’s thrust on infrastructure development is seen to continue, while higher budgetary allocation in rural-focus schemes can help drive a recovery in rural consumption, especially with the upcoming budget being the last one before the general elections, he said.
“Be a long-term player. This is the best way to participate in India’s growth story. Trade in derivatives by retail investors should be avoided because of the high risk involved in derivatives,” said Ashishkumar Chauhan, MD & CEO of the National Stock Exchange.
Motilal Oswal, Group MD & CEO, Motilal Oswal Financial Services, said, “Entering into Samvat 2080, we believe India would continue to shine and expect markets to maintain its outperformance. We believe that over the next couple of quarters, sector rotation would be an important driver along with the overall market uptrend. We expect sectors like BFSI, discretionary consumption, construction, real estate and high growth niche sectors to drive the overall market uptrend.”