The domestic markets in India are concluding the year 2023 on a positive note, with the Nifty surpassing the 21,500 mark and the Sensex crossing 71,000. Investor sentiment received a significant boost in November and December, contributing to new highs in both domestic and global markets. The IPO market also witnessed vibrancy, with 58 IPOs coming to the market for subscription, raising funds worth Rs 48,000 crore. The pipeline for IPOs remains strong, with expectations of a sharp increase in new-age tech IPOs in the coming year, including companies like Ola Electric, Swiggy, FirstCry, and Mobiwik. India's macro and micro fundamentals remain strong, with Nifty providing returns of 18% in 2023 so far. Despite the upward movement, Nifty is trading at a 12-month forward P/E ratio of 19x, which is at a discount to its 10-year average of 20x. Midcap and smallcap segments witnessed significant rallies, with Nifty Midcap100 up 44% and Nifty Smallcap100 surging 54%. Various sectors, including PSU banks, realty, auto, power, defence, shipping, fertilizer, and EMS, saw substantial buying interest. The positive developments led to upgrades in India's rating and GDP growth forecasts by various global firms, resulting in BSE-listed companies' market cap crossing the all-time high of $4 trillion. The NSE also surpassed the Hong Kong stock exchange to become the world's seventh-largest exchange by market cap.
(With Agency Inputs)
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