Markets to have a tough time as New Year unfolds
The week has come to an end and this week becomes special because the calendar year 2023 ends at the stroke of midnight as well.
NEW DELHI: The week has come to an end and this week becomes special because the calendar year 2023 ends at the stroke of midnight as well. The week was a four-day affair with it beginning with a trading holiday on account of Christmas.
Markets contrary to expectation gained on three of the four sessions and had a small dip on the very last day of the year. Nothing to be read into but purely coincidental.
The week saw BSE SENSEX gain 1,133.30 points or 1.59 per cent to close at 72,240.26 points while NIFTY gained 382.00 points or 1.79 per cent to close at 21,731.40 points. The broader markets saw BSE 100, BSE 200 and BSE 500 gain 1.86 per cent, 1.97 per cent and 1.98 per cent respectively. BSE MIDCAP was up 2.67 per cent while BSE SMALLCAP was up 1.60 per cent.
Dow Jones gained in three of the four sessions. It has had a great year and for calendar year 2023 gained 4,484.59 points or 13.53 per cent to close at 37,631.87 points.
In contrast, the Indian benchmark indices have had a great performance and have outperformed the Dow. On a yearly basis, BSE SENSEX gained 11,399.52 points or 18.74 per cent to close at 72,240.26 points.
Similarly, NIFTY gained 3,626.10 points or 20.03% to close at 21,731.40 points. For the week, the Dow was up 303.57 points or 0.81 per cent to close at 37,689.54 points. The rally last year in the markets has been skewed and the bulk of the rally happened in the last couple of months.
The rally in BSE SENSEX was 18.74 per cent of which 26.62 per cent was in the first 10 months and the balance 73.38 per cent in the remaining two months. In the case of NIFTY, the rally in the first 10 months was 26.85 per cent while it was 73.15 per cent in the remaining two months.
Coming to the last week of the calendar year, we saw December futures expire on a positive note. The series fared very well for the bulls and gained 1,645.55 points or 8.17 per cent to close at 21,778.70 points.
The week gone by was the week of new listings and as many as eight listings happened during the four trading sessions. There were three listings each on Tuesday and Wednesday followed by one on Thursday and Friday. There are no IPOs pending as of the date on the main board either to open or list.
The first to list was Motisons Jewellers Limited which had issued shares at Rs 55. The discovered price on BSE on Tuesday was Rs 103.90 and at the end of the day, it closed at Rs 101.18, a gain of Rs 46.18 or 83.96 per cent. By the end of the week, the share had lost further ground and closed at Rs 95.89, a gain of Rs 40.89 or 74.35 per cent. The second share to list was Muthoot Microfin Limited which had issued shares at Rs 291. The discovered price was Rs 278, a loss of Rs 13 or 4.46 per cent. Shares closed day one at Rs 266.20, a loss of Rs 24.80 or 8.52 per cent. By the end of the week, the share had slipped further to close at Rs 251.20, a loss of Rs 39.80 or 13.67 per cent.
The third share to list was Suraj Estate Developers Limited which had issued shares at Rs 360. The discovered price was Rs 343.80, a loss of Rs 16.20 or 4.5 per cent. The share closed day one at Rs 334.30, a loss of Rs 25.70 or 7.13 per cent. By the end of the week, the share lost further to close at Rs 330.60, a loss of Rs 29.40 or 8.17 per cent. (IANS)
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