NEW DELHI: Bulls dominated the Indian stock markets on the very first session of the year 2023 as the benchmark indices – Sensex and Nifty – closed on a positive note.
Sensex closed at 61,167.79 points, up 327.05 points or 0.54 percent, whereas Nifty was at 18,197.45 points, up 92.15 points or 0.51 percent, at the close of trading on Monday. Their intra-day highs were 61,222.79 points and 18,215.15 points, respectively.
“Markets started the calendar year with decent gains amid mixed signals. Meanwhile, continued buoyancy in the metal and select PSU banks combined with an uptick in realty and NBFC counters kept the participants busy.
The broader indices too succeeded in maintaining the positive tone and gained nearly a percent each,” Ajit Mishra, vice president of Technical Research, Religare Broking, said.
“Participants should maintain their focus on identifying stocks from across sectors, barring pharma. At the same time, one shouldn’t get carried away with the recovery in the broader indices and stick with the fundamentally sound counters,” Mishra added.
Last year turned out to be a roller-coaster ride for Indian stock market investors as the benchmark indices oscillated between bears and bulls and there were enough signs that clouds that were hovering over the financial markets won’t subside anytime soon.
The graph of benchmark indices — Sensex and Nifty — in 2022 shows at least four major ups and downs with varying intervals, with the first being during the initial days of Russia-Ukraine conflict.
Some of the major concerns facing the equity markets are tightening monetary policy by various central banks to contain inflation, recessionary fears, and high stock valuations.
“We expect 2023 to be a year to buy equities in anticipation that a large part of the global recession has already been factored in the market,” Vinod Nair, head of research at Geojit Financial Services, said. (ANI)