The Indian market had a solid year-end and final week due to expectations of early rate reduction in 2024. This week, the market reached new all-time highs as a result of FII purchases and encouraging global indications.
The BSE Sensex gained 1,133.3 points, or 1.60 percent, to close the week at 72,240.26, while the Nifty50 gained 382 points, or 1.78 percent, to close at 21731.4. The Sensex and Nifty reached new all-time highs on December 28 of 72,484.34 and 21,801.45, respectively. They also saw increases of 18.7 and 20 percent for the year 2023.
The Gujarat Themis Biosyn, Surya Roshni, Syncom Formulations, Gallantt Ispat, Kamdhenu, Black Box, Hindustan Copper, and Shivalik Rasayan rose 20–32 percent, while Sanmit Infra, PC Jeweller, Lloyds Engineering Works, and GTL Infrastructure fell 9–24 percent. This resulted in the BSE Small-cap index reaching a new record high of 42,728.21.
Along with reaching a new high of 8,336.23, the BSE Large-cap Index gained around 2 percent this week thanks to gains made by Tata Consumer Products, Hindalco Industries, Tata Motors, Punjab National Bank, Indus Towers, and GAIL India. Zomato, Adani Wilmar, Bajaj Holdings & Investment, and ABB India, on the other hand, were the losers.
During the week, the BSE Mid-cap Index increased by 2.6% and reached a new record high of 36,889.87. Gainers included Bharat Heavy Electricals, MRF, L&T Finance Holdings, 3M India, Vodafone Idea, Emami, Castrol India, Steel Authority of India, Aarti Industries, and Bharat Heavy Electricals.
Nestle India contributed the most to the market value, with UltraTech Cement, Mahindra & Mahindra, and Hindustan Unilever following closely behind.
Sectorally, the BSE FMCG index increased 3%, while BSE Telecommunication, BSE Auto, and BSE Metal each added 4%. The BSE Information Technology index, meanwhile, saw a 0.5% decline.
Throughout the week, domestic institutional investors (DIIs) and foreign institutional investors (FIIs) purchased stock valued at Rs 666.06 crore and Rs 8,648.96 crore, respectively. However, in December, FIIs invested Rs 31,959.78 crore in stocks, while DIIs invested Rs 12,942.25 crore in stocks.
The Indian rupee saw slight losses versus the US dollar for the week ending December 29, closing at 83.20 as opposed to 83.15 on December 22.