Business Standard

Mid, smallcap indices post best first five-day gains in three years

Equity markets rallied the previous year on the back of hopes of the Federal Reserve cutting interest rates by March

BSE, stock market

Photo: Bloomberg

BS Reporter

Listen to This Article

Indian equity benchmarks ended the first week of 2024 with minor losses. The benchmark Nifty50 declined 0.09 per cent in five days and ended Friday's session at 21,711. The Sensex fell 0.3 per cent. However, the Nifty Midcap 100 and Nifty Small Cap 100 rose 2.6 and 1.95 per cent, the best first five-day gain since 2021. There was a bit of profit-taking in Indian equities this week after a rally last year, which saw the Nifty rise 20 per cent and Sensex by 18.7 per cent.

Equity markets rallied the previous year on the back of hopes of the Federal Reserve cutting interest rates by March, robust macro and corporate earnings numbers and hopes of policy continuity after the general elections in May 2024. However, broader markets gained amid continued retail investor support. This year's market trajectory will heavily depend on how rate cuts pan out and whether geopolitical tensions escalate and drive up commodity prices.

Chart
 

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jan 05 2024 | 11:31 PM IST

Explore News