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The Indian stock markets experienced a notable upturn in November 2023 as evidenced by a 6 per cent surge in the Nifty 50 index. The Smallcap 250 index outperformed, leading the gains with an impressive growth of 10 per cent per cent.
Nifty Smallcap 250 rose by 10.22 per cent in November 2023 and 11.07 per cent, 33.68 per cent, and 37.31 per cent, in the last three months, six months, and one year respectively, according to data analysed by brokerage Motilal Oswas. Months, 6 Months, and 1 year, respectively.
November 2023:
Nifty 50 rose by 5.52%
Nifty Next 50 rose by 9.09%
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Nifty Midcap 150 rose by 9.59%
Nifty Microcap 150 rose by 10.64%
Nifty 500 rose by 7.06%
Source: Motilal Oswal
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Across the board, all sector indices closed the month on a positive note. The realty sector emerged as the top performer, witnessing a substantial increase of 18 per cent.
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Following a month of negative returns in factor-based indices, November marked a remarkable turnaround, with all factor-based indices experiencing notable increases. Momentum emerged as the frontrunner, registering the highest rise at 12% during the month.
The Financial Services sector continued to play a pivotal role in propelling the Nifty 500 index, contributing significantly to its overall 7.1% increase in November 2023.
In the US, S&P 500 and NASDAQ 100 both experienced nine per cent and 11 per cent gains in November 2023, with the IT & Financial Services sector being the largest contributor to the S&P 500’s rise. Globally, both emerging and developed markets saw positive performance, rising by nine per cent and eight per cent, respectively. South Korea witnessed the most significant rise of 16 per cent followed closely by Germany and Taiwan rising by 13 per cent.
Crude oil prices nosedived by 6 per cent during November, due to rising geo-political risks, low demand from the US and mixed Chinese data. On the commodities front, precious metals were in the green with gold and silver prices rising by 2 per cent and 8 per cent respectively, amid rising tensions in the middle east. Cryptocurrencies like Bitcoin and Ethereum went soaring at 9 per cent and 13 per cent, respectively.
