Domestic equity benchmarks Nifty 50 and BSE Sensex rose around 20 per cent in 2023, recording their second-best year since 2017, and were among the top-performing stock indexes globally. The bull run was supported by sustained domestic mutual fund inflows, foreign capital inflows, better-than-expected economic growth, and robust corporate earnings.
On the last trading session of 2023, the Nifty 50 settled at 21,731.40 and Sensex closed at 72,240.26, snapping their five-day winning streak, on profit-booking in select heavyweights even as the mid and smallcap indices ended with healthy gains. The BSE Midcap and Smallcap indices hit their fresh record highs of 36,889.87 and 42,728.21 respectively during the session.
Also Read: At 15% upside, Nifty 50 to claim 25,000 by Dec 2024? Here's why analysts are bullish on Indian markets
Among key broader indices, the Nifty Midcap 150 index represents the next 150 companies (companies ranked 101-250) based on full market capitalisation (Mcap) from Nifty 500. This index intends to measure the performance of mid markte cap companies.
The Nifty Midcap 150 represents about 15 per cent of the free float market capitalization of the stocks listed on NSE. The total traded value for the last six months ending September 2023, of all index constituents is approximately 21.1 per cent of the traded value of all stocks on NSE.
In the last one year, the top 10 midcap gainers logged a double-to-triple digit rise in their stock prices and rose in the range of 80-300 per cent year-to-date (YTD) on the Nifty Midcap 150. According to Bloomberg data, here are the top 10 midcap gainers of 2023 and the cumulative change in their share prices during 2023:
Here are the top 10 midcap gainers of 2023:
1.REC: At a current market price (CMP) of ₹411.50, the stock has emerged as the biggest midcap gainer of 2023, logging a sharp 277.34 per cent increase in its stock price.
2.Power Finance Corp Ltd: At a current CMP of ₹382.45, the stock has emerged as the second biggest midcap gainer of 2023, logging a sharp 264.11 per cent increase in its stock price.
3.Adani Power Ltd: At a current CMP of ₹523, the stock has emerged as the third biggest midcap gainer of 2023, logging a sharp 180.85 per cent increase in its stock price.
4.Aurobindo Pharma Ltd: At a current CMP of ₹1,085.40, the stock has emerged as the fourth biggest midcap gainer of 2023, recording a 145.57 per cent increase in its stock price over the year.
5.Prestige Estates Projects Ltd: At a current CMP of ₹1,173.85, the stock has emerged as the fifith biggest midcap gainer of 2023, logging a 141.10 per cent increase in its stock price over the year.
6.Polycab India Ltd: At a current CMP of ₹5,500, the stock has emerged as one of biggest midcap gainers of 2023, logging a 109.79 per cent increase in its stock price.
7.Torrent Power Ltd: At a current CMP of ₹933.75, the stock has emerged as one of biggest midcap gainers of 2023, recording a growth of 94.87 per cent in its stock price this year.
8.Persistent Systems Ltd: At a current CMP of ₹7,390, the stock has emerged as one of biggest midcap gainers of 2023, logging an increase of 94.06 per cent in its stock price over the year.
9.Oil India Ltd: At a current CMP of ₹373.20, the stock has emerged as one of biggest midcap gainers of 2023, recording a growth of 92.40 per cent in its stock price.
10.Supreme Industries Ltd: At a current CMP of ₹4,520, the stock has emerged as one of biggest midcap gainers of 2023, recording a growth of 86.88 per cent in its stock price.
The stock market saw improvement towards the second half of the year as selling by foreign investors reduced, accompanied by a decrease in geopolitical risks and inflation. Overall, the broader small- and mid-caps gained have about 55.62 per cent and 46.57 per cent in 2023, far outperforming the blue-chip indexes despite valuation concerns.
Going forward, markets are eyeing a potential upside of 15 per cent from the current levels as Nifty 50 is likely to claim the 25,000-mark by the end of 2024 and the Sensex target is set at 83,250, according to analysts at domestic brokerage firm ICICIdirect.
Also Read: Smallcaps in Review | From BSE to Angel One, here are the top 10 smallcap gainers of 2023; check full list
Outlook for 2024
Market analysts estimate that the current rally is likely to further continue over the next three-six months. Frontline indices Sensex and Nifty could see another 5-7 per cent appreciation while mid-cap and small-cap indices may witness another 10-15 per cent jump.
‘’The government's thrust on the manufacturing sector is already seeing public sector companies, especially defence, railway, banking and financial services companies, attract a lot of investors' attention. In times of correction, exposure to quality stocks in the above sectors would benefit investors,'' said Rakeshh Mehta, Chairman of Mehta Equities Ltd
‘’The immediate focus would be on Q3 earnings which should be in-line with street expectations and any deviation in earnings would be a reason for markets to go into profit booking zone. The Budget would be a no event and major focus would be on Lok Sabha elections in May 2024, which would drive the overall market sentiment,'' added Mehta.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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First Published:
29 Dec 2023, 10:39 PM IST
