Rewind 2023: Sensex, Nifty clock 16% rise
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BSE Sensex gained 10,266.22 points or 16.87 per cent in 2023 so far and ended at 71,106.96 on December 22, 2023 from 60,840.74 on December 30, 2022. During the same period, NSE Nifty moved up by 3,244.10 points or 17.91 per cent and settled at 21, 349.40 points as against 18,105.30 points.
Nifty is expected to rise about 13% to touch 24,200 points in 2024 as the market is buoyed by strong inflows from both domestic (DIIs) and foreign investors (FIIs). FPIs in 2023 so far net bought shares worth $23 bn as against $20bn net purchases by DIIs. Morgan Stanley forecasts 74,000 level for BSE Sensex in 2024 as market bellwether earnings compound 21.5% through 2026. Further, it’s estimated that BSE
Sensex would trade at a trailing P/E multiple of 24.7x, ahead of the 25-yr average of 20x.
