Indian benchmark indices ended 2022 on a positive note, clocking over 4% gains each amid highly volatile global markets. Sensex gained 2,587 pts or 4.44% in 2022. Sensex, which closed at 58,253 on December 31, 2021, ended at 60,840 level on December 30. ┬а
Nifty has climbed 751 pts or 4.33% in 2022. Nifty ended 2022 at 18,105 today against the close of 17,354 on December 31 last year. During 2022, Sensex hit an all-time high of┬а┬а63,583 on December 1. Nifty too hit its record high of 18,887 in the same session.┬а
However, indices were affected by the rising interest rate regimes and global growth concerns, which trimmed gains in the year-end.┬а┬а┬а
Commenting on the outlook of the market in 2023, Rupak De, Senior Technical Analyst at LKP Securities said, “Nifty has closed above its 50-week exponential moving average. The momentum indicator RSI (14) on the weekly chart is in a bearish crossover. The 50 EMA and 200 DMA are in the bullish crossover. The trend for the short term is likely to remain bullish as long as it remains above 17,800 on a closing basis. On the higher end, resistance is visible at 18,350. A decisive move above 18,350 may induce a further rally towards 18,600/19,000. On the other hand, a decisive fall below 17,800 may weaken the trend.”┬а
BSE midcap and smallcap indices have risen 1.38% or 344.42 points and fallen 1.80% or 531 points, respectively in 2022.┬а
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Market cap of BSE-listed firms zoomed by Rs 16.44 lakh crore in 2022. The market cap of BSE-listed firms surged to Rs 282.44 lakh crore today against Rs 266 lakh crore on December 31, 2021┬а
Meanwhile, ICICI Securities sees Sensex at 71,600 level by December 2023, indicating an upside potential of around 17 per cent in the next 12 months. For Nifty, the brokerage has a target of 21,500 level.┬а
тАЬNifty earnings are seen growing at around 15 per cent CAGR in FY22-25. This is primarily driven by improved asset quality and credit growth revival in index-heavy BFSI space, pick-up in capex activity and consequent execution in capital goods domain, margins & profit recovery in auto, FMCG, metals, pharma and oil & gas space,тАЭ ICICI Securities said in a report.┬а
In terms of sectoral losers, the BSE IT index tumbled 24.24 per cent or 9,172 pts in 2022. BSE Consumer Durables index was down 11.27 per cent or 5046 pts while healthcare index lost 12.10 per cent or 3172 pts.┬а
Top sectoral gainers were BSE Power and BSE PSU indices which rose 25.84% or 899 pts and 23.05 per cent or 1,876 pts, respectively.┬а
Joseph Thomas, Head of Research, Emkay Wealth Management said, “The Fed policy, the consequences that it may have for global growth and the reports emanating from China have been factors that are of consequence to the markets. The markets may continue to remain volatile and may trade with a downside bias, in the immediate term.тАЭ┬а
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