Poised for Growth

Following the outperformance of the broader markets in 2023, market watchers are counting on large-caps to come through in 2024, despite some concerns

- RAHUL OBEROI

LARGE-CAPS MAY TAKE the lead in 2024 after the outperformance of the small- and mid-cap stocks in 2023. This is how, most market watchers believe, the stock market will perform in 2024. Analysts say there are many green shoots in the economy in the form of continued corporate earnings momentum domestically, healthy GDP growth, benign commodity prices outlook as well as likely rate cuts globally. There seem to be more positives than negatives ahead, they say.

Amid these positives, a report from ICICI Securities states that India is in a sweet spot compared with global peers in terms of macroeconomic stability and corporate earnings. Projections by the brokerage hint at the benchmark index Nifty50 scaling the 25,000 mark and the BSE Sensex hitting 83,250 by December 2024, indicating an upside of 15 per cent from current levels. The Sensex surged nearly 19 per cent in 2023, while the BSE MidCap and BSE SmallCap indices advanced 46 and 48 per cent, respectively.