January is generally a bad month for the market
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New Delhi (Uttam Hindu News): Geojit Financial Services Chief Investment Strategist V.K. Vijayakumar says that as 2024 approaches, the most important feature of the year’s rally is the strong performance of the broader market.
On Friday, BSE Sensex fell 215 points to 72,194.69. There is a decline of more than 1 percent in SBI, Infosys, Kotak Mahindra Bank, NTPC. PSU and Oil & Gas indices are trading down. On the other hand, Nifty is trading in the red mark at 21,719.40.
This year the midcap index is up about 45 percent and the small cap index is up 55 percent. Nifty is far behind with a gain of about 20 percent. He said this trend is likely to reverse in 2024 as valuations of mid and small caps are quite high and valuations of large caps are relatively fair.
Auto, construction and financial sectors are set to perform well in 2024. Despite the recent rally, valuations of financial companies are fine and prospects for construction-related sectors look good. Capital goods will perform well in 2024 also.
January is generally a bad month for the market. He said that the market will keep an eye on the third quarter results and management comments.
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