India’s stock market concluded the financial year 2023-24 on a buoyant note, with the Nifty jumping nearly 28.6%, making it one of the top-performing markets in the world.
The index’s performance is also its second-best in the previous 10 years. Mid- and small-cap stocks were the top performers in the April-March period, while the financial year witnessed the resurgence of investment themes such as power, capital goods, and PSUs, which were mostly out of favour since 2008.
About one-fifth of the Nifty 500 stocks doubled in FY24. Tata Motors and Bajaj Auto, with 135% gains, were the top gainers among Nifty stocks, while HUL, HDFC Bank and Shree Cement lost value.
The broad-based rally cemented Tata Group’s position as the country’s most valuable business house with market capitalisation topping `30.20 lakh crore.
