While Nifty recorded a new all-time high daily in December, the 50-stock index was still not among the top-performing global indices in November, falling behind benchmark indices in developed markets viz US, UK, Japan, France, Switzerland and Germany. Among the emerging markets, Nifty was behind Taiwan, Korea, Brazil, and South Africa while remaining ahead of China.
Nifty rose 5.5% in November, witnessing a turnaround after hitting a low of 18,989.15 on November 1, led by gains in auto, healthcare, and realty stocks. Nifty Auto delivered 10.28% returns, while Nifty Healthcare and Nifty Realty yielded 11.17% and 18.34% over the month, according to a Motilal Oswal report. Bank stocks, which have the largest weight in the Nifty, returned just 3.28%, the report said.
Germany’s Dax was the top performer in the developed markets with 13.3% returns, followed by Nasdaq 100 with 10.67% returns. The S&P 500 and Dow gave returns of around 9%. The rest gave returns between 6.40% and 8.52%.
In the emerging market pack, Korea topped the charts with 16.22% returns, followed by Taiwan delivering 13% returns. China was the worst performer, with 2.47% returns.
However, since the assembly results have been declared, Indian frontline indices have been trading with a new zeal. The rally has been over 10% since the November low of 18,989.15. On Wednesday, Nifty hit a new record high of 20,958.65, falling 42 points short of the magical 21,000.
On a one-month basis, Nifty’s gains are nearly 8% over the November 9 lows of 19,395.30. The lows are on the closing price basis.
Smallcap stocks were the flavour of the markets, with the Smallcap 250 index outperforming Nifty and ending November with gains of 10%.
All sector indices closed the month on a positive note.
“Following a month of negative returns in factor-based indices, November marked a remarkable turnaround, with all factor-based indices experiencing notable increases. Momentum emerged as the frontrunner, registering the highest rise at 12% during the month,” the report added.
The Financial Services sector continued to play a pivotal role in propelling the Nifty 500 index, contributing significantly to its overall 7.1% increase in November 2023, the report added.
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