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Below the view on Independence Day market performance in 2022 vs 2023 & outlook for 2024 from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Since the last Independence Day Nifty is up 9.6%. The broader market has outperformed significantly. Nifty Small-cap is up 23.68% and Nifty Mid-cap is up 22.46 %.
There are big variations in sectoral performances with Nifty FMCG leading with 21.23 % gains followed by Nifty Realty with 19.03 % gain, Nifty Pharma with 18.75% gain, Nifty Auto with 18.49% gain and Nifty Bank with 12.85% gain. The laggard is Nifty IT with a mere 3.52%gain.

 
Globally, the U.S. soft landing narrative supported the markets by lifting the mother market US and most other markets. Domestically, the strength of the Indian economy and the huge FPI inflows during the last three months helped the rally.

 
We are moderately optimistic about the market for the next one year. Investors can expect around 15% returns in the next one year with the bulk of the returns coming in early 2024.
We are bullish on capital goods, autos and auto components, pharmaceuticals and construction-related segments.

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