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Below the view on Independence day market performance in 2022 vs 2023 & outlook for 2024 from S Ranganathan, Head of Research at LKP securities.

It has indeed been a tremendous ride for our Equity Markets from last Independence Day to this Independence Day when one considers the fact that Domestic Investors took the FII Bears by the Horn for the First 8 Months before the latter started their Buying into India. While the Benchmark Indices itself moved up only 10% during this one year period, the PSU Index rose over 30% during this period with individual stocks across sectors rising over a 100%

During this period we have seen a rise in the number of Indians taking up Entrepreneurship and several Start Ups have emerged across sectors. Demographic Advantage and GOI thrust on - Make in India coupled with the PLI schemes have made their presence felt.

As India lays the foundation for -Amrit Kaal, the PSU companies in our view would start winning both -Heart and Mind of domestic investors. While many of them have given good returns during this period with the PSU Index itself returning 30%, we believe that value creation shall unfold in these companies by the same time next year.

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