Market today: Nifty Next-50 surpassed blue chips, smallcap recorded 7.3% growth

Indian stocks saw advances in January 2024, marking the start of a prosperous new year for them across larger indices.

By Sneha Sengupta On Feb 16, 2024

Indian stocks saw advances in January 2024, marking the start of a prosperous new year for them across larger indices.

The Nifty Next-50 index outperformed blue chips with a gain of 3.7%, while the Nifty 50 index was mostly steady. According to a Geojit insights analysis, smallcap 250 stocks increased by a remarkable 7.3%, while midcap 150 stocks increased by 4.7%.

With gains of 9.9%, the Microcap 250 group recorded the biggest increase, though, suggesting a widespread rally across several market categories.

The steady upward trend in domestic company profits, the robust GDP growth, the optimistic outlook for commodity prices, and the potential for global interest rate reductions were all signs of hope.

By the end of January, the wider indices were within a hair’s breadth of their 52-week highs, with swings between -1.8% and -0.1%, according to the research. In India, the value of gold fell by a marginal -0.6%, but the value of silver fell by a more substantial -2.2 %.

The 10-Year Benchmark Government Security (G-Sec) yields have dropped over the last month, now standing at roughly 7.14%, a drop of about -0.4%.

The Indian rupee saw a minor increase versus the US dollar in January of this year, finishing at 83.1, according to the Geojit report. This represents a gain of 0.04%.