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Given the optimism at Dalal Street, in the coming week, the market may climb further higher to 22,000-22,100 levels on the Nifty 50, but intermittent consolidation can't be ruled out, with focus majorly on corporate earnings.
In a fervent market rally, the Indian markets reached new peaks, propelled by the performance of IT giants. The IT sector, showing early signs of recovery, particularly in the Banking, Financial Services, and Insurance (BFSI) segment, has significantly influenced market sentiments. The belief in an improved outlook for BFSI in FY24-25 was a key driver behind the soaring performance of IT heavyweights on Friday.
On Wednesday, 2045 stocks advanced, 1790 declined and 100 remained unchanged, with an advance decline ratio of 1.14 on the Bombay Stock Exchange (BSE), indicating positive closing of stocks in broader markets.
Startups with sustainable business models as well as the well-capitalised ones are expected to weather the current turmoil. And the horizon in 2024 is expected to be "exciting" as well as "challenging".
Funding winter and corporate governance woes separated the men from the boys in the country's startup space in 2023 that saw funds into the segment tapering to just around $8 billion. All said, investors are hopeful of strong growth of the maturing startup ecosystem in the new year. Edtech and health tech segments that grew exponentially during the pandemic plunged into an abyss of financial uncertainties, with several firms shuttering their business, and valuation of prominent players like BYJU'S and PharmEasy plummeting 85-90 per cent.