According to BofA Global Research, India’s blue-chip Nifty 50 index would remain flat this year, which would be its worst performance in seven years, and underperform other emerging markets and debt.
BofA reduced its Nifty 50 year-end goal by 8.3% to 18,000 points because it anticipated that the index will be volatile and fluctuate throughout the year between 16,000 and 18,000 levels.
The Nifty index has continued to see a drop off since ushering in 2023. The Nifty 50 index has lost more than 6.25 percent year to date, but in the past month, it has dropped from about 17,825 to 17,055 levels, a 4.33 percent decline. The 50-stock index has lost close to 3.75 percent of its value over the past six months, falling from levels near 17,720 to 17,055 in that time. The index has returned nothing over the past year and has fluctuated between levels of 17,120 and 17,055 throughout that time.
The Nifty index has continued to see sell-off pressure since 2023. The Nifty 50 index has lost more than 6.25 percent year-to-date, but in the past month, it has fallen from about 17,825 to 17,055 levels, a 4.33 percent decline. The 50-stock index has lost over 3.75 percent of its value over the past six months, falling from levels near 17,720 to 17,055. The index has not increased in value over the past year, and throughout that period, it has fluctuated between levels of 17,120 and 17,055.
The 30-stock Sensex has lost almost 3,250 points year to date (YTD) as it has dropped from about 61,165 to 57,935 levels. This represents a loss of over 5.25 percent. The Sensex corrected in the recent month from about 60,675 to 57,935 levels, losing about 2,725 points during that time. Sensex lost 2.55 percent during the past six months, falling from about 59,450 to 57,935 levels. Yet, during the past year, the Sensex has returned more than 1.10 percent, outperforming the Nifty 50 index.
In a similar vein, the Nifty Bank index has lost close to 2.85% over the past month, while it has lost almost 8.50% YTD. It lost more than 4% over the past six months. Yet, during the past year, it has increased by 9.70%, outperforming both the Nifty and the Sensex.
