Nifty 50 in Review | From Tata Motors to Infosys, here are the top 10 Nifty 50 stocks that moved the most in 2023

Domestic equity benchmarks Nifty 50 and BSE Sensex rose around 20 per cent in 2023, their second-best year since 2017, and were among the top-performing stock indexes globally. Nifty 50 marked the eighth consecutive year of positive returns. India become a stock market superpower with market capitalisation surpassing the $4 trillion mark securing fifth position after the US, China, Japan and Hong Kong.

The bull run was supported by sustained domestic mutual fund inflows, foreign capital inflows, better-than-expected economic growth, and robust corporate earnings.  D-Street investors added a significant ₹81.90 lakh crore to their wealth in 2023 powered by a stellar rally in stocks. 

On the last trading session of 2023, the Nifty 50 settled at 21,731.40 and Sensex closed at 72,240.26, snapping their five-day winning streak, on profit-booking in select heavyweights even as the mid and smallcap indices ended with healthy gains. In the last five trading sessions, the BSE benchmark rallied 1,904.07 points or 2.70 per cent, and the Nifty climbed 628.55 points or 2.97 per cent.

In the last one year, the top gainers of Nifty 50 logged a double-to-triple digit rise in their stock prices and rose in the range of 60-100 per cent year-to-date (YTD), while the top laggards saw a drop of 5-25 per cent in their share prices. According to Bloomberg data, here are the top 10 Nifty 50 stocks that moved the most in 2023:

Top gainers and losers: Top 10 Nifty 50 that moved the most in 2023-

Here are the top five Nifty 50 gainers of 2023:

1.Tata Motors: At a current market price (CMP) of ₹779.40, the Tata Groupstock emerged as the top Nifty 50 performer in 2023, logging a sharp 10.2.74 per cent increase in its stock price.

2.Bajaj Auto: At a current CMP of ₹6,820, the Bajaj Group stock has emerged as the second biggest Nifty 50 gainer of 2023, logging a sharp 96.29 per cent increase in its stock price.

3.NTPC Ltd: At a current CMP of ₹310.50, the state-owned power major has emerged as the third biggest Nifty 50 gainer of 2023, logging a sharp 96.03 per cent increase in its stock price.

4.Coal India: At a current CMP of ₹310.50, the leading coal miner has emerged as the fourth biggest Nifty 50 gainer of 2023, logging a double-digit rise of 84.95 per cent increase in its stock price.

5.Larsen & Toubro: At a current CMP of ₹3,520, the leading infra major has emerged as the fifth biggest Nifty 50 gainer of 2023, logging a double-digit rise of 68.94 per cent increase in its stock price.

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Here are the top five Nifty 50 laggards of 2023:

1.Adani Enterprises: At a current CMP of ₹2,849.05, the stock has emerged as the biggest Nifty 50 loser of 2023, logging a decrease of 25.20 per cent in its stock price.

2.UPL Ltd: At a current CMP of ₹587.70, the stock has emerged as the second biggest Nifty 50 loser of 2023, logging a decrease of 17.39  per cent in its stock price.

3.Kotak Mahindra Bank: At a current CMP of ₹1,904, the stock has emerged as the third biggest Nifty 50 loser of 2023, logging a decrease of 4.37 per cent in its stock price this year.

4.Infosys Ltd: At a current CMP of ₹1,542.65, the IT major has emerged as the fourth biggest Nifty 50 loser of 2023, logging a decrease of 4.37 per cent in its stock price over the year.

5.Housing Development Finance Corp: The stock has emerged as the fifth biggest Nifty 50 loser of 2023, logging a decrease of 3.46 per cent in its stock price over the year.

Also Read: At 15% upside, Nifty 50 to claim 25,000 by Dec 2024? Here's why analysts are bullish on Indian markets

Outlook 2024

Going forward, markets are eyeing a potential upside of 15 per cent from the current levels as Nifty 50 is likely to claim the 25,000-mark by the end of 2024 and the Sensex target is set at 83,250, according to domestic brokerage firm ICICIdirect. 

‘’Our December 2024 target for Nifty is set at 25,000 wherein we have valued Nifty at 20x PE on FY26E EPS of ₹1,250/share with corresponding Sensex target set as 83,250; offering a potential upside of ~15 per cent from current index levels,'' said Pankaj Pandey, Head Research, ICICIdirect.

Market crucial events that should be tracked in 2024 are the upcoming quarterly earnings season, the Budget and the General elections, the Fed rate decision and the US presidential election, according to analysts. 

Market observers broadly highlighted that several factors such as sustained domestic mutual fund inflows, return of foreign buying, better-than-expected economic growth, and healthy corporate earnings will contribute to the market's rally in 2024.

‘’Sliding crude oil prices is likely to keep inflation under check, all of which should augur well for Indian equity markets going ahead. The rally in the market is likely to further continue over the next three-six months and Sensex, Nifty could see another five-seven per cent appreciation while mid-cap, small-cap indices may witness another 10-15 per cent jump,'' said Rakeshh Mehta, Chairman of Mehta Equities Ltd.

‘’The immediate focus would be on Q3 earnings which should be in-line with street expectations and any deviation in earnings would be a reason for markets to go into profit booking zone. The Budget would be a no event and major focus would be on Lok Sabha elections in May 2024, which would drive the overall market sentiment,'' added Mehta.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.