Stock market pace will slow down next year, Nifty expected to reach new high of 21,834: Kotak

Mumbai: The pace of the stock market may slow down in 2024 and the 50-share Nifty will gain only two percent next year. Kotak Securities made this estimate on Monday. The domestic brokerage company said that Nifty is likely to be at 21,834 by the end of 2024, while the index closed at 21,418 at the end of trading on Monday.

Kotak Securities said Indian markets created history with gains of over 13 percent so far in 2023. During this period, midcap and smallcap indices witnessed a strong growth of 39 percent and 48 percent respectively. Making predictions about 2024, the brokerage house said that we are entering a period full of various events.

The first half of the new year will keep an eye on several factors including global interest rates, Indian consumption trends, and general elections. The brokerage company also predicted that the RBI will not change its monetary stance in the new year, as it is committed to bringing inflation below four percent. Also, read this.