Given the outperformance of large-cap (23 percent) and mid-cap (58 percent) stocks in the past year, brokerage house Investec believes the probability of a correction (10 percent drawdown) in 2024 is high.
The Nifty index hit a new high of 21,006.10, rising as much as 105 points in intra-day deals. It ended at 20,901.15 in the previous session (December 7). It took the Nifty 61 sessions to hit the 21,000 mark after hitting the 20k mark on September 11, this year.
Even though the Indian equity market declined for the second straight session on Friday and has been on a consolidation path since the second half of September, it is less than 3 percent away from peaks hit earlier last month.
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