Sensex seen at 71,600 and Nifty 50 at 21,500 in 2023

Looking back at the year 2022, it is safe to say despite extreme volatility Indian markets have fared well with benchmarks Sensex and Nifty 50 recording substantial upside compared to global counterparts.

In the coming year 2023, ICICI Direct expects the first half to be volatile as investors will seek answers over key factors like economic growth, interest rates cycle, central bank rate hikes, and corporate performances.

However, the brokerage also believes that volatility could lead to attractive opportunities in domestic-oriented schemes.

Hence, the brokerage has picked nine stocks for 2023.

On Thursday, Sensex traded at 60,958.36 up by 30.93 points or 0.05% at around 11.47 am.

Nifty 50 edged lower by 6.85 points or 0.04% to trade at 18,125.45. Overall, the performance is on a flat note after the previous 2-days rally.

However, it needs to be noted that both benchmarks have still performed well despite volatility on a global level due to macroeconomic uncertainties.

A year ago on December 28th, the Sensex was below the 58,000 mark at around 57,897.48, while the Nifty 50 was even under 17,300 levels at around 17,233.25.

Since a year ago levels, Sensex has climbed by 3,034.92 points and Nifty 50 surged over 903 points to date. The yearly upside is more than 5% each.

In the current year, so far, Sensex has jumped by over 1,740 points and Nifty 50 higher by over 510 points. Year-to-date, the upside is nearly 3% each.

Not to forget, on December 1st, the Sensex touched a lifetime high of 63,583.07 and the Nifty 50 hit a historic high of 18,887.60.

In its market strategy 2023 report, ICICI Direct said India fared well both relatively and in absolute terms with respect to economic and stock market performance.