Indian shares rise for seventh consecutive year; but slip in the last session of 2022: Reuters

• ByStartupStory     |    December 30, 2022

According to Reuters, Indian shares fell in a choppy session on Friday, dragged down by a drop in most sectors in the final hour, as data on the country’s current account deficit (CAD) released on Thursday weighed.

The Nifty 50 index (.NSEI) fell 0.47% to 18,105.30, while the S&P BSE Sensex (.BSESN) dropped 0.48% to 60,840.74. During the session, both indexes gained more than 0.4%.

In 2022, the indexes extended their winning streak to a seventh year, but they also advanced the least since 2018. Both indexes rose more than 4% in a year marked by geopolitical tensions, global central bank rate hikes, and recession fears.

“2022 was a year of polarisation for Indian equities,” said Lakshmi Iyer, CEO – investment advisory at Kotak Investment Advisors. “Central banks’ actions to hike rates may see a plateau in 2023.”

On Friday, the majority of the major sectoral indexes reversed their gains. Financials (.NIFTYFIN) and fast-moving consumer goods (.NIFTYFMCG) gained 0.4% and 0.52%, respectively, before closing down 0.57% and 0.76%.

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