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Following burdened global cues, the first trading week of the year 2024 ended on a mixed note for the Indian indices. The broad-based Nifty 50 index ended the week in red losing (-) 0.1%. Nifty Midcap 150 and Nifty Small cap 250 on the other hand closed in the green, gaining 2.5% and 2.4% respectively.
This was a week of mixed performance for the sectoral indices. Out of the sectoral indices closing in the green; Nifty Realty, Nifty Media and Nifty Pharma were the top performers, gaining 7.8%, 3.3% and 3.1% respectively. On the other hand, Nifty IT, Nifty Metal and Nifty Auto were the top losers, losing (-)1.9%, (-) 1.3% and (-) 1.1% respectively.
The global rally that characterized last months of 2023 has petered out at the start of new year, owing to worries the buying may have run a little ahead of itself, leading traders to take a breather. Each of the US Indices closed in the red with S&P 500 (US) Index^, Dow Jones^ and Nasdaq^ losing (-) 2.0%, (-) 0.6% and (-) 4.2% respectively. The tech-led pullback is a sharp contrast from the year-end market rally, as investors bet the Federal Reserve would soon begin cutting interest rates. The FTSE^ Index ended the week in the red as well, losing 0.8%. This sudden fall as compared to the previous few weeks can be attributed to the UK stocks heading for their worst week since October, while traders are no longer fully pricing in five rate cuts from the Bank of England in 2024. It was further weighed down by the losses in financial sectors. The Asian Indices were also negative this week with each of Nikkei, Hang Seng Kospi, Kospi and Shanghai Composite losing (-) 0.5%, (-) 3.1%, (-) 1.5% and (-) 0.7% respectively.
MACROS Update:
Brent crude prices increased this week to reach: $77.86.
The rupee fell slightly to settle at Rs 83.13 against the US dollar.
Gold prices went down to settle at Rs 62,395 per 10 grams.
The 10 Yrs G-Sec was at 7.24% compared to its last Friday close of 7.17%.
Source: www.nseindices.com; google finance, MCX Gold Prices; www.rbi.org.in; Morningstar and tradingeconomics.com
Data for week ended on January 05, 2024. ^ data for the week (Thu – Thu) i.e., January 04, 2024
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