We are upgrading our transaction portal and will be back soon.
Indian equities reached a record high on Thursday, following the US Federal Reserve's decision to keep interest rates unchanged, with hints at a potential rate cut in September. Despite this milestone, the Indian equity market ended the week almost flat. The Nifty 50 index fell by 0.5%, while the Nifty Midcap 150 and Nifty Smallcap 250 indices ended flat with marginal gains of 0.2%.
Sectoral Performance
Most sectoral indices remained flat this week, but some faced significant losses. Notably, the Nifty Auto index fell by 2.04%, the Nifty IT index dropped by 3.04%, and the Nifty Realty index declined by 3.76%. On the positive side, the Nifty Media, Nifty Pharma, and Nifty Healthcare indices gained 1.19%, 1.39%, and 0.98%, respectively.
US Market Overview
The US market also showed a flat trend last week, influenced by the ISM Manufacturing PMI falling to 46.8 in July from 48.5 the previous month. Additionally, US Initial Jobless Claims rose, raising concerns around the health of the economy. Consequently, the S&P 500, Dow Jones, and Nasdaq ended with marginal losses of 0.2%, 0.6%, and 0.9%, respectively.
Global Market Movements
The FTSE index remained mostly flat with a slight loss of 0.03%, driven by declines in the financial sector after the Bank of England cut interest rates while maintaining a cautious approach to further cuts. In Asia, the Nikkei 225 saw a significant drop of 4.67%, affected by a stronger yen weighing on exporter-led shares. The Kospi index also fell by 2.04%.
The Hang Seng Index declined by 0.45% on Thursday following China's unexpected manufacturing contraction and weak home sales data, while the Shanghai Composite posted a gain of 0.5%.
Overall, the global markets experienced mixed reactions due to various economic factors and central bank decisions, reflecting the current volatility and investor sentiment in different regions.
Other Markets:
Overall, the global markets experienced mixed reactions due to various economic factors and central bank decisions, reflecting the current volatility and investor sentiment in different regions.
The rupee was marginally upper at Rs 83.77 against the US dollar.
Gold prices rose to settle at Rs 70,196 per 10 grams.
The 10 Year Benchmark G-Sec yield was at 6.90%.
Source: www.nseindices.com; google finance, MCX Gold Prices; www.rbi.org.in; Morningstar and tradingeconomics.com
Data for week ended on August 2, 2024. ^ data for the week (Fri – Thu) FTSE data as of today 1 pm.
Disclaimers:
The views and investment tips expressed by experts are their own and are meant for informational purposes only and should not be construed as investment advice. Investors should check with their financial advisors before taking any investment decisions.
The word ‘more’ does not imply more returns or assurance of scheme performance.it refers to the additional value provided by the joint venture, as compared to Baroda AMC and BNP Paribas AMC individually.
In the preparation of the material contained in this document, Baroda BNP Paribas Asset Management India Ltd. (“AMC”) (formerly BNP Paribas Asset Management India Private Limited) has used information that is publicly available, including information developed in-house. The AMC, however, does not warrant the accuracy, reasonableness and/or completeness of any information. This document may contain statements/opinions/ recommendations, which contain words, or phrases such as “expect”, “believe” and similar expressions or variations of such expressions that are “forward looking statements”. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, etc. The AMC (including its affiliates), Baroda BNP Paribas Mutual Fund (“Mutual Fund”), its sponsor / trustee and any of its officers, directors, personnel and employees, shall not be liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this document in any manner. The recipient alone shall be fully responsible / liable for any decision taken based on this document. All figures and other data given in this document are dated and may or may not be relevant at a future date. Prospective investors are therefore advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequences of subscribing to the units of the schemes of Baroda BNP Paribas Mutual Fund.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
© Copyright Baroda BNP Paribas Mutual Fund
