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Indian Stock Market Performance
The Indian stock market ended the week on a weaker note. The Nifty 50 index dropped by 1.5%, while the Nifty Midcap 150 Index saw a decline of 1.1%. In contrast, the Nifty Smallcap 250 Index posted a slight gain of 0.8%, providing some optimism in an otherwise challenging week.
Sectoral indices largely reflected this trend of underperformance. The best-performing sectors were Nifty Financial, Nifty FMCG, and Nifty Consumer Durables, which managed marginal gains of 0.2%, 0.1%, and 0.5% respectively. However, sectors like Nifty Metals, Nifty PSU Bank, and Nifty Oil & Gas saw significant declines, dropping by 2.6%, 4.7%, and 3.2%, respectively.
US Stock Market Plummets
In the United States, all major stock indices closed the week in negative territory. The NASDAQ took the biggest hit, falling by 3.3%, largely due to the sharp decline in technology stocks. The S&P 500 and Dow Jones also faced setbacks, falling by 2% each.
European and Asian Markets Follow Suit
In Europe, the FTSE Index ended the week lower, dragged down by declines in personal goods and homebuilder stocks. The index posted a 1.6% fall by the end of the week.
Asian markets also experienced a challenging week. Japan’s Nikkei index recorded a sharp decline of 5.8%, influenced by a drop in Nvidia’s stock which heightened concerns about a sharp economic downturn. Hong Kong’s Hang Seng index also faced pressure, falling by 3%, as a surge in the Japanese Yen and concerns around US manufacturing data rattled investor sentiment. South Korea's Kospi and China's Shanghai Composite Index both ended the week lower, with declines of 4.8% and 2.7%, respectively.
Conclusion
This week’s global market downturn reflects growing concerns about the US economic outlook, which has triggered widespread caution across markets. With key jobs data yet to come, market sentiment remains cautious, as investors await more clarity on future interest rate decisions by the Federal Reserve.
Other Markets:
Brent crude prices fell to $ 72.75
The rupee rose marginally at Rs 83.96 against the US dollar.
Gold rose to settle at Rs 71,625 per 10 grams.
The 10 Year Benchmark G-Sec yield was at 6.97%.
Source: www.nseindices.com; google finance, MCX Gold Prices; www.rbi.org.in; Morningstar and tradingeconomics.com
Data for week ended on September 6, 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.
**basis portfolio of the Scheme as on July 31, 2024
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
**Basis constituents of the scheme as on July 31, 2024
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
*The PRC matrix denotes the maximum risk that the respective Scheme can take i.e. maximum interest rate risk (measured by MD of the Scheme) and maximum credit risk (measured by CRV of the Scheme)
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