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The Indian stock market soared to record highs this week as softer-than-expected US inflation data fueled optimism of a potential rate cut by the Federal Reserve. This led to strong gains across key indices, with the Nifty 50 index climbing around 2%, while the Nifty Midcap 150 and Nifty Smallcap 250 indices posted gains of 2.4% and 1.3%, respectively.
Sector Performance
Most sectors ended the week on a positive note. The top performers were Nifty FMCG, Nifty Private Bank, and Nifty Consumer Durables, which saw gains of 2.99%, 2.95%, and 3.73%, respectively. On the other hand, Nifty Financial Services and Nifty PSU Bank recorded modest gains of 0.92% and 0.91%, while Nifty Oil & Gas saw a significant decline of 2.6%.
Global Markets Overview
In the United States, major stock indices also rallied following the inflation report. The NASDAQ surged by 5.3%, while the Dow Jones and S&P 500 saw gains of 1.9% and 3.5%, respectively. European markets mirrored this positive sentiment, with the FTSE Index rising by 1%.
Mixed Performance in Asia
Asian markets experienced mixed outcomes. Japan’s Nikkei 225 Index closed higher, supported by Wall Street gains and a weaker yen. Hang Seng remained mostly flat, slipping 0.4%, though Kospi gained 1.2% because of the buying activity in the KOSDAQ market, boosting investor confidence. Meanwhile, the Shanghai Composite Index fell by 2.2%, weighed down by concerns over China’s economic outlook.
This global rally underscores the broader market optimism driven by inflation data and expectations for potential monetary policy easing across major economies.
Other Markets:
Brent crude prices slightly rose to $ 72.77
The rupee fell marginally at Rs 83.92 against the US dollar.
Gold rose to settle at Rs 72,742 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 September 13, 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.
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**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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