We are upgrading our transaction portal and will be back soon.
Indian Equity Outlook
The Indian equity markets edged higher, witnessing some gains this week across sectors. The NIFTY 50, India’s primary stock index, inched higher by 1.6%, closing at 23,907, a sharp pickup of 374 points from previous week’s closing of 23,532. The NIFTY MIDCAP 150 gained on similar lines as Nifty 50, increasing by 1.5%, while the NIFTY SMALLCAP 250 index gained marginally by 0.7%.
Sectoral Outlook
Among sectoral indices, Nifty Reality was the top performing index increasing sharply by 6.3% from previous week’s close. This comes after consecutive weekly declines in the month of Nov-2024. The gains were visible in the Nifty Auto index and Nifty Consumer durables index, each increasing by 2.5% from its previous week’s close. Week on Week basis, gains were witnessed across sectors except Nifty Media and Nifty Oil and Gas, both declining by 1.7% and 1.2% respectively. Nifty Banking, FMCG and Pharma, all ended on a positive note after witnessing declines in the previous weeks. Nifty IT continued its weekly gains and ended up higher by 2.2%.
Weak sentiments across earnings, FII outflows and uncertainties regarding global and domestic events remain a concern.
Global Outlook
Globally, we saw a mixed reaction with US markets continuing its gains with Dow Jones increasing by 0.5%, whereas Asian markets saw a divide in movement. Coming to the Asian markets, Japan’s Nikkei index saw a fall of ~1% led by concerns over inflation. Hang Sang index too declined by almost 1%. The CSI 300 index sharply declined by 2.6% led by concerns over China’s economic health. On the contrary, other Asian indices like the KOSPI index, FTSE/ST showed mild gains increasing by 3.5% and 0.04%.
Overall, the past week’s domestic equity performance indicates volatility in global sentiments with flows getting directed as more and more data gives clarity over economic health of major economies.
Other Markets:
Brent crude price remained range bound and closer to 74 $/bl.
The rupee remains under pressure and is hovering around Rs 84.4 against the US dollar.
Gold prices inched higher to Rs 78,000 per 10 grams.
The 10 Year Benchmark G-Sec yield was at 6.85%.
Source: www.nseindices.com; google finance, MCX Gold Prices; www.rbi.org.in; Morningstar and tradingeconomics.com
Data for week ended on October 31, 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
