Indian Developments
Nifty 50 closed at 26,328.55, up ~1.10% w/w (vs 26,042.30 a week ago). Nifty Midcap 150 and small cap 250 also advanced ~1.75% and ~1.09% w/w, respectively, indicating positive breadth to start the year
India VIX ticked up to 9.45, ~3.28% w/w, still near multi-year lows—signalling subdued volatility despite the week’s risk event.
India Manufacturing PMI rose to 57.3, a three-month high, INR hovered near ?90.20/USD; 10-year G-Sec yield stayed around 6.58%.
FIIs were net buyers (~?2,300 crore) while DIIs also added (~?1,800 crore), reflecting broad-based confidence.
Brent crude firmed to ~$61/bbl., supporting upstream energy names; gold prices edged up to ?1,33,883 per 10g on safe-haven demand.
Sectoral Developments
Cyclicals led the market this week, with Metals surging 5.7% to fresh 52-week highs, PSU Banks up nearly 5%, and Auto gaining 3.8% on strong OEM momentum. Realty advanced 1.8%, while Chemicals posted a modest 0.4% rise, lagging other cyclicals.
In contrast, defensives underperformed—IT slipped 0.7% after recent gains, and FMCG fell sharply by 3.7% on rotation outflows. Banking breadth remained positive, with Nifty Bank up 1.9% and Financial Services also higher by about 1.2%.
Global Developments
U.S. equities eased ahead of the FOMC minutes, with the S&P 500 down ~1.3% w/w and the Nasdaq off ~1.6%, as policymakers signalled a cautious, data-dependent approach to 2026 rate cuts.
Europe: FTSE 100 gained ~0.6% w/w while the Euro Stoxx 50 held near record highs, supported by resilient macro data despite ECB’s slower-easing tone.
China: Hang Seng jumped ~2.8% w/w on tech and financial strength, while Shanghai Composite edged up ~0.7% amid stimulus uncertainty. Commodity optimism, especially metals, helped offset China’s mixed PMI signals, reinforcing cyclical leadership globally.
Other Markets:
Source: www.nseindices.com; MCX Gold Prices; Economic times, Bloomberg.
Data for week ended on January 02, 2025.
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
