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Indian equity markets closed the week on a flat note as initial gains, buoyed by positive global cues, were offset by profit booking ahead of key June quarter results. The Nifty 50 index ended the week nearly unchanged at 0.7%, reflecting strong investor sentiment and favorable macroeconomic indicators. However, the performance of mid and small-cap stocks was subdued, with the Nifty Midcap 150 and Nifty Small Cap 250 recording losses of 0.24% and 0.19%, respectively.
Among sectoral indices, Nifty FMCG, Nifty IT, and Nifty Oil & Gas emerged as top performers, posting gains of 3.6%, 3.5%, and 2.6% respectively. The robust performance of these sectors can be attributed to several factors including strong earnings reports and favorable market conditions. Conversely, Nifty Metal, Nifty PSU Bank, and Nifty Realty faced challenges, ending the week with losses of 2.63%, 2.09%, and 2.32%, respectively.
US Markets: Mixed Signals Amid Economic Data
In the United States, stock markets presented a mixed picture. The NASDAQ saw a decline of 0.3% as investors moved away from tech stocks. The Dow Jones, however, rose marginally by 1.0%, spurred by cooling CPI inflation data that raised hopes for potential rate cuts. The S&P 500 remained relatively flat, posting a slight gain of 0.3%.
European and Asian Markets: Varied Performance
The FTSE 100 index in the United Kingdom recorded a modest gain of 0.24%, driven by strong performance in utility shares. In Asia, the Strait Times Index and Nikkei Index both ended higher, with the Nikkei gaining 1.0%, tracking overnight gains on Wall Street.
The Hang Seng Index saw a significant boost, rising by 2.8% after China's securities regulator introduced measures to limit short selling and computer-driven trading to bolster market confidence. On the other hand, the Kospi and Shanghai Composite Index ended the week with marginal losses of 0.2% and 0.7%, respectively.
Conclusion: Global Market Movements Reflect Investor Caution
This week's market movements highlight a cautious yet optimistic investor sentiment, influenced by various economic indicators and regulatory measures across the globe. As we move forward, the market will closely watch upcoming economic data and corporate earnings to gauge future trends.
Other Markets:
Brent crude prices fell by $ 85.89
The rupee appreciated to settle at Rs 83.52 against the US dollar.
Gold prices inched up to settle at Rs 72,753 per 10 grams.
The 10 Year Benchmark G-Sec yield was at 6.99%.
Source: www.nseindices.com; google finance, MCX Gold Prices; www.rbi.org.in; Morningstar and tradingeconomics.com
Data for week ended on July 12, 2024. ^ data for the week (Fri – Thu) FTSE data as of today 1 pm.
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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 June 30, 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 June 30, 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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