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Nifty 50 Index reached new highs on Thursday, and corrected today, ending the week on a flat note with marginal gains of 0.1%. The Mid and Small cap indices underperformed this week with the Nifty Midcap 150 Index losing 2.3% and the Nifty Small Cap 250 Index losing 2.9%.
Domestic sectoral indices reacted to global developments, budget expectations and good performance from IT sector giants. As a result, the Nifty FMCG, Nifty IT and Nifty PSU were highest gainers with 2.28%, 2.31% and 1.38% returns. Nifty Media, Nifty Metals and Nifty Consumer Durables were laggards, losing 5.4%, 4.7% and 2.5% respectively.
US Markets: Fall in US markets
In the United States, stock markets presented a mixed picture after the jobless data showed a sharp increase and IT software’s malfunctioning causes disruptions in many sectors. The NASDAQ^ and S&P 500^ saw a decline of 2.3% and 0.8%. The blue-chip Dow Jones^, however, rose by 2.2% this week, despite a sharp fall on Thursday.
European and Asian Markets: Muted Performance
The FTSE 100 index fell by 1.1% as investors reacted to a fall in domestic retail sales in June. There was also fall in the blue-chip company prices which also contributed to the slide.
Following the negative global cues, the performance of Asian market indices was muted this week with Nikkei 225, Hang Seng and Kospi losing 3.7%, 4.3% and 2.7% respectively. While the Shanghai composite index was marginally positive gaining 0.7%.
Conclusion: Volatile week, with declines towards the end
This was an extremely volatile week, registering record highs only to end on a flat note marked by negative global cues and widespread IT issues. Upcoming Budget is a key event to look out for in the next week.
Other Markets:
Brent crude prices fell by $ 82.65
The rupee fell sharply to settle at Rs 83.67 against the US dollar.
Gold prices inched up to settle at Rs 73,168 per 10 grams.
The 10 Year Benchmark G-Sec yield was at 6.94%.
Source: www.nseindices.com; google finance, MCX Gold Prices; www.rbi.org.in; Morningstar and tradingeconomics.com
Data for week ended on July 19, 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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