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After having a lack lustre post budget performance, domestic equity markets showed strong recovery today. Nifty 50 Index touched its all-time high, and gained over 1% during the week. Nifty Mid cap 150 and Nifty Small Cap 250 Index outperform the large caps by gaining around 3% each. FIIs were net sellers, however DIIs were net buyers.
Sectoral performance was a mixed bag. Nifty Pharma, Nifty Media and Nifty Healthcare topped the performance by gaining 5.8%, 5.7% and 5.7% returns, respectively. Nifty Banks, Nifty Private Banks and Nifty Realty were laggards, losing 1.9%, 1.9% and 1.7% respectively.
US and UK Markets: Fall in US markets but UK markets gain slightly
All US market indices ended the week in red despite positive GDP growth numbers. S&P 500^, Dow Jones^ and NASDAQ^ fell by 2.6%, 1.5% and 3.7%. NASDAQ saw a slightly steeper fall due to sell off in technology stocks.
UK index FTSE gained 1% this week, as Unilever and British American Tobacco delivered strong earnings.
Asian Markets: Close in Red
Taiwan’s typhoon and negative cues from wall street caused the Asian markets to tumble, ending the week in red. Nikkei fell as Yen appreciated sharply against the US dollar. Nikkei, Shanghai Composite Index, Hang Seng and KOSPI lost 6.1%, 2.3%, 2.3% and 2.1% respectively.
Conclusion: Muted Global performance, Domestic Equities Rise
Although globally, equity markets showed a muted performance, domestic equities soared touching all-time highs and registering decent gains this week.
Other Markets:
Brent crude prices fell sharply and was at $ 81.87
The rupee was marginally lower at Rs 83.67 against the US dollar.
Gold prices fell to settle at Rs 67,884 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 25, 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 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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