We are upgrading our transaction portal and will be back soon.
Indian Equity Outlook
In the past week, the Indian equity markets continued the decline. The NIFTY 50, India’s primary stock index, declined by 0.6%, closing at 24,148.2, a drop from the previous week’s 24,304. The NIFTY MIDCAP 150 marginally declined by by 0.5%, while the NIFTY SMALLCAP 250 index declined by 1.7%.
Sectoral Outlook
Among sectoral indices, NIFTY IT index emerged as a top performer, rising by 4%, buoyed by expectations of strong external demand driven by weak INR and Trump’s actions on corporate taxes. NIFTY REALTY remained a drag, declining by 4.1%, followed by NIFTY MEDIA index declining by 3.2%. On the other hand, the declines were prominent in the NIFTY FMCG index, which fell by 1.8% as weak Q2 earning and weak consumption outlook hammered the sentiments. Uptick in crude prices too pressured the Nifty Oil and Gas index, declining by 1.9% during the week.
Global Outlook
Globally, the U.S. markets remained upbeat, with Dow Jones and S&P 500 both gaining ~4.7% respectively during the week. The bullish sentiments were visible across Tech companies with expectations of potential shifts in economic policy by Trump. Bullish US markets also reflect FOMC’s Nov-2024 policy communication on growth. With US growth expected to remain resilient and confidence on inflation coming down.
However, in Europe, the UK’s FTSE index declined by 1.35%, weighed down by economic uncertainty. On the other hand, Asian indices gained with focus on China’s key legislature meeting that is expected to unveil policy support to boost flagging growth. Meanwhile, China’s Hang Seng rose by 1.08% and Shanghai Shenzhen CSI 300 index increased by 5.5% during the week.
Overall, the past week’s domestic equity performance indicates a combination of local and global factors influencing markets, with specific sectors under pressure due to FPI outflows, concerns on domestic growth and policy uncertainties.
Other Markets:
Brent crude price inched higher and settled at $ 74.8.
The rupee depreciated further and closed at Rs 84.37 against the US dollar.
Gold slightly declined to settle at Rs 77,100 per 10 grams.
The 10 Year Benchmark G-Sec yield was at 6.81%.
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
