In the month of November 2024, the market ended flattish on a month-on-month basis. The Nifty slipped below the psychologically important 24,000 level. However, the market bounced back after the Maharashtra elections and closed the month above 24,000 levels. The broader market also ended flat on a month on month basis. FIIs continued to be net sellers in November, even though ...
Global events weighed on Indian equity market in October 2024. The Nifty fell by 1,600 points to close at 24,205. The Sensex slumped nearly 5,000 points to close below the psychologically important 80,000 level. The market breadth was negative as the broader market underperformed versus the Nifty, with midcaps suffering the most. Almost all industry sectors closed in red in October, as the market awaits...
International events dominated equity markets in the month of September 2024. The Nifty closed September below the 26,000 level after heavy FII selling on the last day. FIIs sold nearly Rs 10,000 crores of stocks in the cash market on the 30th September 2024. The spectacular rally in China after the government in Beijing announced stimulus measures has led to a shift in global investment flows...
The Sensex closed August 2024 above 82,000 while Nifty closed well above psychologically important level of 25,000. The broader market kept pace with the Nifty, but we are seeing early signs of exuberance waning for midcaps. Nifty Next 50 was the standout segment in August as it outperformed both Nifty 50 and Nifty Midcap 150 indices. Small cap was the best performing of segment. Sector rotation continued in August...
The Sensex closed July above the 80,000. Nifty also made record high, closing near the 25,000 mark. The market shrugged off the Budget blues (capital gains taxes raised) and continued its bullish momentum. The rally was broad based with midcaps and small caps outperforming the Nifty. Nifty Midcap 150 and Nifty Small Cap 250 TRI have given nearly 28% and 27% YTD returns respectively (as on 31st July 2024)...
Equity market closed month of June 2024 at record highs, despite the mayhem in the market on the Lok Sabha election results day, when the market crashed by 6 – 7%. However, final results tally ensured comfortable majority for the NDA and markets rebounded on hopes of policy continuity. The market crossed important psychological levels in July – Nifty crossed the 24,000 level, while the Sensex crossed...
The equity market continued to be volatile in May 2024 due to uncertainty about Lok Sabha election results. The first two trading sessions saw huge volatility see-saw. The market made record highs after the exit polls, which predicted a big win for the NDA. However, the market crashed on the counting day when trends suggested that NDA may get a much smaller majority than what the exit polls had predicted....
The equity market was volatile in April 2024, but ended the month with solid gains. The volatility in the market was caused by global factors. Strong economic data in the US raised concerns about the timing of rate cuts which led to correction in US stocks. All the 3 major indices in the US, the Dow, NASDAQ and S&P 500 closed the month with 4 – 5% losses. FIIs turned net sellers as they sold net equities of Rs 11,200...
Indian equity market in March 2024 was a mixed bag. While the Nifty and Sensex made record highs, midcap and small cap stocks were roiled by profit booking and volatility. Following positive global cues bellwether indices gained 1.6%. The Sensex gained around 1,100 points closing at 73,651, while the Nifty gained 350 odd points to close at 22,327. After two consecutive months of net selling, FIIs turned net buyers in March...
Indian stock market bounced back in February 2024 closing the month near the all-time highs. The Sensex gained 1% to reclaim the psychologically important 72,000 level. Nifty closed February near 22,000 levels. FII selling, which was relentless in January, subsided considerably in February signalling improving risk sentiments towards emerging markets, especially India. India’s Q3 (October to December 2023) GDP grew...
Stock market was very choppy in January 2024. Nifty fell 900 points from its 52 week high, but was able to recover most of the losses by end of the month. The Sensex was down 0.7% month on month basis. Volatility in January was caused primarily by relentless FII selling due to global / regional factors. FIIs have been reassessing their emerging market allocations in face of China’s economic slowdown. Though People’s Bank...
Stock market capped off the year 2023 in great style with both Nifty and Sensex making record highs in December 2023. The markets cheered Fed’s indication in its December FOMC meeting that there will be multiple rate cuts in 2024. The Nifty and Sensex gained nearly 8% in December to close the year above 21,700 and 72,000 levels respectively. India was the standout outperformer in the emerging markets pack...
Equity markets rebounded on hopes that US interest rates have peaked. The market is expecting Fed to hold rates at current level and start cutting interest rates from the middle of 2024. The S&P 500 rallied by 8.5%. The US stocks rally supported rally in Indian equities and the Nifty closed the month of November 2023 above the psychologically important 20,000 level. The Sensex gained 5% closing very close to 67,000 level...
Historically, the month of October evokes some of scariest memories in the stock markets. The worst market crash in history took place on October 28, 1929 which marked the beginning of the great depression. The Black Monday crash of 1987 in the US also took place in October. The biggest crash of the Global Financial Crisis of 2008 also came in October. October 2023 was a volatile month for the Indian stock market. From...
Nifty scaled the 20,000 level in September 2023 but retraced back to 19,600 – 19,700 on profit booking in the last 2 weeks. Sensex closed the month above the psychological 65,000 level. Global factors were responsible for the volatility in the last 2 weeks of the month. In the FOMC meeting held in September the US Federal Reserve held interest rates unchanged but indicated another rate hike before the end of...
August was weak month for global equities as higher US bond yields weighed on the equity markets around the world. The Nifty and Sensex was down 2.5% in August. The broader market however, continued to outperform Nifty. India continued to outperform the emerging markets pack. The MSCI India Index (USD) fell by 1.9%, while MSCI EM Index (USD) was down more than 7%, largely due to underperformance by China. India’s...
Indian equities closed the month of July at all time highs. The Sensex and Nifty gained 2.8 – 2.9% to close above 66,000 and 19,700 levels respectively. The broader market continued its strong rally, with mid and small caps outperforming large caps in July. Global liquidity is strong and the global market sentiment is risk on. FIIs ploughed in more than Rs 35,000 crores in July, but FII flows may slow down in coming months...
Indian equities continued to gain further strength in June. The Sensex and Nifty gained around 2.5% to close around all time highs of 64,700 and 19,200 levels respectively. FIIs ploughed in more than Rs 50,000 crores, as India continued to be an outperformer the emerging markets pack in the month of June. MSCI India Index gave 7% return in dollar terms, while MSCI EM Index gave 4% return in June. The broader market...
Indian equities continued to gain strength in May. The Sensex and Nifty gained 2.5% to close above 62,500 and 18,500 levels respectively. The resolution of the US Debt Ceiling crisis has provided more confidence to global equities. The meteorological department has forecasted "normal monsoon" this year. This is good news for rural consumption which remained sluggish for many quarters before returning back to growth in...
April 2023 was a good month for equities globally despite lingering concerns about weakness in the banking system. The Nifty gained 4%, closing the month above the important psychological level of 18,000. Upward momentum was seen in the broader market as well, with the Nifty 500 gaining 4.5%. FIIs inflows continued in April, with FIIs making net purchase of nearly Rs 10,000 crores in April. The mechanical indicators...
Indian equity market was an underperformer in March 2023 compared to developed markets like the US. Adani stocks continued to be an overhang on the market in the first couple of weeks in March. The collapse of Silicon Valley and Signature Banks in the US, along with Credit Suisse crisis caused markets to turn volatile in the middle of March. However, the market recovered most of its losses by end of the month...
Global equities declined in February after rallying in January. Hawkish statement by the US Federal Reserve weighed heavy on the markets. Though the Fed reduced its rate hike by 25 bps from 75 bps to 50 bps, Fed’s statement, “Inflation has eased somewhat but remains elevated” was interpreted by the market as Fed’s intent of keeping interest rates high, longer than the market has been anticipating. Strong labour market data from...
Global equities rebounded in January, with increasing confidence among global investors that the US Federal Reserve is nearing the end of its interest rate tightening cycle. The comments made by the Fed Chairman in the last FOMC meeting further reinforced this viewpoint. US market rebounded in January and technology stocks, which had seen the biggest cuts in 2022, rallied strongly in January. The reopening of China after repeated...
Markets turned volatile in December 2022 after hawkish comments by the US Federal Reserve. Though the Fed resized its rate hike to 50 bps in its December meeting, the Fed is committed to reducing its balance sheet (assets) to bring down inflation. By selling its assets, the Fed plans to suck up liquidity from the financial system forcing prices to go down. This will only have an impact on the bond market, but on stock markets as well...
The bullish trend in the stock market continued in November 2022. Major brokerage houses in the US are expecting the US to avoid a recession in 2023 when the interest rate cycle comes to its end. With crude oil prices falling, fear of stagflation is falling. With favourable global cues, both the Nifty and Sensex rallied by 4% in November, closing the month at record highs. India has been, over the past few months, the star performer in...
Equity markets led by the US rebounded in October 2022. The Sensex and Nifty rallied 5 - 6%, closing above the very important psychological levels of 60,000 and 18,000 respectively. Investors in the US, where inflation is a major concern are expecting, inflation to moderate in the near future which could signal a reversal in the Fed’s policy stance and some visibility on the end of the interest rate cycle. While the Fed hiked interest rate...
September was a volatile month for global equities. Comments made by US Federal Reserve Governor Jerome Powell at the end of August, weighed heavy on the market and global investors turned risk averse. Governor Powell in his speech said indicated that more interest hikes will be needed and the US economy may go into recession at the end of the interest rate tightening cycle. FII net flows which were positive for the last two...
Indian equities continued to strengthen in August 2022 after a strong showing in July. Nifty rose by 3.5% to close the month at the 17,700 – 17,800 levels. The Sensex closed the month near the psychological 60,000 level. The broader market continued its strong performance from July and outperformed both the Nifty and the Sensex...
Equity market rebounded strongly in July after global inflation showed signs of cooling off. Nifty gained 8.7% to close the month above the important 17,000 level. The Sensex closed July close to the 58,000 level. The broader market also rebounded strongly after months of weakness with the Nifty 500 gaining 9.5% in the month of July...
Equity market fell further in June after both US Federal Reserve and RBI hiked interest rates. Nifty fell by 5% and breached the 16,000 support level. FII selling accelerated in June due to rising US Treasury bond yields and INR depreciation. The broader market also continued to remain weak with some buying interest coming in at lower...
Equity market remained volatile in May 2022 due to inflation concerns and the trajectory of interest rates. In its monetary policy meeting, the RBI hiked repo rate by 40 bps and the RBI Governor has indicated that more rate hikes are on their way. FII selling continued due to rising US dollar and bond yields, leading to Nifty breaching...
The equity market in April began on a positive note, continuing to build on gains made in March, but sentiments turned negative by the middle of second week. The market had been discounting a gradual increase in interest rates, but the expectations soon shifted towards steeper rate hikes in FY 2022. Strengthening US dollar and...
The equity market in March showed resilience in the face of adverse news and closed the month with solid gains. The war in Ukraine weighed on the markets as we began this month, dragging the market down to its 8-month low. However, the market rebounded with Nifty closing the month near the 17,500 level. The FIIs continued...
February 2022 was a volatile month for equity markets around the world. After weeks of simmering tension between Russia and Ukraine, the Russian President Vladimir Putin, ordered his armed forces to invade Ukraine on 24th February 2022. Stock markets crashed after the invasion. Both Sensex and Nifty closed...
The Finance Minister presented the Union Budget 2022 in the Parliament on 1st February 2022. In our opinion this is a growth oriented Budget as the Government has shown strong commitment towards economic growth recovery as opposed to fiscal considerations. Salaried investors who were expecting...
The stock market was volatile in the first half of December 2021 as concerns about the highly infectious Omicron variant of COVID made markets nervous. However, as information about the virulence of Omicron started coming in from different countries, the market recovered its losses and posted solid gains to close the month...
The stock market remained volatile in the month of November. Sentiments weakened in the last week of November as fears of a new COVID wave caused highly virus strain, Omicron gripped the market. As scientists around the world are studying the new virus stain, volatility is expected to continue for......
The stock market was volatile in October 2021 primarily due to developments in the US. US President Joe Biden’s plan of passing $1.75 trillion spending bill met with political resistance within the Democratic Party, causing nervousness in the markets. As negotiations......
The Sensex and Nifty continued its bull run in September 2021. Both the Nifty and the Sensex rose by 3 - 4% in August, ending the month above 17,600 and 59,000 levels respectively. FIIs continued to be bullish about Indian market, with net purchase to the tune of Rs 7,663......
After trading sideways in July, the Sensex and Nifty resumed its bull run in August. Both the Nifty and the Sensex rose by 8 – 9% in August 2021, ending the month above 17,000 and 56,000 levels respectively. FIIs turned into net buyers in August, but the market was driven mainly by the bullish domestic sentiments with DIIs...
The stock market traded sideways in the month of July 2021. Both the Nifty and the Sensex ended the month almost flat at 15,763 and 52,586 respectively. While FII sentiments turned net sellers in July, with net sales to the tune of Rs 12,700 Crores, the DIIs turned buyers in July. Q1 earnings released by companies were...
The stock market closed the month of May in the positive territory despite grim news on the COVID front. Both the Sensex and Nifty gained 6.5% and closed the month above the psychologically important 50,000 and 15,000 levels respectively. The performance of the stock market may indicate...
April was a difficult month for the nation as many states struggled with second wave of the COVID-19 pandemic. Several states announced lockdowns in April. The stock market traded sideways with a negative...
The stock market maintained its momentum in March 2021 continuing its strong performance in February. The Sensex gained 0.8% closing above the 49,500 level and Nifty gained 1.1%, closing at around 14,690...
The stock market resumed its upward move in February buoyed by a Union Budget which many experts believe is likely to aid economic recovery. The Sensex closed February above 49,000 and Nifty closed above...
After three months of consecutive gains, the Sensex and Nifty ended January slightly lower on a Month on Month basis. The Sensex closed January 3.1% lower, while Nifty closed the month about 5.5% lower...
The stock market extended its gains in the month of December 2020 ending the year at its all-time high. The Sensex closed the year within touching distance of the psychological 48,000 level...
The stock market clocked impressive gains in the month of November 2020 on the back of strong FII buying. The FIIs pumped in net purchase of Rs 70,845 Crores in November resulting in both Nifty and...
In the run up to the US Presidential elections, the stock market was volatile but ended the month with 3.5 – 4% gains for Nifty and Sensex. Nifty closed the month at nearly 400 points higher at 11,642...
Stock market took a pause after three months of gains in September. Concerns of second wave of COVID-19 infections around the world kept global markets jittery. After remaining weak throughout the...
Stock market continued its winning streak for the third consecutive month though the gains were lower compared to what we saw in June and July 2020. Nifty closed the month at 11,388 around...
The stock market saw two months of successive gains in June and July 2020. In July, Nifty continued to show strength gaining 7.5% and closing above the important psychological level of 11,000. Sensex clocked similar...
After remaining range-bound in May’20, the stock market saw gains in June. Nifty gained nearly 750 points to closing the month well above the important 10,000 psychological level. Sensex closed the month at touching...
On 23rd March PM Narendra Modi announced a nationwide lockdown to slow down the spread of COVID-19 pandemic in India. The lockdown continued till the end of May, though easing of certain restrictions in the...
Around one third of the world’s population was under lockdown in the month of April as Government’s around the globe waged a battle against COVID-19 pandemic. As economic activity saw severe slowdown and...
In my last month’s letter to investors, I had written about the concerns about the rapid spread of Coronavirus across the world. It has now become a global pandemic - across the world the number of cases (nearly...
February 2020 was not a good month for the stock market. The month was dominated by the concerns about global spread of Coronavirus and its impact on the global economy. Nifty closed February at 11,201, nearly...
Nifty closed January at 11,962, a tad lower than the level at the beginning of the month. The index made a high of 12,355 riding on the pre-Budget rally but came off the highs closer to the Budget day. Sensex closed the...
India’s leading stock market benchmark index Nifty closed 2019 at 12,168 giving 12% annual return. While the leading indices closed the year on a good note, the market was very volatile during the year. The market...
Nifty closed November above 12,000 which is close to its all time high; Sensex closed the month at around 40,800. FIIs continued to be net buyers in the month of November continuing the trend set in September...
Nifty continued its winning streak in October 2019 gaining around 400 points. The Sensex closed the month at 40,129 very near its all time high. After 3 months, FIIs turned net buyers in the month of October. The market...
After falling for 3 consecutive months the Nifty reversed its trend and gained around 400 points in September 2019. The most significant event for the stock market in September was the reduction in effective corporate...
Stock market continued on its declining trend in the month of August 2019. This is third consecutive month on month decline for the major stock indices. However, the correction in Nifty or Sensex was not as sharp as...
From this month, EF Monthly Digest is going digital! Readers may recall that we have been printing this Digest since November 1999 and it has been a favourite of our investors since it kept them updated...
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