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The domestic equity markets witnessed gains today, driven by positive global cues fueled by US Fed’s decision to hold rates and maintain its stance for 3 potential rate cuts this year. Also, the US housing, manufacturing and labor data showed resilience in the economy, boasting sentiments further. As a result, the Nifty 50 benchmark index which was trading in red earlier, recovered and ended the week flat 0.3% gains. Whereas the Nifty Midcap 150 index and Nifty Small cap 250 index gained 1.4% and 1.7% respectively.
Most of the sectoral indices closed in green this week. Nifty Realty, Nifty Auto and Nifty Metals were at the top gaining, 5.3%, 4.2% and 4.21% respectively. While Nifty IT and Nifty FMCG lost the most and fell by (-) 6.2% and (-) 0.7% respectively.
Along with Fed’s rate cut assurance, good performance in chip stocks also drove US markets. S&P 500 (US) Index^, Dow Jones and NASDAQ registered major gains this week by closing 2.4%, 2.8% and 2.7% higher. Growing confidence in the economy and potential rate cuts drove the UK based FTSE Index to gain 2.5%. Asian indices were a mixed bag. Nikkei registered significant gains this week by gaining 5.6%. Kospi gained 3.1%. Whereas Hang Seng and Shanghai Composite Index lost (-) 1.3% and (-) 0.2% respectively.
Other Markets:
Brent crude prices rose to $ 85.98.
The rupee fell slightly to settle at Rs 83.52 against the US dollar.
Gold prices went up slightly the week, to settle at Rs 65,975 per 10 grams.
The 10 Yrs G-Sec was at 7.09% compared to its last Friday close of 7.06%.
Source: www.nseindices.com; google finance, MCX Gold Prices; www.rbi.org.in; Morningstar and tradingeconomics.com
Data for week ended on March 22, 2024. ^ data for the week (Fri – Wed)
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