It was a dull week across every asset class : Equity Market(both NIFTY and SENSEX) fell by around 0.5%. in the week ending on 2nd June 2023 ( Friday). In the bond market , the Yield came down from 7.10% to 6.84% due to good buying demand in there. FIIs ( Foreign Institutional Investors) were net seller with Rs 7,168 crores and MFs / DII (Domestic Institutional Investors were net seller of - Rs 2752 crores
Jindal Saw (+25% ), TV 18 ( +15.73%), Birla Corp(+14.93%), Graphite India (+14.71%) and RBL Bank (+14%) were the Top 5 gainers in the Large & Midcap category; all these stocks are roaring to breach thier 52 months High. Keep a watch on these stocks.
*Source - www.google.com
"Charting the Path: A Visual Representation of NIFTY and Sensex Performance Throughout the Week"
Although equity market was dull during the week but it appeared bullish under the speculations that the U.S. Federal Reserve might pause its interest rate hikes, leading to an increased appetite for riskier assets. Analyst believe that there could be a good momentum in Banking & Financial service stocks. Although Silver did well last week with descent gain of more than 2% , the week ahead seems to be a flat to upside, in view of rupee getting stronger in next few days. Please see the weekly trend sheet of various Mutual Funds category ( Asset wise) :
( Above data is the category average as on 2nd June 2023 sorted by 1 week performance)
Disclaimer
Mutual Fund investments are subject to market risks, read all scheme related documents carefully. The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the fluctuations in the interest rates. The past performance of the mutual funds is not necessarily indicative of future performance of the schemes. The Mutual Fund is not guaranteeing or assuring any dividend under any of the schemes and the same is subject to the availability and adequacy of distributable surplus. Investors are requested to review the prospectus carefully and obtain expert professional advice with regard to specific legal, tax and financial implications of the investment/participation in the scheme.
Key news of the week - America steps out of debtor's trap
On the global front, the announcement by Jerome Powell, Chairman of the US Federal Reserve, stating that there won't be an interest rate hike in June, brings a positive outlook for Indian equity markets and global markets as well."
For Indian equity markets, this development brings a sense of relief and encourages a positive outlook. The absence of an immediate interest rate hike in the US reduces the likelihood of capital outflows from emerging markets, including India. As a result, market sentiment is expected to improve, with the potential for increased investment flows into Indian equities. It sets a favourable tone for investors, fostering an environment of stability and providing the impetus for continued economic growth and market resilience.
Silver gained around 2% last week and remain bullish, as fresh data for initial jobless claims and the ADP (NASDAQ:ADP) report continued to point to a tight labour market, raising further bets interest rates will need to stay higher for longer. However, remarks from some Fed officials suggested the Fed could pause rate hikes this month. Around 71% of investors continue to expect borrowing costs to be left steady. Meanwhile, traders welcomed the passage of the Fiscal Responsibility Act of 2023 by a vote of 314-117 in the House of Representatives. The bill is now headed to the Senate and is expected to be approved before the June 5th default deadline.
Upcoming NFO's (New Fund Offers)-
"Upcoming Mutual Fund NFOs: Key Points to Consider for Your Investment Decisions"
NAME OF NFO | OPENING DATES | CLOSING DATES | SCHEME TYPE | Fund Type |
Quant Banking & Financial Services Fund | Opening date-1 June '23 | Closing Date-14 June'23 | Open Ended | Fund will invest in equity and equity related instruments of banking and financial services. |
ITI Focused Equity Fund | Opening date-29 May'23 | Closing Date-12 June'23 | Open Ended | Fund will invest in a concentrated portfolio of equity & equity related instruments of upto 30 companies across market capitalization. |
Please feel free to call us at 9307218766 or 0522-4101666/67 for instant investment support or Online link in any of these NFO's.
Quote of the week
"Investing is not about chasing quick riches; it's a journey of patience, discipline, and making informed choices to build long-term wealth."
Stay tuned for next week's update , Happy investing💰!
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