Equity Outlook December 2023 By Tata Mutual Fund
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MARKET PERFORMANCE
BROAD MARKET UPDATE
* The Nifty, after consolidating in October 2023, bounced back in November 2023 with a 5.5% MoM gain. Notably, the index was extremely volatile and swung around 1,185 points before closing 1,054 points higher.
* The global and domestic markets made a smart comeback as investors remained convinced that the US Federal Reserve was done with its ratehike cycle, coupled with strong institution flows.
GLOBAL MARKETS PERFORMANCE
* Markets closed November in a positive mood thanks to tentative signs of economic moderation in the US and falling inflation across developed markets.
* Major stock indexes gained over the month, with the US’s S&P 500 index rising the most (up 9.1%) and growth stocks – in particular the technology sector - outperforming their value counterparts globally.
SECTORAL PERFORMANCE
* All major sectors gained in Nov 23. Realty gained the most for the month.
* For the year ending Nov 23, Realty (59%) and Auto (33%) made the highest gains while Bank (3%) was the lowest performer.
MARKET CAP PERFORMANCE
Mid-cap and small cap index continue to outperform the large cap index on both 1 month and 1 year period.
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