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MARKET PERFORMANCE

BROAD MARKET UPDATE

* Indian benchmark equity indices broke a two-month gaining streak on back of mixed corporate earnings results, profit booking and easing expectations of rate cuts by the US Fed, Nifty was flat in Jan 2024 (-0.03%) . 

* Notably, the index was extremely volatile and swung around 860 points before closing 6 points lower.

GLOBAL MARKETS PERFORMANCE

* Following the ‘almost everything rally’ that characterized the final quarter of 2023, performance was mixed in January 2024.

* Segments of risk assets were buoyed as economic data further fueled hopes for a ‘soft landing’. This optimism was slightly tempered at the end of the month when the struck a less dovish tone at its January meeting.

* In China, the domestic economy continued to struggle, with weak retail sales and deterioration in housing activity. Although the PBOC announced a number of stimulus measures, they were insufficient to re-ignite activity.

SECTORAL PERFORMANCE

* All major sectors except media, private bank, bank, financial services, FMCG gained in Jan 2024.

* For the year ending Jan 24, Realty (108%) and PSU Bank (57%) made the highest gains while Bank (13%) 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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