Nifty Smallcap 250 rose by 10.22% in November 2023: Motilal Oswal Asset Management Company
According to Motilal Oswal Asset Management Company’s Global Market snapshot report, in November 2023, the Indian stock markets experienced a notable upturn, as evidenced by a 6% surge in the Nifty 50 index. While the Smallcap 250 index outperformed, leading the gains with an impressive growth of 10%. Nifty Smallcap 250 rose by 10.22% in November 2023 and 11.07%, 33.68%, and 37.31%, in the last 3 Months, 6 Months, and 1 year, respectively.
Across the board, all sector indices closed the month on a positive note. The realty sector emerged as the top performer, witnessing a substantial increase of 18%.
Following a month of negative returns in factor-based indices, November marked a remarkable turnaround, with all factor-based indices experiencing notable increases. Momentum emerged as the frontrunner, registering the highest rise at 12% during the month
The Financial Services sector continued to play a pivotal role in propelling the Nifty 500 index, contributing significantly to its overall 7.1% increase in November 2023.
Global Market Update
In the US, S&P 500 and NASDAQ 100 both experienced 9% & 11% gains in November 2023, with the IT & Financial Services sector being the largest contributor to the S&P 500’s rise. Globally, both emerging and developed markets saw positive performance, rising by 9% and 8%, respectively. South Korea witnessed the most significant rise ~16% followed closely by Germany & Taiwan rising by 13%.
Crude oil prices nosedived by 6% during November, due to rising geo-political risks, low demand from the US and mixed Chinese data. On the commodities front, precious metals were in the green with gold and silver prices rising by 2% and 8% respectively, amid rising tensions in the middle east. Cryptocurrencies like Bitcoin and Ethereum went soaring at 9% and 13%, respectively.
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