The Motilal Oswal Global Market Snapshot provides a quick glance at index performances and economy updates from the Indian & global markets.
View the full report here.
Indian Market Update
- In March 2024, the Nifty Next 50 index continued its streak as the top performer with a 2.8% growth, while the midcap, smallcap, and microcap indices saw declines of 0.4%, 4.2%, and 6.2% respectively.
- The auto sector continued its upward trajectory and surged by 4.9%, leading as the top performer, while the IT index saw a 7.5% decline, marking it as the worst performer.
- Also, in FY24, the realty sector soared with a remarkable 132.5% return, securing its position as the top-performing sector of the year.
- All the factor-based investment strategies, except quality, yielded positive returns. The Momentum factor took the lead with a notable increase of 2.6%.
- The Financial Services, Consumer Discretionary and Industrials sectors were the top three contributors to the overall returns of Nifty 500, resulting in a positive impact of 1.1%.
Global Market Update
- In the US, S&P 500 and NASDAQ 100 both experienced a 3.1% and 1.2% gains respectively in March 2024 with all the sectors contributing positively to the S&P 500’s rise.
- Taiwan led the emerging markets achieving an 6.6% growth, while Germany & UK emerged as the top performers among developed markets, each experiencing a 3.8% increase.
- Crude oil prices surged for the third consecutive month, climbing by 6.3% in March. The recent surge has been due to Ukraine’s drone attack on Russian refineries and extended production cuts by OPEC.
- In March 2024, the yellow metal reached a new all-time high and witnessed a rise of 8.1%. In FY24, Bitcoin rose by 150.2% and Ethereum by 100%, showcasing notable growth in the cryptocurrency market.
Economic Indicators
- Driven by robust demand across all sectors, the composite PMI reached its highest level since July 2023.
- FIIs demonstrated robust net buying activity, amounting to Rs. 51,996 crores across equity and debt segments, with equity inflows notably contributing Rs. 35,098 crores.
- DIIs remained net sellers, totaling Rs. 1,462 across equity and debt segments, with the equity segment receiving an inflow of Rs. 45,120 crores.
- The GST revenue recorded its second-highest collection ever, showing an impressive year-onyear growth of 11.5%. Moreover, FY 2023-24 saw overall collections surpass the Rs. 20 lakh crore mark for the first time.
