The Motilal Oswal Global Market Snapshot provides a quick glance at index performances and economy updates from the Indian & global markets.
Here’s a small preview of the report –
Indian Market Update
- In September 2023, Indian stock markets exhibited a positive trend, highlighted by a 2% increase in the Nifty 50 index, with midcap indices taking the lead, surging by 3%.
- All sectors including auto, banks, consumer durables FMCG, healthcare witnessed the positive performance. The Energy sector outperformed all others, surging by 6% during the month.
- Factor-based investment strategies, including Momentum, Low Volatility, Quality, and Value, all delivered positive returns for September. Notably, the Value factor led the way with a significant 10% increase in the same period.
- The Financial Services sector continued to play a pivotal role in driving returns for the Nifty 500 index, contributing 0.63% to the overall 2.18% gain for the index in September 2023.
Global Market Update
- In the US market, the S&P 500 and NASDAQ 100 both experienced a 5% decline in September 2023, with the Information Technology (IT) sector once again being the primary contributor to the S&P 500’s fall.
- Globally, both emerging and developed markets saw negative performance, with declines of 4% and 3%, respectively. South Korea witnessed the most significant drop at 5%, while Germany led the decline in developed markets with a 6% decrease.
- Crude oil prices surged by 9% during September, raising concerns about potential impacts on inflation, fiscal balances, and current account deficits.
- On the commodities front, precious metals faced declines, with gold and silver prices falling by 4% and 5%, respectively. In contrast, cryptocurrencies like Bitcoin and Ethereum registered gains of 4% and 2%, respectively.
- India’s retail inflation eased to 6.83% in August from 7.44% in July, primarily due to a cooling in vegetable prices compared to the previous month.
- India’s services sector showed robust growth in September, with a reading of 61 on the services PMI, marking the 26th consecutive month of growth, and the strongest output in 13 years.
- The Federal Reserve maintained steady interest rates while signaling an expectation of one more rate hike by year-end and fewer cuts next year.
- US CPI rose 3.7% in the year through august, marking another month of accelerating inflation with gas prices being the biggest contributor of rising inflation.