- The BSE Sensex closed at 84,300 up by 2.35% and the Nifty 50 closed at 25,811 up by 2.27% in September 2024. Markets initially rallied by positive investor sentiments of a more than usual interest rate cut by the US Federal Reserve. However, in the last week of month, markets went down due to selling pressure by FIIs on wake on stimulus measures from China.
- From a sector perspective, leading gainers were Metal (+8%), Consumer Durables (+6%), Power (+5%) and Realty (+4%) while losers included Telecom (-5%), Oil & Gas (-3%) and PSU Bank (-3%).
- The FII’s turned net buyers during the month and bought Indian equities worth Rs 12,612 Crores even though it experienced selling pressure in the last week due to China’s announcement. While, DIIs continued to remain net buyers for a consecutive 9th month this year, with purchases worth Rs 30,857 Crores in September 2024.
- Significant escalation in the Middle-east conflict is also creating geopolitical imbalance and is driving the crude prices up which will also have bearing on Indian equities.
- 10yr G-sec yield fell by 11 bps to 6.75% in Sep’24 from 6.86% in Aug’24. During the month, 10yr G-Sec yield traded within the band of 6.72-6.88%.
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
Disclaimer:
This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.
This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction.