Week Gone by 31.05.24: Market Turbulence and Election Excitement

During the week, the main indices saw considerable losses as benchmarks fell in three out of five trading sessions. Weak global cues, regional diversions and election outcome uncertainty are the key factors for recent losing streak. The Nifty 50 fell by 1.86%, closing at 22,531. Broader market couldn’t sustain its outperformance as both Mid and Small Cap index fell by 1.53%

Economy: India's GDP for Q4FY24 surged to 7.8%, led by strong performance in manufacturing sector. The full fiscal year real GDP growth estimates stands at 8.2%. According to the latest RBI data, India’s forex reserves jumped $4.5 billion to a new all-time high of $648.7 billion for the week ended May 17.

?The IMF raises China's GDP growth forecasts to 5% for 2024 and 4.5% for 2025 but warns of risks from deflation and a protracted property crisis. Further, an unanticipated decline in manufacturing activity in China was observed in May which fueled calls for additional government stimulus to tackle the protracted property crisis.

#Gainers4week - #Top3??

#ZFCVINDIA 28.5%? Stock rose on the news of partnership with IIT Madras to build Global Mobility Digital Infrastructure which will enable progess in electric vehicles, autonomous driving, and smart transportation systems

#KNRCON 16.8%? Strong growth in Q4 numbers, 140% YOY jump in net profits

#TITAGARH 15.4%? Rose on back of management commentary of margin expansion?

#losers4week #Top3

#SCHNEIDER -21.3% Disappointing Q4 results with a profit decline of 93%

#MTARTECH -16.2% Stock tumbled after Q4 numbers missed management guidance

#MAHSEAMLES -14.1% Weak Q4 results with a profit decline of 41%

?#Weekahead

The nation is abuzz as the Lok Sabha election results draw near next week on June 4, 2024, with a close eye on their implications for future policy direction. RBI will hold its monetary policy committee(MPC) meeting during June 5 to 7, 2024 which is widely expected to hold the benchmark repo rate at 6.5% in its upcoming policy.

On the global front, the European Central Bank (ECB) will also decide on interest rates, with projections indicating a potential rate cut. China's Caixin Manufacturing PMI and the US, ISM Manufacturing PMI for May will be declared on Monday, June 3, 2024.