Nifty ends 5-month winning streak in August
Benchmark index oscillated 572 points before closing 500 points or 2.5 per cent m-o-m lower at 19,254 in August
image for illustrative purpose
New Delhi: Nifty ended its five-month winning streak in August 2023. After scaling new highs in July, the benchmark saw some profit booking and consolidation in August, says a report by Motilal Oswal Financial Services.
The index oscillated 572 points before closing 500 points (or 2.5% MoM) lower at 19,254. The Nifty is up 6.3 per cent in CY23YTD.
Mid-caps/Small-caps outperformed large-caps by 6.2 per cent / 7.1 per cent in August. Similarly, mid-caps/small-caps have outperformed large-caps and have risen 24 per cent / 26 per cent vs. 6 per cent rise for the Nifty in CY23YTD, the report said.
DIIs recorded notable inflows of $3bn in August after remaining muted for the last four months. Net inflows stood at $13.2bn in CY23YTD. FIIs remained net buyers for the sixth straight month at $1.7bn in August; YTD inflows stood at $17bn.
All major sectors ended lower in August. Media (+11 per cent ), Technology (+4 per cent ), Telecom (+3 per cent ), Capital Goods (+3 per cent ), and Healthcare (+1 per cent ) were the only gainers. While, Oil & Gas (-4 per cent ), PSU Banks (-3 per cent ), Consumer (-3 per cent ), Infrastructure (-3 per cent ), and Private Banks (-2 per cent) were the key laggards, the report said.
Barring Russia (+5 per cent ) and Indonesia (flat), August month saw key global markets such as MSCI EM (-6 per cent ), China (-5 per cent ), Brazil (-5 per cent), the UK (-3 per cent ), Taiwan (-3 per cent ), Korea (-3 per cent ), India (-3 per cent ), the US (- 2 per cent ), and Japan (-2 per cent ) decline in local currency terms. Over the last 12 months, the MSCI India index (+5 per cent ) has outperformed the MSCI EM index (-1 per cent ). Over the last 10 years, the former has outperformed the MSCI EM index by 195 per cent, the report said.
