Indian equity benchmark -- Nifty -- ended Tuesday’s trading session on a lower note ahead of March F&O expiry. Index made a negative start and remained lower, as traders were cautious with provisional data from the NSE showing that foreign institutional investors (FIIs) net sold shares worth Rs 3,309.76 crore on March 22. Weakness also prevailed in the markets after the latest payroll data released by the Employee Provident Fund Organisation (EPFO) said the formal labour market in January experienced a slowdown as fewer fresh jobs were created during the month. In January 2024, the number of new monthly subscribers under the Employees’ Provident Fund (EPF) declined by nearly 4 per cent to 807,865 from 840,584 in December 2023.
Index continued to trade lower in afternoon session, as traders remained cautious after Ministry of Finance has warned the ongoing crisis along the Red Sea shipping route poses a risk to 80 percent of India’s goods trade with Europe and could lead to higher inflation and lower growth in India due to rising transport costs. Traders overlooked report that S&P Global Ratings has raised India's Gross domestic product (GDP) growth forecast for the next financial year (FY25) to 6.8 per cent, but flagged restrictive interest rates as a dampener for economic growth. In November 2023, it had projected India's growth to be 6.4 per cent in FY25 on robust domestic momentum. It said the Indian economy is estimated to have clocked a growth of 7.6 per cent in the current fiscal (FY24).
Traders were seen piling up positions in Realty, OIL & GAS, and Consumer Durables stocks, while selling was witnessed in Media, IT and Bank. The top gainers from the F&O segment were Dr. Lal PathLabs, Interglobe Aviation and Hindustan Copper. On the other hand, the top losers Zee Entertainment Enterprises, Bharti Airtel and Power Grid Corporation of India. In the index option segment, maximum OI continues to be seen in the 22900 - 23100 calls and 21900 - 22100 puts indicating this is the trading range expectation.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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