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Indian equity benchmark -- Nifty -- ended Friday’s trading session in negative terrain with half a percent cut, amid heavy selling in Financial stocks. After making a positive start, soon index slipped into red, as traders were cautious with provisional data from the NSE showing that foreign institutional investors (FIIs) net sold Rs 2,823.33 crore shares on April 25, 2024. Traders overlooked report by Engineering Export Promotion Council (EEPC) stating that India's engineering goods including steel and machinery exports rose 10.7% year-on-year in March to $11.28 billion, growing in double digits for the second straight month, despite ongoing supply issues caused by disruption to shipping through the Red Sea.
In afternoon session, index continued to trade below its neutral line and remained lower till the end, as sentiments were downbeat with the World Bank stating that interest rates could remain higher than expected in 2024 and 2025 as global commodity prices level off. Traders were cautious amid reports that India's central bank plans to soon change guidelines to permit banks to temporarily freeze accounts suspected of being used to commit cyber-crimes, as it battles a rising wave of online crime. In last leg of trade, index extended its losses to end with losses of 150.40 points, as traders were worried with rating agency Crisil stating that prices of vegetables, a key component of food inflation, may be elevated for the next few months due to ‘above-normal’ temperatures till June as predicted by the India Meteorological Department (IMD). The rates are likely to decline after the onset of monsoon in June.
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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