Indian equity benchmark -- Nifty -- ended Monday’s trading session on a higher note amid value buying by investors. Traders turned their focus towards Federal Reserve’s policy meeting. After making slightly positive start, soon index extended its gains, as sentiments were up-beat after S&P Global Ratings in the Asia-Pacific 2Q 2024 Banking Update stated that Indian banks' credit growth, profitability and asset quality would remain robust in current fiscal reflecting strong economic growth, but they may be compelled to slow down their loan growth as deposits are not growing at a similar pace. Some support also came as private report estimates India's GDP growth at 6.6 per cent in the current fiscal helped by consumption expenditure, exports rebound and capital flows. It said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services.
In afternoon session, index continued its northward journey and remained higher till the end, as traders were relieved amid a private report stating that intensifying heatwave is unlikely to significantly dent India's growth, even though it could cause some disruption in construction and farm activity. The street took a note of the Reserve Bank of India’ latest working paper titled ‘Equity Markets and Monetary Policy Surprises’ stating that equity markets are impacted more by the expectations of future monetary policy than the policy rate surprises on the day of announcement of the policy by the Reserve Bank.
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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