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Indian equity benchmark -- Nifty -- ended Thursday’s trading session in positive terrain with marginal gains, as market participants continued to monitor Q4FY24 earnings. After making a negative start, soon index turned positive and traded on higher note, as sentiments were positive with a private survey showing that growth in India's manufacturing sector slowed marginally in April but remained robust thanks to strong demand, prompting firms to ramp up purchases of raw materials at a near-record pace. The HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, dipped to 58.8 in April from a 16-year high of 59.1 in March, below a preliminary estimate for no change from the previous month. Despite softening, it was above its long-run average and in expansionary territory for a 34th month. The 50-mark separates growth from contraction.
In afternoon session, index traded near day’s high point, as sentiments were positive after the India's Goods and Services Tax (GST) collections in gross terms hit a record high in April 2024 at Rs 2.1 lakh crore. The government had collected Rs 1.87 lakh crore as GST in the same period last year. Adding more optimism, Finance Minister Nirmala Sitharaman said GST collection breached the Rs 2 lakh crore milestone on the back of strong economic momentum and efficient tax realisation. The street overlooked reports that the Reserve Bank of India will likely delay cutting interest rates until the final quarter of the year, as inflation risks rise and the US Federal Reserve keeps rates on hold for longer. In last leg of trade, index trimmed some of its gains, but ended above its neutral line.
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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