2.7% fall in Oct steepest m-o-m fall for Nifty in 2023
Nifty-50 index oscillated 1,012 pts before closing 559 pts lower at 19,080 in Oct; Sector rotation in Indian equities may continue
Retail investors should avoid derivatives trade due to high risk: NSE chief
New Delhi Nifty-50 index oscillated 1,012 points before closing 559 points (or 2.8% MoM) lower at 19,080 in October, notably the steepest month-on-month decline in CY23, Motilal Oswal Financial Services said in a research.
The global and local markets were jolted by the Israel-Palestine conflict. FII outflows have been sharp in the last two months; however, they were matched by stronger DII inflows. In October 2023, DIIs recorded the highest inflows in the last seven months at $3.4b. FIIs saw outflows for the second consecutive month at $2.7b, the report said.
All major sectors end lower in October 2023: PSU Banks (-6%), Telecom (-6%), Metals (-6%), Utilities (-5%), and Healthcare (-5%) were the top laggards, while Real Estate (+5%) was the only gainer.
Barring Russia (up 3% MoM), October 2023 saw key global markets such as Korea (-8%), MSCI EM (-4%), the UK (-4%), Japan (-3%), China (-3%), Brazil (-3%), India (-3%), Indonesia (-3%), the US (-2%), and Taiwan (-2%) close lower in local currency terms. Over the last 12 months, the MSCI EM index (+8%) has outperformed the MSCI India Index (+4%). Over the last 10 years, the MSCI India Index has notably outperformed the MSCI EM index by 178%.
