Indian Stock Market Report: Week 3, February 2024
Positive global cues, fueled by renewed expectations of a Fed rate cut, bolstered investor sentiment.
The Nifty 50 kicked off the week on a bearish note, experiencing selling pressure on Monday. However, it stabilized over the next two days before eventually turning around and ended the week positively with +1.15%.
Key points:
- Positive global cues, fueled by renewed expectations of a Fed rate cut, bolstered investor sentiment.
- The Nifty Auto, PSU Banks, Oil & Gas, and Pharma sectors outperformed the market, whereas Private Banks, FMCG, and Metals underperformed.
Here is a summary of the performance of Investmint models for this week:
Leaders and Laggards
- The 'Trending Ten' and 'Quick Short' models were the best performers, yielding +5.69% and +4.30%, respectively.
- On the other hand, 'BTST' and 'Nightcrawler' were among the underperformers, with +0.50% and -0.31% returns, respectively, in the same period.
As we conclude this week, we approach the coming week with a cautiously bullish to sideways stance as long as the index stays above the gap between 21970 to 21930.
Disclaimer: The opinions expressed in this blog are personal views and should not be considered financial advice. Please do your own research and consult with a professional before you make any investment decisions.
