Market Outlook - October 2024

Market Update

September 2024 began with a sharp decline in Indian markets, in line with the global markets sell-off. Volatility was high in equity markets globally, though most markets bounced back sharply by the end of September. Indian markets too, recovered quite well with the Nifty Index ending the month up 2.3%, hitting its all-time high on September 27, 2024. The sectoral indices had a mixed finish. Oil & gas (-4%), PSU (-3%) and IT (-3%) were the main losers, while metals (+7%), consumer durables (+6%), and power (+4%) were the biggest winners. Hong Kong, Shanghai, and Thailand saw gains of 17.5%, 17.4%, and 6.6% worldwide, while Brazil, South Korea, and Japan fell 3.1%, 3%, and 1.9% respectively.

Foreign Portfolio Investors (FPIs) bought US$4.2 billion of Indian equities in the secondary market, whereas Domestic Institutional Investors (DIIs) continued to be huge buyers at US$3.8 billion for the month.