In January 2024, the Nifty Microcap 250 Index emerged as the best performing index, showing impressive growth of 9.9%, according to a report by Motilal Oswal Asset Management Company. This index has been on a strong upward trend, delivering growth rates of 26.8%, 41.9%, and 88.7% over the last 3 months, 6 months, and one year, respectively.
Following closely behind, the Nifty Smallcap 250 Index recorded growth of 7.28% in January 2024. Over the past periods, it has shown significant growth rates of 25.2%, 32.7%, and 62.6% over the last 3 months, 6 months, and one year, respectively.
However, the Nifty 50 Index experienced a slight decline of 0.03% in January 2024, although it has shown positive growth over the past year.
The energy sector continued its positive trend from the previous month, leading with a robust 9.8% increase. On the other hand, the bank index saw a notable downturn, becoming the worst performer with a substantial decline of 4.8%.
Contrary to the previous month, the Financial Services sector turned into the worst contributor, negatively impacting the overall returns of the Nifty 500 index by 0.8%.
In terms of global markets, all emerging markets indices witnessed negative performance, with China being the worst performer at -10.6%. Among developed markets, Japan emerged as the best performer at 4.6%.
Crude oil prices experienced an uptick, rising by 6.3% in January due to tensions in the Red Sea, reduction in US oil inventories, and geopolitical tensions in the Middle East. However, gold and silver prices witnessed declines of 1.2% and 2.9%, respectively. Cryptocurrencies like Bitcoin and Ethereum ended the month on a relatively flat note.
(With Agency Inputs)
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