Motilal Oswal Global Dashboard – Nov 23

The Motilal Oswal Global Market Snapshot provides a quick glance at index performances and economy updates from the Indian & global markets.

Click here to view the detailed report for November 2023

Indian Market Update

• In November 2023, the Indian stock markets experienced a notable upturn, as evidenced by a ~6% surge in the Nifty 50 index. The Smallcap 250 index outperformed, leading the gains with an impressive growth of ~10%.
• Across the board, all sector indices closed the month on a positive note. The realty sector emerged as the top performer, witnessing a substantial increase of ~18%.
• Following a month of negative returns in factor-based indices, November marked a remarkable turnaround, with all factor-based indices experiencing notable increases. Momentum emerged as the frontrunner, registering the highest rise at ~12% during the month.
• The Financial Services sector continued to play a pivotal role in propelling the Nifty 500 index, contributing significantly to its overall 7.1% increase in November 2023.

Global Market Update

• In the US, S&P 500 and NASDAQ 100 both experienced a ~9% & ~11% gains in November 2023, with the IT & Financial Services sector being the largest contributor to the S&P 500’s rise.
• Globally, both emerging and developed markets saw positive performance, rising by ~9% and 8%, respectively. South Korea witnessed the most significant rise ~16% followed closely by Germany & Taiwan rising by ~13%
• Crude oil prices nosedived by ~6% during November, due to rising geo-political risks, low demand from the US and mixed Chinese data.

On the commodities front, precious metals were in the green with gold and silver prices rising by 2% and 8% respectively, amid rising tensions in the middle east. Cryptocurrencies like Bitcoin and Ethereum went soaring at 9% and 13%, respectively.

Economic Indicators

• GST revenue collection rises 15% in November 2023. According to the Ministry of Finance, this is the highest YoY growth in monthly GST collections. It amounts to ₹1.68 lakh crore
• India’s Gross Domestic Product (GDP) growth rate came in at 7.6 percent for July-September, beating all estimates, data released by the Ministry of Statistics
• At the recent FOMC meeting, the Federal Reserve maintained interest rates at 5.50%, showing confidence in the US economy despite high inflation.
• Boosted by expectations of another rate hike, November saw US 10-year Treasury yields rise by 7 bps to 4.36% after having fallen below 4.3% for the first time since September.