Motilal Oswal Global Dashboard – April 2024

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

View the full report here.

Indian Market Update

• All the broad-based indices began FY2025 with positive performance. Nifty Microcap 250 and Nifty Smallcap 250 indices rebounded from previous lows, emerging as top performers with impressive returns of 10.6% and 10.5% respectively.

• The metal sector continued its upward trajectory and surged by 11.1%, leading as the top performer, while the IT index continued its poor performance with a 4.9% decline, marking it as the worst performer.

• All the factor-based investment strategies exhibited positive returns. The Value factor took the lead with a notable increase of 9.9%.

• The Financial Services, Consumer Discretionary and Commodities sectors were the top three contributors to the overall returns of Nifty 500, resulting in a positive impact of 2.8%. IT sector was the only negative contributor.

Global Market Update

• In the US, S&P 500 and NASDAQ 100 both experienced a decline of 4.2% and 4.5% respectively in April 2024. China led the emerging markets with a growth of 6.6%, while the UK stood as the sole positive performer among developed markets, with a rise of 1.1%.

• In April, crude oil prices found stability amid easing Israel-Iran tensions, expected US rate cut delays, and prospects of a Middle East cease-fire.

• The gray metal outshone its yellow counterpart, surging 8.6% on the back of rising industrial demand and ongoing geopolitical uncertainties.

• Bitcoin experienced a 14.9% decline, while Ethereum saw a drop of 17.4%, signaling a corrective phase in the cryptocurrency market.

Economic Indicators

• Monetary policy actions have led to a drop in India’s annual retail inflation, reaching 4.85% in March 2024, the lowest since May 2023.

• Buoyed by strong expansion in both the manufacturing and services sectors, the composite PMI surged to 62.2 in April 2024, marking its most rapid pace since June 2010.

• GST revenue collection soared to a historic milestone, surpassing Rs. 2 lakh crores for the first time ever, reaching an impressive Rs. 2,10,267 crores.