FI Bullets – May 2024

In May, the Nifty encountered a roller coaster ride, reaching a new all-time high of 23,110.80, surpassing the 23,000 mark for the first time. However, it faced profit booking in the last week of May amid the Lok Sabha election results. The NSE Nifty lost 74.15 points (0.33%), and the BSE Sensex dropped 521.47 points (0.70%) for the month.

Sectoral Performance

• Outperformers:
  • Metal Index: +5.97%
  • Realty Index: +4.74%
  • Auto Index: +4.18%
• Underperformers:
  • PSU Bank Sector: -2.89%
  • IT Sector: -2.45%

Corporate Growth and Economic Forecast

The number of corporate groups in India valued at over $100 billion has increased to eight, with three new additions in the past year due to a sharp rally in domestic equities:

• New Entrants:
  • Bharti Airtel Group (Sunil Mittal)
  • ICICI Bank
  • Aditya Birla Group (Kumar Mangalam Birla)

The Economist Intelligence Unit’s (EIU) Global Outlook report forecasts India to be the fastest-growing major economy from 2024-2028, with growth expected to outpace China’s.

Here is how our equity recommendations performed in May 2024.

Here is the performance of our recommendations for Futures and Options