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"Benchmark indices ended the first week of 2024 with minor losses, and the midcap index ended the week with gains for the second consecutive week. Sectoral indices ended the week on a mixed note. Eight out of 12 sectors rose while four declined. The realty sector was the top gainer, rising more than 7%," Arvinder Singh Nanda, Senior Vice President of Master Capital Services, said.
The dollar index fell 0.4% to 102.0 after hitting 103.10 following the stronger-than-expected jobs report. That was the highest since mid-December. On the week however, the dollar gained 0.6%, on pace for its best weekly rise since early December.
Nomura predicts a 12% rise in Nifty to reach 24260 by 2024, based on 20x December 2025F earnings. Their fair value range is 18-21x, suggesting a 0-7% return during 2024.
Minutes of the Fed's December 12-13 meeting released on Wednesday showed a growing sense among policymakers that inflation was under control and rising concerns about the risks that "overly restrictive" monetary policy may pose to the economy.
Asian currencies were trading weaker after US federal reserve meeting minutes indicated interest rates will remain elevated for longer