Nifty Next 50 Up By 60% In Past One Year

Global Market Snapshot report May 2024 by Motilal Oswal Asset Management Company

FinTech BizNews Service 

Mumbai, June 6, 2024: According to Motilal Oswal Asset Management Company’s Global Market snapshot report, Nifty Next 50 was the top performer with a 4.05 growth in May 2024. The index has grown by 14.47% in the last 3 Months, 40.62% in 6 Months and 60.59% in last one year.

As per the report, Nifty Smallcap 250 and Nifty Microcap 250 indices has shown growth of 57.63% and 70.86% in the past year. Though, these indices witnessed-1.31%, -1.51% change for the month of May 2024.

The metal sector continued its upward trajectory and surged by 6%, leading as the top performer, while the IT sector continued its poor performance with a 2.5% decline. 

As per Motilal Oswal Asset Management Company, all the factor-based investment strategies, except low volatility, exhibited positive returns. The quality factor took the lead with a notable increase of 7.4%. 

The Industrials, Consumer Discretionary, and Utilities sectors were the top three contributors, collectively resulting in a positive impact of 1.2% to Nifty 500. Financial Services sector, previously the highest contributor, dragged returns down by 0.5%.

Global Market Update

In the US, the S&P 500 and NASDAQ 100 rebounded from the previous month's decline, delivering returns of 4.8% and 6.3%, respectively. Taiwan led the emerging markets with a growth of 5.3%, while Brazil stood as the worst performer with a fall of 5.9%. However, all the developed markets indices ended on a positive note.

Crude oil prices decreased by 6% in May, following OPEC+'s announcement of a phased elimination of production cuts over the next 12 months starting in October. The gray metal outshone its yellow counterpart again, surging 17.3% on the back of rising industrial demand and ongoing geopolitical uncertainties. Bitcoin and Ethereum both rebounded from the previous month's decline, with Bitcoin rising by 11.3% and Ethereum surging by 24.8%.


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