Nifty holds its ground in the first week of 2024
After closing 2023 on a high, the Indian equity market saw a slow start to 2024. In the week that ended 5 January, the benchmark Nifty 50 index was down 0.1% week-on-week in local-currency terms.
Having said that, India was on a better footing than its Asian peers. Last week the Nifty outperformed the emerging market index by 225 basis points (bps) and the Asia Ex-Japan index by 244 bps, according to data collated by Jefferies. (One basis point is one-hundredth of a percentage point.)
In India, realty and utilities were the biggest outperformers, while metals and information technology led the underperformers.
On Monday, the Nifty 50 was marginally down in early trade.
