• In the week gone by, Nifty formed a support base in the range of 21500-21450 and rallied higher during the latter part of the week. The Nifty index registered a new record high in the last trading session and ended around 21900. The IT index was the outperformer as it rallied post the results of heavyweights TCS and INFY and the index posted gains of over 5 percent on Friday.

• Equity mutual funds recorded a 9.40% growth to Rs 16,997.09 cr in total inflows. Debt mutual funds saw a total outflow of Rs 75,559.93 cr in Dec.

• According to world bank, the Indian economy will grow at a 6.4% rate in FY25 and 6.5% in FY26, continuing to be the fastest-growing major economy.

• Total assets under management (AUM) of mutual funds rose 3.53% to cross Rs 50 lakh cr in Dec 2023.

• India's retail inflation increased to 5.69% in December vs 5.55% in November.

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• Global commodities continued to show weakness last week. Precious metals were mostly flat whereas industrial metals (Aluminum -2.4%) were weak; energy prices were marginally lower (WTI Crude -1.4%) Natural gas (+15.6%) however ended the week with strong gains.

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• The benchmark yield corrected as concerns over fiscal breach eased due to strong tax revenue numbers. Global trend in yields also helped. On the other hand, few banks raised lending benchmark rates. Moreover, overnight rates remained elevated.

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• The investment into Gold through Gold ETF in 2023 saw a substantial influx of six fold to Rs 2920 Crs.

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• The disinvestment target by centre for the FY25 is expected to be below Rs 50000 Crs , according to ICRA report.

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• The  inflation in December inched up to 6% due to surge in prices of  food.

Best Regards,

Alpha Research Team