In the week gone by, global stock markets moved higher after the US Federal Reserve provided interest rate guidance that was less hawkish-than-expected. This, combined with positive corporate earnings releases and economic data, boosted investor confidence. The number of Americans filing new claims for unemployment benefits held steady at lower levels last week. The US Fed kept the benchmark interest rates unchanged but did acknowledge its disappointment over the “lack of further progress" in pushing inflation down to its 2% target. The Eurozone recorded its strongest performance since the third quarter of 2022 and improved on shrinkage of 0.1% in each of the last two quarters of 2023, according to official figures released by the European Union's statistical agency Eurostat. On the Japanese front, Japan's factory output rebounded in March from a dismal start to the year, with the quarterly figure registering the weakest performance since the height of the pandemic in a sign the economy may have contracted during the period. Industrial production rose 3.8% in March from February, as demand picked up after two straight months of declines.
In India, domestic markets have been marching higher to new peaks in recent days, driven by sustained inflows of domestic funds and a positive economic outlook. However, on Friday, the market took a sharp turn lower amid selling pressure in key index heavyweights such as Reliance Industries, HDFC Bank, and Larsen & Toubro. Investors are now closely watching Q4 corporate earnings from Indian companies. Meanwhile, Indian retail investors, HNIs, and DIIs are dominating while FIIs are losing influence. Following the announcement from the US Federal Reserve, expectations of an interest rate cut have been pushed back to November this year. With interest rates likely to stay higher for a longer period and bond yields remaining elevated, we may continue to see foreign players on the sell side.
On the commodity market front, the commodity market witnessed a significant downturn across various sectors this week. CRB Index closed near 331. Bullion, including gold and silver, experienced consecutive declines for the second week. Overall trend of gold and silver is still firm and they can trade in the range of 69000-72000 levels and 78000-82500 levels. While natural gas prices showed some recovery, crude oil prices took a sharp fall. Brent and WTI futures were set to lose between 5% and 6% last week, amid a storm of negative cues for crude markets. An unexpected build in U.S. inventories and data showing increased production suggested that oil markets were not as tight as traders were initially hoping. Crude oil is likely to trade in a range of 6450-6800 levels. RBA Interest Rate Decision, BoE Interest Rate Decision, GDP of UK, ECB Monetary Policy Meeting, Unemployment Rate of Canada, and Michigan Consumer Sentiments Prel etc are few high important data scheduled this week.
SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor.
SMC is a SEBIregistered Research Analyst having registration number INH100001849. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true.
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SAFE HARBOR STATEMENT: Some forward statements on projections, estimates, expectations, outlook etc are included in this update to help investors / analysts get a better comprehension of the Company's prospects and make informed investment decisions. Actual results may, however, differ materially form those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, Impact of competing products and their pricing, product demand and supply constraints. Investors are advised to consult their certified financial advisors before making any investments to meet their financial goals.
According to the management of the company, strong execution of its power brand strategy, increased premiumisation, and distribution footprint expansion coupled with the benefits of its stringent cost reduction actions the firm to report a steady performance during the fourth quarter and the full year 2023-24. Despite the macroeconomic headwinds, the company remained focused on rolling its consumer-centric innovation and investing heavily behind its brands, which increased by 33%, to drive demand and also sustain the growth momentum. Moreover, it continued to execute on its strategic playbook by driving operational excellence, delivering innovative and premium products, and expanding its retail footprint to build the foundation for long-term profitable, sustainable growth. Thus, it is expected that the stock will see a price target of Rs.634 in 8 to 10 months' time frame on a one average P/BV of 10.47x and FY25 BVPS of Rs.60.57.
The company has strong order book which indicates future growth visibility. Recently, it has signed a Master Securities Purchase Agreement (SPA) for asset monetization of 12 road assets would strengthen the balance sheet of the company and help drive future growth. Thus, it is expected that the stock will see a price target of Rs. 533 in 8 to 10 months' time frame on a target P/BVx of 2.5x and FY25 BVPS of Rs. 213.39.
The stock closed at Rs.202.30 on 03rd May, 2024. It made a 52-week low of Rs.143.20 on 03rd May, 2023 and a 52-week high of Rs.205.10 on 03rd May 2024. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at 172.
For the past eight to nine months, the stock has consolidated within the broader range of 160-190, consistently maintaining levels above its 200-day exponential moving average on daily charts. Last week, the stock reached a new 52-week high, breaking out above the significant resistance level of 190. This fresh breakout, following a prolonged consolidation phase, indicates renewed bullish momentum. The emergence of follow-up buying suggests further upside potential for the stock. Therefore, one can buy the stock on dips in the range of 195-200 levels for the upside target of 230- 232 levels with SL below 175 levels.
The stock closed at Rs.165.95 on 03rd May, 2024. It made a 52-week low at Rs.121 on 26th June, 2023 and a 52-week high of Rs.170.30 on 02nd May 2024. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 663.
Over the past six months, the stock had been consolidating within a range of 145-165 levels, with prices consistently staying above its 200-day exponential moving average on daily and weekly charts. Recently, a significant breakout occurred into the stock, as momentum seen surpassing above its key resistance level of 165 after the prolonged consolidation. This breakout signals heightened momentum and a continued bullish trend. The price action is accompanied with rising volumes which suggests further positive moves for the stock .Therefore, one can buy the stock in range of 163-165 for the upside target of 198-199 levels with SL below 150 levels.
Disclaimer : The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in materially different results.
The analyst not any of its affiliated companies not any of their, members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of the analysis research.
Charts by Reliable software
In the previous week, Nifty saw a flat closing and also formed a bearish engulfing pattern on the daily chart. In contrast, Banknifty outperformed Nifty, wrapping up the week with a 1.5% gain. Profit-taking seen in IT and media stocks, while PSU and financial services stocks emerged as major gainer. From the derivative front, Nifty options showed the highest call open interest at the 22,800 and 23,000 strikes, while the highest put open interest was noted at the 22,000 and 22,500 strike. For Bank nifty, the highest call open interest was at the 49,500 strike, while the highest put open interest was observed at the 48,500 strikes. Implied volatility (IV) for Nifty's call options settled at 11.76% and put options concluded at 12.57%. The India VIX, a crucial market volatility indicator, ended the week at 13.45%. The Put-Call Ratio Open Interest (PCR OI) stood at 1.39 for the week. Presently, both indices have developed a negative divergence pattern, with the rising India VIX suggesting a limited upside potential. In the upcoming session, Nifty is anticipated to trade within the range of 22,700 to 22,200.
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**The highest call open interest acts as resistance and highest put open interest acts as support.
# Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup
# Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering
Turmeric prices extended its gains further on increased buying interest as open interest surged sharply with significant gains. Lingering concerns over bleak supply prospects backed by lower production helped prices to move to the record high level of 20174. However, some profit booking was seen in second half of week but prices remained higher by more than 5% on weekly basis. Arrival pace was noted slower as compared to last year due to lower production in year 2024. Production is likely to be dropped by about 16% Y-o-Y due to lower area under turmeric amid tumbling yield and may stand at 9.7 lakh tonnes. Supplies of turmeric are expected to improve in coming weeks as harvesting activities have completed on positive note. Reports of sluggish exports will also lead to profit booking in this counter. Turmeric exports dropped again Y-o-Y for 8th consecutive month in Feb'24 with reduced buying by Morocco, Iran, Saudi Arab. Total turmeric export during Apr'23-Feb'24 reported at 155.58 K tonnes down by 9% Y-o-Y. Turmeric prices are expected to trade in range of 18100-20400.
Jeera futures witnessed sharp gains during the week tracking robust export enquires in the market. Global trade disruption followed by mounting geopolitical tension in Middle East region reflected as rise in export demand of Indian jeera. Improved wedding season demand and rising local buying by hotel and Restaurant segment helped prices to trade on positive bias. However surging arrival pressure will restrict the major gains in prices. Arrivals have been higher by about 28% in Apr'24 as compared to last year. About 45 thousand tonnes of jeera arrived at major APMC mandies across India in Apr'24. Export demand is expected to increase at prevailing rate that will support upward movement in Jeera. India exported 10.96 thousand tonnes of jeera in Feb'24 as compared to 11.36 thousand tonnes previous year down by 3.4% Y-o-Y. Jeera export from India was noted down by 23.7% Y-o-Y during the time period of Apr'23-Feb'24 but expected to increase in coming months. Jeera prices are likely to trade in range of 23500-27500.
Dhaniya prices traded on weaker note in the wake of adequate supply situation in the market that kept buyers away from bulk buying. Heavy carry forward stocks and increased supplies of new crop are likely to keep prices under pressure. However, total arrivals in Apr'24 have been down by 41% as compared to Mar'24 as farmers are reluctant to release their stocks in expectation of further rise in prices. Robust export will restrict the losses. Dhaniya export rose 35% Y-oY in Feb'24 to 4.6 thousand tonnes as per recent government official release. Overall export of dhaniya reached to 71.18 thousand tonnes during the time period of Apr'23-Feb'24. Bleak supply outlook will keep the major trend positive in dhaniya as production is likely to be down about 10-15% Y-o-Y due to fall in area and yield. Dhaniya prices are likely to trade in range of 6800-7800 levels.
Gold prices experienced a second consecutive weekly decline, as investors exercised caution ahead of the release of U.S. non-farm payrolls data, which could shed light on the Federal Reserve's policy stance. After hitting a record high of $2,431.29 in April, prices dropped by $130 due to diminishing concerns about geopolitical risks and a hawkish repricing in rates markets. The Federal Reserve's announcement indicated a leaning towards eventual reductions in borrowing costs, but it expressed concern over recent disappointing inflation readings, potentially delaying rate cuts. Market sentiment, as reflected by CME's FedWatch Tool, suggests a 73% probability of a rate cut in November. Despite these developments, central bank buying surged in the first three months of the year, with emerging markets driving the majority of purchases. Additionally, over-thecounter demand saw significant growth, particularly in Asia and the Middle East. This heightened demand contrasted with profit-taking among U.S. and European investors. Although gold is traditionally viewed as an inflation hedge, its appeal waned in the face of elevated interest rates. However, softer inflation data could provide support for prices, while stronger-than-expected reports may exert downward pressure. Looking ahead, on Comex, gold prices may find support near $2230 and resistance near $2360. On the MCX, gold is projected to trade within the range of 69500-71600 levels. Meanwhile, silver prices are anticipated to dip towards the $25-$26 breakout area on COMEX, with potential for a bullish reversal, and could trade between $27.80-29.20 and on MCX prices likely to trade in the range of 79300-82500 levels. Despite current challenges, gold's outlook remains positive in the near term, underpinned by continued central bank buying and robust demand from emerging markets.
Crude oil prices dropped by more than 5% as worries about a conflict in the Middle East diminished. Additionally, robust US crude supplies and increasing uncertainty regarding demand further pressured oil prices. Egypt tried to get Israel and Hamas revive stalled peace talks, and with US Secretary of State Antony Blinken urging Hamas to accept Israel's ceasefire offer. In the US, the Energy Information Administration (EIA) reported a significant 7.3 million barrel surge in crude stockpiles in the latest week. Crude production in February reached 13.15 million barrels per day, the highest in nearly three and a half years. Diminished prospects for US Federal Reserve interest rate cuts continued to dampen overall demand outlook. OPEC+ hinted at extending voluntary output cuts of 2.2 million barrels per day beyond June if oil demand fails to rebound. Market attention turned to US economic data and indicators of future crude supply. On Friday, the US Bureau of Labor Statistics will release its monthly nonfarm payroll report, crucial for assessing the country's job market strength, impacting Federal Reserve interest rate decisions. Higher interest rates typically dampen economic activity and subsequently oil demand. Additionally, energy services firm Baker Hughes is set to publish its weekly count of oil and gas rigs on Friday, offering insights into future crude output. Looking ahead, crude oil prices are anticipated to trade within the range of 6450-6950 levels. US natural gas futures surged to a three-month high due to a more balanced supply/demand scenario, supported by increased feedgas flows to Freeport LNG, reduced US production, and Chesapeake Energy's decision to maintain output curtailments. Favorable weather forecasts for Texas could also boost demand for power generation. Natural gas prices are expected to trade between 155-178 levels.
Base metal prices may trade with bearish bias due to profit booking on higher level as market focus shifted towards demand conditions in China, the world's leading consumer of the metal. The slowdown in China's property and construction sectors has weighed on base metals markets. Data showed recently that growth slowed in China's manufacturing and services sectors in April, suggesting a loss of momentum for the world's second-biggest economy. However China's ruling Communist Party also vowed to examine measures to tackle the nation's excess housing inventory, signalling stepped-up help for a protracted property crisis. Copper may trade in the range of 830-855. Flourishing activity in the electric vehicle, power infrastructure, AI and automation sectors will lead to at least 10 million metric tons of additional copper consumption over the next decade, commodity trader Trafigura told Reuters. But the growing concern that Chinese copper supplies are increasing due to weakening demand as economic activity remains soft. The International Copper Study Group said the global copper market faces a surplus of 162,000 this year. Zinc can trade in range of 245-265. The zinc supply expected to rise as Nyrstar's Budel smelter will resume production during the week of May 13. Lead can move in the range of 187-194. Aluminium can trade in the range of 225-235. Data showed that LME on-warrant inventories of aluminium in LME-registered warehouses rebounded by 88,625 tons, which was linked to recent UK and U.S. sanctions on Russian metal. Despite the global regulatory environment, China exhibited robust demand for aluminium, with imports of unwrought aluminium and products surging by 89.8% in March, reaching 380,000 metric tons.
It closed at Rs.845.95 on 02nd May 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs. 837.08. On the daily chart, the commodity has Relative Strength Index (14-day) value of 66.40. Based on both indicators, it is giving a sell signal.
One can sell near Rs. 853 for a target of Rs. 830 with the stop loss of 860.
It closed at Rs. 170.00 on 02nd May 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs. 167.78. On the daily chart, the commodity has Relative Strength Index (14-day) value of 50.358. Based on both indicators, it is giving a buy signal.
One can buy near Rs.167 for a target of Rs. 180 with the stop loss of 160.
It closed at Rs. 10871.00 on 02nd May 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs. 10898.66. On the daily chart, the commodity has Relative Strength Index (14-day) value of 49.66. Based on both indicators, it is giving a sell signal.
One can sell near Rs.10900 for a target of Rs.10000 with the stop loss of 11300.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low
The commodity market witnessed a significant downturn across various sectors this week. CRB Index closed near 331. Fed kept interest rate unchanged as expected. Bullion, including gold and silver, experienced consecutive declines for the second week. While natural gas prices showed some recovery, crude oil prices took a sharp fall. An unexpected build in U.S. inventories and data showing increased production suggested that oil markets were not as tight as traders were initially hoping. This was coupled with easing fears of supply disruptions in the Middle East, as Israel and Hamas continued negotiations over a potential ceasefire. Profit-taking led to a dip in copper and lead prices after a prolonged rally, whereas aluminum surged from around 197 to nearly 256 before settling near 231 as traders opted to secure profits. Data showed that LME on-warrant inventories of aluminium in LME-registered warehouses rebounded by 88,625 tons, which a trader said was linked to recent UK and U.S. sanctions on Russian metal. Zinc, however, continued its upward trend for the fifth consecutive week. On Tuesday data showed that growth slowed in China's manufacturing and services sectors in April, suggesting a loss of momentum for the world's second-biggest economy. China's copper producers are planning to export up to 100,000 tons of the metal. The International Copper Study Group said the global copper market faces a surplus of 162,000 this year
Castor seed faced relentless declines for the sixth week straight, while sun oil ended the week in the red. Cotton futures, which had soared to 63500, are now undergoing a correction phase, closing near 57000. Kapas followed a similar downward trajectory. Cotton oil seeds cake futures maintained a range-bound trading pattern with a bias towards the upside. Guar prices declined after a six-week rally. Among spices, jeera prices surged due to fresh buying with improved buying activities in local market. Improved wedding season demand and rising local buying by hotel and Restaurant segment helped prices to trade on positive bias, while turmeric prices managed to end higher. Arrival pace of Turmeric has been slower as compared to last year as about 24.67 thousand tonnes of turmeric arrived in Apr'24 at major PMC mandies against the 73.25 thousand tonnes of previous year. Dhaniya witnessed bearish trends, whereas mentha oil prices saw an increase for the second consecutive week.
Yellow metal is always the prominent choice among the investors to park their money and diversifying their portfolio in troubled times of geopolitical uncertainty, pandemic related environment and global economic slowdown concerns. In times of current global crisis and uncertainty, gold has become the most reliable reserve for global central banks as well. Geopolitical crises, supply chain difficulties and surging inflation weighed heavily on the global economy and reinvigorated investor interest, pushing the gold price briefly to USD 2,448 an ounce in April.
Turkey, China and India led the way as buying outweighed sales during Q1
Considering the current market conditions, the World Gold Council's outlook remains bullish, fuelled by the persistent allure of gold for both central banks and investors seeking stability in a volatile world. Investment demand is also expected to r e m a i n s t r o n g a s t h e combination of high inflation and heightened geopolitical tensions will likely to push demand for gold amongst investors. The stellar run up in price in the recent weeks will likely prompt a rise in recycling supply and a fall in jewellery demand, although elevated geopolitical risk and the high demand of jewellery in some countries may limit the impact.
The Indian Rupee remained mostly stable this week, supported by a weakening dollar globally, which experienced a 0.7% decline, its worst performance since March. The dollar's fall was driven by its weakening against most currencies, particularly due to the yen's significant rise following intervention by Japanese authorities. On top of that U.S Treasury yields slipped straight after the FOMC meeting which pushed the dollar lower. U.S. rate futures have priced in a 68% chance of a rate cut in November, rising to 80% in December, according to CME's Fed Watch tool. The rate futures market has also priced in just one rate cut of 25 bps this year, from as much as six at the beginning of 2024. Attention now shifts to U.S. non-farm payrolls to define the next dollar leg move next week, with forecasts suggesting a slower pace of growth in April. However, any increase in wage growth could bolster the dollar. Federal Reserve Chair Jerome Powell's hint at potential rate cuts based on data dependency earlier this week also supported emerging market currencies, including the rupee. Expectations for the rupee next week are a range-bound bias, possibly fluctuating between 83.20 to 83.50. Meanwhile, the euro and pound saw gains this week, with the pound expected to be supported by the upcoming Bank of England MPC meeting, where a less dovish stance is anticipated compared to previous meetings.
USDINR (MAR) pair is currently in a Sideways trend as trading below its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 83.38. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 51 on the daily chart. Major support is seen around 83.15 levels, while resistance is expected near 83.7 levels.
GBPINR (MAR) pair is currently in a Mild Bullish trend as trading above its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 104.38. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 52 on the daily chart. Major support is seen around 103.75 levels, while resistance is expected near 105.5 levels.
EURINR (MAR) pair is currently in a Mild Bullish trend as trading above its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 89.3. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 50 on the daily chart. Major support is seen around 88.65 levels, while resistance is expected near 90.15 levels.
JPYINR (MAR) pair is currently in a Mild Bullish trend as trading above its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 54.04. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 53 on the daily chart. Major support is seen around 53.45 levels, while resistance is expected near 55.35 levels.
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Groww Mutual Fund on Thursday announced the launch of India's first Nifty Non-Cyclical Consumer Index Fund. The New Fund Offer (NFO) or the scheme will be available for subscription till May 16. The fund, an open-ended scheme, aims to generate long-term capital growth by investing in securities of the Nifty Non-Cyclical Consumer Index (TRI) in the same proportion or weightage, Groww Mutual Fund said in a statement. The New Fund Offer (NFO) or the scheme will be available for subscription till May 16. The fund, an open-ended scheme, aims to generate long-term capital growth by investing in securities of the Nifty Non-Cyclical Consumer Index (TRI) in the same proportion or weightage, Groww Mutual Fund said in a statement. TRI stands for Total Return Index. ”The Groww Nifty Non-Cyclical Index fund is India's first index fund, which enables people to invest in the top stocks from consumer industries such as FMCG, Textiles, etc. These companies manufacture items we need in our daily lives and tend to be slightly more insulated from economic cycles and therefore are seen as non-cyclical sectors.
Edelweiss Mutual Fund has launched Nifty Alpha Low Volatility 30 Index Fund. Edelweiss Nifty Alpha Low Volatility 30 Index Fund is an open-ended scheme replicating the Nifty Alpha Low Volatility 30 Index. The new fund offer or NFO of the scheme is open for subscription and it will close on May 10. The scheme will be benchmarked against Nifty Alpha Low Volatility 30-TRI and will be managed by Bhavesh Jain. This fund is an ideal solution for investors seeking to invest in largecap oriented strategy that can outperform the broader market. This multi-factor approach, blending Alpha and low volatility factors, aims to deliver performance, while mitigating volatility, thereby enhancing risk-adjusted returns for investors. Edelweiss AMC has established itself as a leader in the passive funds category, managing the largest portfolio of passive debt funds. The introduction of this new equity index fund further bolsters our product line-up in the equity passive fund segment,” said Radhika Gupta, MD & CEO, Edelweiss Mutual Fund. The scheme offers regular and direct plans both with growth and Income Distribution cum Capital Withdrawal (IDCW) options.
Axis Mutual Fund has announced the launch of Axis Nifty Bank Index Fund, an open-ended index fund tracking the Nifty Bank TRI. This open-ended index fund aims to track the Nifty Bank TRI, providing investors with a mechanism to participate directly in the growth narrative of leading Indian banks, the fund house said in a release. The new fund offer or NFO will open for subscription on May 3 and close on May 17. The scheme will be benchmarked against Nifty Bank TRI. It will be managed by Karthik Kumar and Ashish Naik. The minimum investment amount will be Rs 500 and in multiples of Re 1 thereafter. The exit load applicable will be 0.25% if redeemed/ switched out within seven days from the date of allotment/ investment and no exit load if redeemed/ switched out after seven days from the date of allotment/ investment. "India's economic rise is a compelling narrative driven by several factors. If addressed effectively, our growth story has the potential to propel the nation towards becoming a major global economic power. Against this backdrop, India's banking sector continues to exhibit growth and resilience,” said B. Gopkumar, MD & CEO, Axis Mutual Fund.
Nippon India Mutual Fund changes fund manager for three schemes
Nippon India Mutual Fund has changed the fund manager for its three schemes: Nippon India Small Cap Fund, Nippon India Multi Asset Fund, and Nippon India Focused Equity Fund. The fund house informed about this to its unitholders through a notice-cum-addedndum. The changes are effective from May 1. The fund house informed that two fund managers - Prateek Poddar and Tejas Sheth - have resigned from the fund house with effect from close of business hours of April 30. Nippon India Small Cap Fund is the largest scheme in the smallcap category based on assets managed. The scheme manages assets of Rs 45,749.06 crore. Nippon India Multi Asset Fund and Nippon India Focused Equity Fund manage assets of Rs 2,905.32 crore and Rs 7,607.83 crore respectively. The fund house also informed that this addendum forms an integral part of SID / KIM / SAI and all the other terms and conditions of the aforesaid document read with the addenda issued from time to time will remain unchanged.
Kotak Mutual Fund files draft documents with Sebi for three passive funds
Kotak Mutual Fund has filed draft documents with Sebi for three passive funds: Kotak MSCI India ETF, Kotak S&P BSE PSU Index Fund, and Kotak Nifty 100 Low Volatility 30 Index Fund.
Kotak MSCI India ETF
The fund will be an open-ended scheme replicating/tracking the MSCI India Index. The scheme aims to replicate the composition of the MSCI India Index and generate returns that are commensurate with the performance of the MSCI India Index, subject to tracking errors. The scheme will be benchmarked against the MSCI India Index (Total Return Index).
Kotak S&P BSE PSU Index Fund
The scheme will be an open-ended scheme replicating/tracking the S&P BSE PSU Index. The scheme's object is to provide returns that, before expenses, correspond to the total returns of the securities as represented by the underlying index, subject to tracking errors. The scheme will be benchmarked against the S&P BSE PSU Index (Total Return Index).
Kotak Nifty 100 Low Volatility 30 Index Fund
The scheme will be an open-ended scheme replicating/tracking the NIFTY 100 Low Volatility 30 Index. The investment objective is to provide returns that, before expenses, correspond to the total returns of the securities as represented by the underlying index, subject to tracking errors. The scheme will be benchmarked against the NIFTY 100 Low Volatility 30 Index (Total Return Index).
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