It has been a very eventful month in November for the markets. The US stock market rallied on the back of a decisive election victory for Donald Trump who won both the Popular vote and the electoral college. In India, the markets were very volatile with a few news related movements for specific stocks such as Adani Group. Despite the volatility in the Indian Markets, the NIFTY 500 which is a benchmark we track, was only down slightly for the month and is still up a healthy 10% for the Financial Year which began in April 2024. While the markets are near all time highs in India, certain specific stocks such as Swiggy (which recently IPO’d) are up 20%+ and some of the other indexes such as NIFTY 50 and Sensex are also up for the year. In the US, stock markets are now trading at all-time highs and the S&P 500 index breached a key mental level of 6000 and has closed above that now. It remains to be seen where the markets go from here as most of the future policies seem to have been factored in to the Price of most of the stocks.
Indian markets were volatile in November 2024 but began November on a positive note on the Muhurat trading day which was a special trading day to celebrate Diwali. As the month progressed, there was a lot of news in the market about the Adani group of companies and the alleged misconduct proceedings against its executive leadership brought on by the SEC in the US. It remains to be seen how all of those things resolve. The market volatility in November caused fluctuations and overall the market ended down for the month.
The QuantMomo algorithm picks of stocks for October also performed poorly along with the market. However, there were a few stocks that had a positive overall performance. The NIFTY 500 returned -0.6% and QuantMomo Momentum Algorithm returned -1.06%. As we have said before we are underreporting the performance of the QuantMomo algorithm as we are using ₹1,00,000 as the basis. This low basis leads to exclusion of one to two stocks and hence the overall performance is underreported. We will address this by increasing the basis to ₹10,00,000. Using that as a basis, the QuantMomo algorithm only lost -0.3% in November 2024.
| Stock Symbol | Purchase Price | Number of Shares | Current Price | Profit/Loss per Share | Profit/Loss % |
|---|---|---|---|---|---|
| PAYTM | ₹761.85 | 3 | ₹901.75 | ₹419.70 | 18.36% |
| PCBL | ₹424.25 | 9 | ₹433.85 | ₹86.40 | 2.26% |
| DEEPAKFERT | ₹1,245.00 | 2 | ₹1,374.95 | ₹259.90 | 10.44% |
| SUVENPHAR | ₹1,334.10 | 6 | ₹1,305.80 | -₹169.80 | -2.12% |
| ANANTRAJ | ₹757.20 | 4 | ₹673.45 | -₹335.00 | -11.06% |
| KALYANKJIL | ₹664.10 | 9 | ₹724.45 | ₹543.15 | 9.09% |
| JMFINANCIL | ₹142.01 | 26 | ₹136.49 | -₹143.52 | -3.89% |
| HSCL | ₹576.85 | 7 | ₹527.10 | -₹348.25 | -8.62% |
| KAYNES | ₹5,540.00 | 1 | ₹5,987.45 | ₹447.45 | 8.08% |
| BBTC | ₹2,757.00 | 1 | ₹2,405.85 | -₹351.15 | -12.74% |
| FSL | ₹338.00 | 7 | ₹366.70 | ₹200.90 | 8.49% |
| CHOLAHLDNG | ₹1,769.95 | 3 | ₹1,631.80 | -₹414.45 | -7.81% |
| BALRAMCHIN | ₹625.60 | 7 | ₹585.10 | -₹283.50 | -6.47% |
| SUZLON | ₹68.19 | 70 | ₹62.98 | -₹364.70 | -7.64% |
| JUBLPHARMA | ₹1,280.00 | 3 | ₹1,234.25 | -₹137.25 | -3.57% |
| TRENT | ₹7,109.00 | 1 | ₹6,795.40 | -₹313.60 | -4.41% |
| MCX | ₹6,485.05 | 1 | ₹6,185.35 | -₹299.70 | -4.62% |
| INDIACEM | ₹362.45 | 56 | ₹365.80 | ₹187.60 | 0.92% |
| Total | ₹96,190.91 | ₹95,175.09 | -₹1015.82 | -1.06% |
Following are the cumulative statistics.
Markets in India have been up 10.71% for the year while the India Momo Algorithm is up 0.50%.
| Date | India MOMO | MOMO P&L % (Total) | NIFTY 500 | NIFTY 500 P&L % (Total) |
|---|---|---|---|---|
| 2024-03-28 | ₹100,000.00 | 0% | 20,492.55 | 0% |
| 2024-04-30 | ₹107,623.65 | 7.62% | 20,997.20 | 2.46% |
| 2024-05-31 | ₹107,968.30 | 7.97% | 21,103.30 | 2.98% |
| 2024-06-28 | ₹113,815.32 | 13.82% | 22,559.70 | 10.09% |
| 2024-07-31 | ₹113,772.97 | 13.77% | 23,530.80 | 14.83% |
| 2024-08-30 | ₹108,546.58 | 8.55% | 23,734.55 | 15.82% |
| 2024-09-30 | ₹105,621.22 | 5.62% | 24,245.20 | 18.31% |
| 2024-10-31 | ₹101,512.71 | 1.51% | 22,689.35 | 10.72% |
| 2024-11-29 | ₹100,495.03 | 0.50% | 22,687.00 | 10.71% |
| Stock Symbol | Trade Date | Number of Shares | Price per Share | BUY/SELL | Total |
|---|---|---|---|---|---|
| PAYTM | 02/12/2024 | 4 | ₹901.75 | BUY* | ₹3,607.00 |
| DEEPAKFERT | 02/12/2024 | 3 | ₹1,374.95 | BUY* | ₹4,124.85 |
| BSE | 02/12/2024 | 1 | ₹4,670.75 | BUY | ₹4,670.75 |
| SUVENPHAR | 02/12/2024 | 4 | ₹1,305.80 | SELL* | ₹5,223.20 |
| MCX | 02/12/2024 | 1 | ₹6,185.35 | HOLD* | ₹6,185.35 |
| PPLPHARMA | 02/12/2024 | 11 | ₹268.75 | BUY | ₹2,956.25 |
| JUBLPHARMA | 02/12/2024 | 3 | ₹1,234.25 | HOLD* | ₹3,702.75 |
| JMFINANCIL | 02/12/2024 | 35 | ₹136.49 | BUY* | ₹4,777.15 |
| ANANTRAJ | 02/12/2024 | 6 | ₹673.45 | BUY* | ₹4,040.70 |
| FSL | 02/12/2024 | 14 | ₹366.70 | BUY* | ₹5,133.80 |
| PCBL | 02/12/2024 | 9 | ₹433.85 | HOLD* | ₹3,904.65 |
| GODFRYPHLP | 02/12/2024 | 1 | ₹5,673.15 | BUY | ₹5,673.15 |
| KALYANKJIL | 02/12/2024 | 6 | ₹724.45 | SELL* | ₹4,346.70 |
| KAYNES | 02/12/2024 | 1 | ₹5,987.45 | HOLD* | ₹5,987.45 |
| MOTILALOFS | 02/12/2024 | 4 | ₹919.25 | BUY | ₹3,677.00 |
| COFORGE | 02/12/2024 | 1 | ₹8,685.85 | BUY | ₹8,685.85 |
| AMBER | 02/12/2024 | 1 | ₹6,064.95 | BUY | ₹6,064.95 |
| HSCL | 02/12/2024 | 8 | ₹527.10 | BUY | ₹4,216.80 |
| KIMS | 02/12/2024 | 14 | ₹589.55 | BUY | ₹8,253.70 |
| CDSL | 02/12/2024 | 2 | ₹1649.35 | BUY | ₹3,278.90 |
| Total | ₹98,510.95 |
*We are now updating the BUY/SELL column to correctly reflect the transactions. BUY* means we buy more of an existing stock, SELL* means we sell some of the existing stocks, HOLD* means no change to the quantity of existing stocks.
The trade date for India is on 02/12/2024 with the close prices as of 29/11/2024.
It has been a mixed picture in the global markets with the US elections looming next week. It appears there is a bit of uncertainty in the election outcomes, which may be moving markets or a mix of macroeconomic factors and earnings reports that are starting to trickle in. The markets in India have sold off for this month despite seasonality which is mostly positive in October. Some Indexes are down more than 6% in the Indian markets. The news stories driving the Indian markets are the FIIs (Foreign Institutional Investors) are liquidating and withdrawing capital before the US election. While this may be the case, the reality is that the prices are down and the momentum algorithms focus on the prices of indexes and the stocks in the index. In the US, stock markets are trading at all-time highs before the election but are range bound at the all-time highs between 5700 and 5850 on the S&P 500 Index. With earnings and the US election in play, the volatility is now back above 20. The election results and the remainder of the earnings reports may drive future price action.
The Performance of the Indian stock market has been up since the election concluded in July 2024 with the reelection of the BJP government. However, the markets are very choppy with some sectors going up and other sectors going down. It has also impacted stocks differently. In October, the markets were down more than 6% and most indices in the market had similar performance.
The QuantMomo algorithm picks of stocks for October also performed poorly along with the market. However, there were a few stocks that had a positive overall performance. The NIFTY500 returned -6.52% and QuantMomo Momentum Algorithm returned -4.90%. As we focus on the November picks, the Momentum algorithm is booking losses and exiting many of the positions and entering other stocks that seem to have replaced them with better momentum characteristics. One key observation in the November recommendations is the pharmaceutical sector stocks are picked as ones showing high momentum. It remains to be seen if the Pharma sector will carry the market into a higher performance.
| Stock Symbol | Purchase Price | Number of Shares | Current Price | Profit/Loss per Share | Profit/Loss % |
|---|---|---|---|---|---|
| RVNL.NS | ₹531.45 | 10 | ₹471.80 | -₹587.00 | -11.07% |
| SUZLON.NS | ₹80.05 | 62 | ₹66.95 | -₹827.70 | -16.63% |
| DEEPAKFERT.NS | ₹1,066.75 | 3 | ₹1,251.45 | ₹532.35 | 16.52% |
| KAYNES.NS | ₹5,425.75 | 1 | ₹5,440.05 | -₹15.75 | -0.29% |
| MAZDOCK.NS | ₹4,230.10 | 1 | ₹4,079.65 | -₹127.16 | -3.01% |
| SUVENPHAR.NS | ₹1,173.00 | 4 | ₹1,313.40 | ₹529.60 | 11.21% |
| GRSE.NS | ₹1,722.35 | 2 | ₹1,614.50 | -₹219.00 | -6.35% |
| PCBL.NS | ₹577.60 | 7 | ₹410.95 | -₹1,158.50 | -28.71% |
| TRENT.NS | ₹7,574.65 | 1 | ₹7,128.35 | -₹471.65 | -6.21% |
| INDIACEM.NS | ₹365.70 | 34 | ₹363.90 | -₹105.40 | -0.84% |
| BBTC.NS | ₹2,867.55 | 1 | ₹2,769.40 | -₹121.85 | -4.21% |
| BIKAJI.NS | ₹921.70 | 4 | ₹849.90 | -₹292.60 | -7.92% |
| CHOLAHLDNG.NS | ₹2,043.70 | 2 | ₹1,715.35 | -₹632.90 | -15.57% |
| HSCL.NS | ₹661.65 | 7 | ₹573.05 | -₹636.65 | -13.70% |
| GLENMARK.NS | ₹1,673.50 | 4 | ₹1,694.55 | ₹86.20 | 1.29%% |
| EMAMILTD.NS | ₹766.20 | 9 | ₹703.35 | -₹518.85 | -7.58% |
| PAYTM.NS | ₹688.30 | 6 | ₹758.90 | ₹423.00 | 10.24%% |
| KALYANKJIL.NS | ₹730.25 | 5 | ₹657.15 | -₹369.75 | -10.11% |
| Total | ₹92,098.50 | ₹87,584.89 | -₹4513.61 | -4.90% |
Following are the cumulative statistics.
Markets in India have been up 10.72% for the year while the India Momo Algorithm is up 1.51%.
| Date | India MOMO | MOMO P&L % (Total) | NIFTY 500 | NIFTY 500 P&L % (Total) |
|---|---|---|---|---|
| 2024-03-28 | ₹100,000.00 | 0% | 20,492.55 | 0% |
| 2024-04-30 | ₹107,623.65 | 7.62% | 20,997.20 | 2.46% |
| 2024-05-31 | ₹107,968.30 | 7.97% | 21,103.30 | 2.98% |
| 2024-06-28 | ₹113,815.32 | 13.82% | 22,559.70 | 10.09% |
| 2024-07-31 | ₹113,772.97 | 13.77% | 23,530.80 | 14.83% |
| 2024-08-30 | ₹108,546.58 | 8.55% | 23,734.55 | 15.82% |
| 2024-09-30 | ₹105,621.22 | 5.62% | 24,245.20 | 18.31% |
| 2024-10-31 | ₹101,512.71 | 1.51% | 22,689.35 | 10.72% |
| Stock Symbol | Trade Date | Number of Shares | Price per Share | BUY/SELL | Total |
|---|---|---|---|---|---|
| PAYTM | 04/11/2024 | 3 | ₹758.90 | SELL* | ₹2,276.70 |
| PCBL | 04/11/2024 | 9 | ₹410.95 | BUY* | ₹3,698.55 |
| DEEPAKFERT | 04/11/2024 | 2 | ₹1,251.45 | SELL* | ₹2,502.90 |
| SUVENPHAR | 04/11/2024 | 6 | ₹1,313.40 | BUY* | ₹7,880.40 |
| ANANTRAJ | 04/11/2024 | 4 | ₹740.80 | BUY | ₹2,963.20 |
| KALYANKJIL | 04/11/2024 | 9 | ₹657.15 | BUY* | ₹5,914.35 |
| JMFINANCIL | 04/11/2024 | 26 | ₹140.29 | BUY | ₹3,647.54 |
| HSCL | 04/11/2024 | 7 | ₹573.05 | BUY | ₹4,011.35 |
| KAYNES | 04/11/2024 | 1 | ₹5,440.05 | BUY | ₹5,440.05 |
| BBTC | 04/11/2024 | 1 | ₹2,769.40 | HOLD* | ₹2,769.40 |
| FSL | 04/11/2024 | 7 | ₹340.20 | BUY | ₹2,381.40 |
| CHOLAHLDNG | 04/11/2024 | 3 | ₹1,715.35 | BUY* | ₹5,146.05 |
| BALRAMCHIN | 04/11/2024 | 7 | ₹627.80 | BUY | ₹4,394.60 |
| SUZLON | 04/11/2024 | 70 | ₹66.95 | BUY* | ₹4,686.50 |
| JUBLPHARMA | 04/11/2024 | 3 | ₹1,211.75 | BUY | ₹3,635.25 |
| TRENT | 04/11/2024 | 1 | ₹7,128.35 | HOLD* | ₹7,128.35 |
| MCX | 04/11/2024 | 1 | ₹6,515.90 | BUY | ₹6,515.90 |
| INDIACEM | 04/11/2024 | 56 | ₹363.90 | BUY* | ₹20,378.40 |
| Total | ₹95,370.89 |
*We are now updating the BUY/SELL column to correctly reflect the transactions. BUY* means we buy more of an existing stock, SELL* means we sell some of the existing stocks, HOLD* means no change to the quantity of existing stocks.
The trade date for India is on 04/11/2024 with the close prices as of 31/10/2024.
The US and Indian stock markets have been quite resilient in the wake of data and moves by government agencies (mostly in China, US and a few others). September was an up month in both the Indian and US stock markets, both of which we track for benchmarking and stocks that the momentum algorithm picks. In the US, stock markets cheered the short-term interest rate cut by 50 bps from the Federal Reserve (US Central Bank) and the S&P 500 rallied. In India too, the markets rallied with the NIFTY500 closing up. Many analysts in India are calling for a level of 1L for the Sensex by end of 2024. It remains to be seen where the markets go as most of the days in September have been sideways with the market ending up.
The Indian stock market has been going sideways but the stock market has been up overall across multiple indices. While the indices have all rallied, not all the stocks are participating in the action. Especially the QuantMomo Momentum algorithm stocks have not all gone up as seen in the statistics below. During the month we did a detailed analysis of our backtests and compared it with competitive Quantitative Momentum Funds. Here are a few findings:
In September 2024, most of the momentum stocks picked by the algorithm had negative performance and many of them were down more than 10%. There were a few stocks which had positive performance but the negatives outweighed the positives by a lot. The NIFTY500 returned +2.04% and QuantMomo Momentum Algorithm returned -3.02%. As we look at October, the Momentum algorithm is revamping many of the positions and we hope that the performance catches up. We will monitor developments very closely and continue to report about this in the future. We do not see a need to revise the rules of the algorithm at present.
| Stock Symbol | Purchase Price | Number of Shares | Current Price | Profit/Loss per Share | Profit/Loss % |
|---|---|---|---|---|---|
| GRSE.NS | ₹1,818.00 | 3 | ₹1,723.15 | -₹280.23 | -5.14% |
| COCHINSHIP.NS | ₹1,881.00 | 3 | ₹1,740.35 | -₹415.20 | -7.36% |
| MAZDOCK.NS | ₹4,250.00 | 1 | ₹4,230.10 | -₹7.79 | -0.18% |
| RVNL.NS | ₹610.50 | 6 | ₹531.45 | -₹461.64 | -12.60% |
| ARE&M.NS | ₹1,528.25 | 3 | ₹1,425.10 | -₹309.45 | -6.75% |
| EMAMILTD.NS | ₹818.80 | 7 | ₹760.00 | -₹411.60 | -7.18% |
| DEEPAKFERT.NS | ₹1,050.40 | 4 | ₹1,066.75 | ₹99.40 | 2.37% |
| SUZLON.NS | ₹75.84 | 50 | ₹80.05 | ₹210.50 | 5.55% |
| MOTHERSON.NS | ₹195.28 | 24 | ₹211.39 | ₹386.64 | 8.25% |
| HINDZINC.NS | ₹502.00 | 8 | ₹522.50 | ₹164.00 | 4.08% |
| UNOMINDA.NS | ₹1,188.00 | 4 | ₹1,101.65 | -₹345.40 | -7.27% |
| WHIRLPOOL.NS | ₹2,195.00 | 3 | ₹2,289.30 | ₹282.90 | 4.30% |
| KAYNES.NS | ₹4,791.80 | 1 | ₹5,428.80 | ₹637.00 | 13.29% |
| TEJASNET.NS | ₹1,340.00 | 3 | ₹1,197.80 | -₹426.60 | -10.61% |
| TITAGARH.NS | ₹1,429.85 | 3 | ₹1,223.55 | -₹618.90 | -14.43% |
| GLENMARK.NS | ₹1,737.90 | 4 | ₹1,673.50 | -₹247.60 | -3.56% |
| FINCABLES.NS | ₹1,452.25 | 5 | ₹1,411.55 | -₹163.50 | -2.25% |
| CROMPTON.NS | ₹481.00 | 13 | ₹416.25 | -₹841.75 | -13.46% |
| Total | ₹90,926.87 | ₹88,177.65 | -₹2749.22 | -3.02% |
Following are the cumulative statistics.
Markets in India have been up 18.31% for the year while the India Momo Algorithm is up 5.62%.
| Date | India MOMO | MOMO P&L % (Total) | NIFTY 500 | NIFTY 500 P&L % (Total) |
|---|---|---|---|---|
| 2024-03-28 | ₹100,000.00 | 0% | 20,492.55 | 0% |
| 2024-04-30 | ₹107,623.65 | 7.62% | 20,997.20 | 2.46% |
| 2024-05-31 | ₹107,968.30 | 7.97% | 21,103.30 | 2.98% |
| 2024-06-28 | ₹113,815.32 | 13.82% | 22,559.70 | 10.09% |
| 2024-07-31 | ₹113,772.97 | 13.77% | 23,530.80 | 14.83% |
| 2024-08-30 | ₹108,546.58 | 8.55% | 23,734.55 | 15.82% |
| 2024-09-30 | ₹105,621.22 | 5.62% | 24,245.20 | 18.31% |
| Stock Symbol | Trade Date | Number of Shares | Price per Share | BUY/SELL | Total |
|---|---|---|---|---|---|
| RVNL.NS | 01/10/2024 | 10 | ₹531.45 | BUY* | ₹5,314.50 |
| SUZLON.NS | 01/10/2024 | 62 | ₹80.05 | BUY* | ₹4,963.10 |
| DEEPAKFERT.NS | 01/10/2024 | 3 | ₹1,066.75 | SELL* | ₹3,200.25 |
| KAYNES.NS | 01/10/2024 | 1 | ₹5,425.75 | HOLD* | ₹5,425.75 |
| MAZDOCK.NS | 01/10/2024 | 1 | ₹4,230.10 | HOLD* | ₹4,230.10 |
| SUVENPHAR.NS | 01/10/2024 | 4 | ₹1,173.00 | BUY | ₹4,692.00 |
| GRSE.NS | 01/10/2024 | 2 | ₹1,722.35 | BUY* | ₹3,444.70 |
| PCBL.NS | 01/10/2024 | 7 | ₹577.60 | BUY | ₹4,043.20 |
| TRENT.NS | 01/10/2024 | 1 | ₹7,574.65 | BUY | ₹7,574.65 |
| INDIACEM.NS | 01/10/2024 | 34 | ₹365.70 | BUY | ₹12,433.80 |
| BBTC.NS | 01/10/2024 | 1 | ₹2,867.55 | BUY | ₹2,867.55 |
| BIKAJI.NS | 01/10/2024 | 4 | ₹921.70 | BUY | ₹3,686.80 |
| CHOLAHLDNG.NS | 01/10/2024 | 2 | ₹2,043.70 | BUY | ₹4,087.40 |
| HSCL.NS | 01/10/2024 | 7 | ₹661.65 | BUY | ₹4,631.55 |
| GLENMARK.NS | 01/10/2024 | 4 | ₹1,673.50 | BUY | ₹6,694.00 |
| EMAMILTD.NS | 01/10/2024 | 9 | ₹766.20 | BUY* | ₹6,895.80 |
| PAYTM.NS | 01/10/2024 | 6 | ₹688.30 | BUY | ₹4,129.80 |
| KALYANKJIL.NS | 01/10/2024 | 5 | ₹730.25 | BUY | ₹3,651.25 |
| Total | ₹91,966.20 |
*We are now updating the BUY/SELL column to correctly reflect the transactions. BUY* means we buy more of an existing stock, SELL* means we sell some of the existing stocks, HOLD* means no change to the quantity of existing stocks.
The trade date for India is on 01/10/2024 with the close prices as of 30/09/2024.
The markets globally had some trouble during the beginning of August – Markets in India, Japan, US and Europe sold off, which was attributed to the Japanese Yen Carry Trade and deleveraging effects. In the US, we saw a decline of about 6% in some of the indices and the volatility index (VIX) jumped close to 60 from its normal levels of 15 to 20. Indian markets also fell but the decline was modest (about 1% to 2% depending on the index). While the move was short-lived, it shows us how vulnerable the stock markets are to information and capital flows. The markets recovered completely and are near their all-time highs in both the US and India. As we head into September, there are a few developments in the US markets – The Fed has announced its intent to cut rates, more data about inflation, unemployment and other macroeconomic statistics will be available and finally the presidential debates and election are getting closer. In India too, there will be a slew of economic data released in September as well as many companies that will be issuing dividends and splits.
The Indian stock market has been seeking direction for August and the momentum factor has specifically underperformed. Our observation of other funds such as Momentum (ETF), QuantMutual, etc., is that they have also been flat or slightly negative for the month. These other funds rebalance less frequently (about every 3 months) than QuantMomo and are also underperforming. The NIFTY500 closed August slightly up with a +0.97% The QuantMomo momentum algorithm experienced a big decline for August 2024 and returned -4.70% underperforming the index by quite a bit.
During August 2024, a majority of the Momentum stocks declined with some of them posting big declines (>10% declines) which brought the performance down significantly. However, as we look at the momentum algorithm’s recommendations for September 2024, we believe that the momentum in some of the stocks is not over as the algo is adding to a few losing positions based on the momentum score. While the algorithm did not generate alpha for August, we have seen the algorithm produce significant alpha for the previous financial year as well as over a longer-term horizon and the algorithm’s rules will continue to be followed.
| Stock Symbol | Purchase Price | Number of Shares | Current Price | Profit/Loss per Share | Profit/Loss % |
|---|---|---|---|---|---|
| COCHINSHIP.NS | ₹2,649.00 | 1 | ₹1,886.65 | -₹762.35 | -28.78% |
| GRSE.NS | ₹2,448.00 | 1 | ₹1,811.00 | -₹637.00 | -26.02% |
| HINDZINC.NS | ₹654.00 | 9 | ₹500.75 | -₹1,208.25 | -20.53% |
| POWERINDIA.NS | ₹11,751.70 | 1 | ₹12,095.05 | ₹347.35 | 2.96% |
| TEJASNET.NS | ₹1,255.00 | 4 | ₹1,318.15 | ₹252.60 | 5.03% |
| ARE&M.NS | ₹1,650.70 | 3 | ₹1,521.25 | -₹388.35 | -7.84% |
| RVNL.NS | ₹605.25 | 3 | ₹607.40 | ₹6.45 | 0.36% |
| BDL.NS | ₹1,460.10 | 3 | ₹1,302.90 | -₹471.60 | -10.77% |
| JWL.NS | ₹610.00 | 7 | ₹575.65 | -₹240.45 | -5.63% |
| HAL.NS | ₹4,922.00 | 1 | ₹4,679.95 | -₹229.05 | -4.65% |
| VEDL.NS | ₹458.00 | 16 | ₹468.45 | ₹231.20 | 3.16% |
| EXIDEIND.NS | ₹525.90 | 16 | ₹492.90 | -₹528.00 | -6.27% |
| SIEMENS.NS | ₹7,147.95 | 1 | ₹6,893.10 | -₹254.85 | -3.57% |
| BEL.NS | ₹317.70 | 18 | ₹299.30 | -₹316.80 | -5.54% |
| ABB.NS | ₹7,896.85 | 1 | ₹7,936.05 | ₹49.86 | 0.63% |
| INDUSTOWER.NS | ₹435.90 | 12 | ₹458.50 | ₹271.20 | 5.18% |
| M&M.NS | ₹2,926.50 | 2 | ₹2,805.40 | -₹242.20 | -4.14% |
| TITAGARH.NS | ₹1,625.00 | 3 | ₹1,423.80 | -₹601.20 | -12.33% |
| Total | ₹100,559.45 | ₹95,838.01 | -₹4,721.44 | -4.70% |
Following are the cumulative statistics.
Markets in India have been up 15.82% for the year while the India Momo Algorithm is up 8.55%.
| Date | India MOMO | MOMO P&L % (Total) | NIFTY 500 | NIFTY 500 P&L % (Total) |
|---|---|---|---|---|
| 2024-03-28 | ₹100,000.00 | 0% | 20,492.55 | 0% |
| 2024-04-30 | ₹107,623.65 | 7.62% | 20,997.20 | 2.46% |
| 2024-05-31 | ₹107,968.30 | 7.97% | 21,103.30 | 2.98% |
| 2024-06-28 | ₹113,815.32 | 13.82% | 22,559.70 | 10.09% |
| 2024-07-31 | ₹113,772.97 | 13.77% | 23,530.80 | 14.83% |
| 2024-08-30 | ₹108,546.58 | 8.55% | 23,734.55 | 15.82% |
| Stock Symbol | Trade Date | Number of Shares | Price per Share | BUY/SELL | Total |
|---|---|---|---|---|---|
| GRSE.NS | 02/09/2024 | 3 | ₹1,811.00 | BUY* | ₹5,433.00 |
| COCHINSHIP.NS | 02/09/2024 | 3 | ₹1,886.65 | BUY* | ₹5,659.95 |
| MAZDOCK.NS | 02/09/2024 | 1 | ₹4,241.45 | BUY | ₹4,241.45 |
| RVNL.NS | 02/09/2024 | 6 | ₹607.40 | BUY* | ₹3,644.40 |
| ARE&M.NS | 02/09/2024 | 3 | ₹1,521.25 | HOLD* | ₹4,563.75 |
| EMAMILTD.NS | 02/09/2024 | 7 | ₹813.20 | BUY | ₹5,692.40 |
| DEEPAKFERT.NS | 02/09/2024 | 4 | ₹1,046.10 | BUY | ₹4,184.40 |
| SUZLON.NS | 02/09/2024 | 50 | ₹75.84 | BUY | ₹3,792.00 |
| MOTHERSON.NS | 02/09/2024 | 24 | ₹195.28 | BUY | ₹4,686.72 |
| HINDZINC.NS | 02/09/2024 | 8 | ₹500.75 | SELL* | ₹4,006.00 |
| UNOMINDA.NS | 02/09/2024 | 4 | ₹1,173.90 | BUY | ₹4,695.60 |
| WHIRLPOOL.NS | 02/09/2024 | 3 | ₹2,183.50 | BUY | ₹6,550.50 |
| KAYNES.NS | 02/09/2024 | 1 | ₹4,753.80 | BUY | ₹4,753.80 |
| TEJASNET.NS | 02/09/2024 | 3 | ₹1,318.15 | SELL* | ₹3,954.45 |
| TITAGARH.NS | 02/09/2024 | 3 | ₹1,423.80 | HOLD* | ₹4,271.40 |
| GLENMARK.NS | 02/09/2024 | 4 | ₹1,731.75 | BUY | ₹6,927.00 |
| FINCABLES.NS | 02/09/2024 | 5 | ₹1,452.25 | BUY | ₹7,261.25 |
| CROMPTON.NS | 02/09/2024 | 13 | ₹477.05 | BUY | ₹6,201.65 |
| Total | ₹90,519.72 |
*We are now updating the BUY/SELL column to correctly reflect the transactions. BUY* means we buy more of an existing stock, SELL* means we sell some of the existing stocks, HOLD* means no change to the quantity of existing stocks.
The trade date for India is on 02/09/2024 with the close prices as of 30/08/2024.
July was an interesting month both in the Indian and US markets. US markets experienced a sell-off in the technology sector and a rally in small-cap stocks. The narratives were around rotation, soft landing, and many others. However, most of the narratives do not do justice in describing the price action of the markets and even of individual stocks & sectors in the market. The Indian markets experienced some volatility during the Indian Budget presented this month. The budget has created a couple of issues for Investors with the Capital Gains taxes being increased on both short-term and long-term investments. The Government increased the Short-Term Capital Gains to 20% and Long-Term Gains to 12.5%. While some people debate that this will curtail activity in the stock markets, we are agnostic about the impact that it can create. The reason for being agnostic is because the taxes are much higher in countries such as the US (Short term is about 35% and long-term is about 15%) and the high taxes have not created any issues with a reduction in market participation. One way to think about taxes is that it is the cost of doing business. As long as there are incentives to make good returns relative to other alternatives, people will continue to participate.
The Indian stock market has been a bit volatile in July specifically around the Indian Budget session in the third week of July. The NIFTY500 closed July up more than +3.53% as a majority of the stocks in the NSE500 rallied with HDFCBANK leading the returns with 8%+ returns. The QuantMomo momentum algorithm experienced a slight decline for July 2024 and returned -0.12% underperforming the index.
During July 2024, most of the Momentum algorithm stocks were down. While the minority of stocks were up significantly, the algorithm did not generate alpha for July. These types of events are common and given the focus is on producing long-term alpha, the context of where the algorithm has been and what it has generated becomes more important.
| Stock Symbol | Purchase Price | Number of Shares | Current Price | Profit/Loss per Share | Profit/Loss % |
|---|---|---|---|---|---|
| COCHINSHIP.NS | ₹2,273.95 | 2 | ₹2,620.15 | ₹692.40 | 15.22% |
| AEGISCHEM.NS | ₹878.00 | 5 | ₹829.6 | -₹242.00 | -5.51% |
| HINDZINC.NS | ₹670.00 | 9 | ₹646.85 | -₹208.35 | -3.46% |
| SCHNEIDER.NS | ₹877.90 | 6 | ₹803.15 | -₹448.50 | -8.51% |
| CUMMINSIND.NS | ₹3,960.75 | 1 | ₹3,872.35 | -₹108.40 | -2.21% |
| SIEMENS.NS | ₹7,725.00 | 1 | ₹7,132.90 | -₹592.10 | -7.66% |
| ABB.NS | ₹8,490.90 | 1 | ₹7,896.85 | -₹594.05 | -7.00% |
| HUDCO.NS | ₹281.35 | 12 | ₹312.25 | ₹370.80 | 10.98% |
| GODFRYPHLP.NS | ₹4,186.50 | 2 | ₹4,228.45 | ₹83.90 | 1.00% |
| VEDL.NS | ₹457.00 | 13 | ₹450.75 | -₹81.25 | -1.37% |
| HAL.NS | ₹5,270.00 | 1 | ₹4,922.85 | -₹347.15 | -6.59% |
| MOTILALOFS.NS | ₹614.55 | 6 | ₹658.45 | ₹263.40 | 7.14% |
| THERMAX.NS | ₹5,368.10 | 1 | ₹5,083.80 | -₹296.30 | -5.30% |
| INDUSTOWER.NS | ₹377.00 | 11 | ₹433.15 | ₹617.65 | 14.89% |
| M&M.NS | ₹2,841.00 | 2 | ₹2,907.8 | ₹175.8 | 3.09% |
| KPIL.NS | ₹1,179.90 | 4 | ₹1,370.95 | ₹764.20 | 16.19% |
| CENTURYTEX.NS | ₹2,251.10 | 2 | ₹2,335.50 | ₹178.80 | 3.97% |
| EXIDEIND.NS | ₹567.25 | 9 | ₹523.30 | -₹377.50 | -7.40% |
| Total | ₹96,583.60 | ₹96,466.90 | -₹382.55 | -0.12% |
Following are the cumulative statistics.
Markets in India have been up 14.83% for the year while the India Momo Algorithm is up 13.77%.
| Date | India MOMO | MOMO P&L % (Total) | NIFTY 500 | NIFTY 500 P&L % (Total) |
|---|---|---|---|---|
| 2024-03-28 | ₹100,000.00 | 0% | 20,492.55 | 0% |
| 2024-04-30 | ₹107,623.65 | 7.62% | 20,997.20 | 2.46% |
| 2024-05-31 | ₹107,968.30 | 7.97% | 21,103.30 | 2.98% |
| 2024-06-28 | ₹113,815.32 | 13.82% | 22,559.70 | 10.09% |
| 2024-07-31 | ₹113,772.97 | 13.77% | 23,530.80 | 14.83% |
| Stock Symbol | Trade Date | Number of Shares | Price per Share | BUY/SELL | Total |
|---|---|---|---|---|---|
| COCHINSHIP.NS | 01/08/2024 | 1 | ₹2,620.15 | SELL* | ₹2,620.15 |
| GRSE.NS | 01/08/2024 | 1 | ₹2,405.55 | BUY | ₹2,405.55 |
| HINDZINC.NS | 01/08/2024 | 9 | ₹646.85 | HOLD* | ₹5,821.65 |
| POWERINDIA.NS | 01/08/2024 | 1 | ₹11,607.10 | BUY* | ₹11,607.10 |
| TEJASNET.NS | 01/08/2024 | 4 | ₹1,240.45 | BUY | ₹4,961.80 |
| ARE&M.NS | 01/08/2024 | 3 | ₹1,626.30 | BUY | ₹4,878.90 |
| RVNL.NS | 01/08/2024 | 3 | ₹601.50 | BUY | ₹1,804.50 |
| BDL.NS | 01/08/2024 | 3 | ₹1,460.10 | BUY | ₹4,380.30 |
| JWL.NS | 01/08/2024 | 7 | ₹609.30 | BUY | ₹4,265.10 |
| HAL.NS | 01/08/2024 | 1 | ₹4,922.85 | HOLD* | ₹4,922.85 |
| VEDL.NS | 01/08/2024 | 16 | ₹450.75 | BUY* | ₹7,212.00 |
| EXIDEIND.NS | 01/08/2024 | 16 | ₹523.30 | BUY* | ₹8,372.80 |
| SIEMENS.NS | 01/08/2024 | 1 | ₹7,132.90 | HOLD* | ₹7,132.90 |
| BEL.NS | 01/08/2024 | 18 | ₹316.05 | BUY | ₹5,688.90 |
| ABB.NS | 01/08/2024 | 1 | ₹7,896.85 | HOLD* | ₹7,896.85 |
| INDUSTOWER.NS | 01/08/2024 | 12 | ₹433.15 | BUY* | ₹5,197.80 |
| M&M.NS | 01/08/2024 | 2 | ₹2,907.80 | HOLD* | ₹5,815.60 |
| TITAGARH.NS | 01/08/2024 | 3 | ₹1,629.85 | BUY | ₹4,889.55 |
| Total | ₹99,874.30 |
*We are now updating the BUY/SELL column to correctly reflect the transactions. BUY* means we buy more of an existing stock, SELL* means we sell some of the existing stocks, HOLD* means no change to the quantity of existing stocks.
The trade date for India is on 01/08/2024 with the close prices as of 31/07/2024.
Both the US and Indian markets continued to grind higher for the month of June. The markets in India began the month with a high amount of volatility due to the election, vote counting and the eventual outcome of the election. In the US, the markets continue to grind higher due to the AI narrative and only a few stocks driving up the overall market. The equal-weight S&P index continues to underperform the cap-weighted S&P500 by more than 10%. Now the Q2 CY2024 is over, we focus on the second half of 2024 which should be very interesting given that there are elections in the US, Europe (UK, France) and a bunch of interesting economic policies that will either be floated or acted upon. While all of the events in the world happen, our focus as rules-based strategies continues and the momentum algorithm will pick stocks based on the rules that have been defined, tested and curated by the QuantMomo team.
The Indian stock market started June significantly down with the entire Index (Indices) dropping more than 5%. This was primarily driven by the counting of the votes of the General Election. The election results gave the NDA alliance a good majority to form the government for the 3rd time and with the resolution of the election, the stock market rallied and made up for all the losses and added more gains. The QuantMomo momentum algorithm also experienced a significant decline in the beginning of the month but ended outperforming the Index for the entire month of June.
In June 2024, NSE500 returned +3.50% and the India Momentum Algorithm returned +5.70%. Once again, we had a stock Motilal Oswal Financial Services (MOTILALOFS.NS) which split its shares 4:1 and our results are adjusted to include the split adjustment.
During June 2024, the stocks of the Momentum algorithm were equally split between winners and losers. However, the winners outperformed the losers by a significant margin in many cases and overall produced a very positive performance. Some notable stocks include Schnieder and OFSS which both produced returns greater than 20%.
| Stock Symbol | Purchase Price | Number of Shares | Current Price | Profit/Loss per Share | Profit/Loss % |
|---|---|---|---|---|---|
| SCHNEIDER.NS | ₹719.70 | 5 | ₹865.30 | ₹728.00 | 20.23% |
| HUDCO.NS | ₹299.50 | 10 | ₹281.20 | -₹183.00 | -6.11% |
| COCHINSHIP.NS | ₹2,100.00 | 1 | ₹2,215.15 | ₹115.15 | 5.48% |
| OIL.NS | ₹689.85 | 11 | ₹723.05 | ₹365.20 | 4.81% |
| EIHOTEL.NS | ₹444.00 | 12 | ₹429.30 | -₹176.40 | -3.31% |
| CUMMINSIND.NS | ₹3,650.00 | 2 | ₹3,966.85 | ₹633.70 | 8.68% |
| KPIL.NS | ₹1,211.00 | 5 | ₹1,175.70 | -₹176.50 | -2.91% |
| INDUSTOWER.NS | ₹360.50 | 24 | ₹375.30 | ₹355.20 | 4.11% |
| ACE.NS | ₹1,500.00 | 3 | ₹1,486.90 | -₹39.30 | -0.87% |
| OFSS.NS | ₹7,526.00 | 2 | ₹9,882.25 | ₹4,712.50 | 31.31% |
| THERMAX.NS | ₹5,640.00 | 1 | ₹5,351.00 | -₹289.00 | -5.12% |
| GODFRYPHLP.NS | ₹3,770.00 | 1 | ₹4,124.50 | ₹354.50 | 9.40% |
| MOTILALOFS.NS | ₹584.50 | 8 | ₹614.55 | ₹240.40 | 5.14% |
| NATIONALUM.NS | ₹201.20 | 25 | ₹187.11 | -₹352.25 | -7.00% |
| HINDCOPPER.NS | ₹374.00 | 13 | ₹318.70 | -₹718.90 | -14.79% |
| SIEMENS.NS | ₹7,250.00 | 1 | ₹7,704.50 | ₹454.50 | 6.27% |
| SOBHA.NS | ₹1,984.95 | 2 | ₹1,956.65 | -₹56.60 | -1.43% |
| VEDL.NS | ₹472.00 | 8 | ₹454.00 | -₹144.00 | -3.81% |
| Total | ₹102,142.75 | ₹107,965.95 | ₹5,823.20 | 5.70% |
With the month of June coming to a close, we have now officially ended Q1 2024 in India. Following are the cumulative statistics.
Markets in India have been up 10.09% for the year while the India Momo Algorithm is up 13.82%.
Investors who invested ₹1Lakh on April 1st 2024 would have made +13.82% or ₹13,820.00 for the Financial Quarter Q1 2024. If they instead invested the same amount in the NSE500 Index, they would have only made ₹10,090 (10.09%). The India MOMO algorithm produced an alpha of 3.73% more than that of the NSE500 Index for the quarter.
| Date | India MOMO | MOMO P&L % (Total) | NIFTY 500 | NIFTY 500 P&L % (Total) |
|---|---|---|---|---|
| 2024-03-28 | ₹100,000.00 | 0% | 20,492.55 | 0% |
| 2024-04-30 | ₹107,623.65 | 7.62% | 20,997.20 | 2.46% |
| 2024-05-31 | ₹107,968.30 | 7.97% | 21,103.30 | 2.98% |
| 2024-06-28 | ₹113,815.32 | 13.82% | 22,559.70 | 10.09% |
| Stock Symbol | Trade Date | Number of Shares | Price per Share | BUY/SELL | Total |
|---|---|---|---|---|---|
| COCHINSHIP.NS | 01/07/2024 | 2 | ₹2,215.15 | BUY* | ₹4,430.30 |
| AEGISCHEM.NS | 01/07/2024 | 5 | ₹872.85 | BUY | ₹4,364.25 |
| HINDZINC.NS | 01/07/2024 | 9 | ₹669.65 | BUY | ₹6,026.85 |
| SCHNEIDER.NS | 01/07/2024 | 6 | ₹865.30 | BUY* | ₹5,191.80 |
| CUMMINSIND.NS | 01/07/2024 | 1 | ₹3,966.85 | SELL* | ₹3,966.85 |
| SIEMENS.NS | 01/07/2024 | 1 | ₹7,704.50 | HOLD* | ₹7,704.50 |
| ABB.NS | 01/07/2024 | 1 | ₹8,490.90 | BUY | ₹8,490.90 |
| HUDCO.NS | 01/07/2024 | 12 | ₹281.20 | BUY* | ₹3,374.40 |
| GODFRYPHLP.NS | 01/07/2024 | 2 | ₹4,124.50 | BUY* | ₹8,249.00 |
| VEDL.NS | 01/07/2024 | 13 | ₹454.00 | BUY* | ₹5,902.00 |
| HAL.NS | 01/07/2024 | 1 | ₹5,264.25 | BUY | ₹5,264.25 |
| MOTILALOFS.NS | 01/07/2024 | 6 | ₹614.55 | SELL* | ₹3,687.30 |
| THERMAX.NS | 01/07/2024 | 1 | ₹5,351.00 | BUY | ₹5,351.00 |
| INDUSTOWER.NS | 01/07/2024 | 11 | ₹375.30 | SELL* | ₹4,128.30 |
| M&M.NS | 01/07/2024 | 2 | ₹2,866.65 | BUY | ₹5,733.30 |
| KPIL.NS | 01/07/2024 | 4 | ₹1,175.70 | SELL* | ₹4,702.80 |
| CENTURYTEX.NS | 01/07/2024 | 2 | ₹2,315.45 | BUY | ₹4,630.90 |
| EXIDEIND.NS | 01/07/2024 | 9 | ₹564.50 | BUY | ₹5,080.50 |
| Total | ₹96,279.20 |
*We are now updating the BUY/SELL column to correctly reflect the transactions. BUY* means we buy more of an existing stock, SELL* means we sell some of the existing stocks, HOLD* means no change to the quantity of existing stocks.
The trade date for India is on 01/07/2024 with the close prices as of 28/06/2024.
Markets in the US and India closed up for the month of May 2024. Indian markets (NIFTY500) were only slightly up after volatile trading sessions during the final phase of the ongoing general elections and a week before the results are announced. US markets continued their upward momentum driven by earnings from several companies such as Nvidia, Salesforce, Dell, etc., While not all companies' stocks were up, the market (S&P500) was overall up for the month. Some of the news around bond auctions, inflation readings, and fed speak did not seem to affect the markets that much and the upward trajectory is continuing.
Indian stock markets continued their volatile action into May from April with the main attention being the General Election which is happening in Phases. The last phase of the election was on May 27th with several states that voted, and the election results are expected on June 4th. The markets were slightly positive for the month of May 2024. QuantMomo’s India-focused momentum algorithm performed in line with the market and was only slightly positive for the month.
For the month of May 2024, NSE500 returned +0.09% and the India Momentum Algorithm returned +0.10%. An important note this time is that there were 3 stocks in the portfolio which had either a dividend paid directly or via additional shares – The performance includes the dividend. The stocks which paid a dividend are as follows:
– OFSS.NS paid a dividend of ₹240.00 per share
– INOXWIND.NS paid 3 shares of dividend for every share owned
– IRB.NS paid ₹0.10 per share
The statistics noted below included the dividends (price adjusted) in the Profit/Loss calculation.
While the majority of the stocks performed well and produced a positive return, there were a few stocks that were negative and of the negative stocks, majority of them were down more than 5% as can be seen in the Statistics below. Notable underperformers were Schneider, MRPL and EIHOTEL which were down more than 10%.
| Stock Symbol | Purchase Price | Number of Shares | Current Price | Profit/Loss per Share | Profit/Loss % |
|---|---|---|---|---|---|
| HUDCO.NS | ₹225.75 | 15 | ₹273.80 | ₹720.75 | 21.28% |
| SCHNEIDER.NS | ₹810.05 | 4 | ₹685.45 | -₹498.40 | -15.38% |
| MRPL.NS | ₹251.40 | 16 | ₹203.15 | -₹772.00 | -19.19% |
| OFSS.NS | ₹7,615.00 | 1 | ₹7,454.95 | ₹79.95 | 1.05% |
| OIL.NS | ₹624.20 | 8 | ₹635.70 | ₹92.00 | 1.84% |
| EIHOTEL.NS | ₹480.10 | 10 | ₹431.60 | -₹485.00 | -10.10% |
| INOXWIND.NS | ₹631.70 | 7 (28 shares now) | ₹148.95 | -₹251.30 | -5.68% |
| TATAINVEST.NS | ₹6,695.00 | 1 | ₹6,419.65 | -₹275.35 | -4.11% |
| HINDCOPPER.NS | ₹386.00 | 9 | ₹355.90 | -₹270.90 | -7.80% |
| SIGNATURE.NS | ₹1,260.95 | 5 | ₹1,269.90 | ₹44.75 | 0.71% |
| IRFC.NS | ₹158.40 | 39 | ₹177.80 | ₹756.60 | 12.25% |
| SOBHA.NS | ₹1,790.00 | 3 | ₹1,899.80 | ₹329.40 | 6.13% |
| NBCC.NS | ₹140.15 | 24 | ₹142.40 | ₹54.00 | 1.61% |
| ANANDRATHI.NS | ₹4,028.90 | 1 | ₹4,195.40 | ₹166.50 | 4.13% |
| NATIONALUM.NS | ₹184.80 | 30 | ₹191.65 | ₹205.50 | 3.71% |
| ACE.NS | ₹1,523.95 | 2 | ₹1,432.20 | -₹183.50 | -6.02% |
| IRB.NS | ₹68.35 | 69 | ₹66.10 | -₹148.35 | -3.15% |
| KPIL.NS | ₹1,232.00 | 5 | ₹1,195.10 | -₹184.50 | -3.00% |
| BHEL.NS | ₹283.10 | 28 | ₹298.90 | ₹442.40 | 5.58% |
| CUMMINSIND.NS | ₹3,274.00 | 1 | ₹3,551.30 | ₹277.30 | 8.47% |
| Total | ₹98,563.05 | ₹98,662.90 | ₹99.85 | 0.10% |
Following are the cumulative statistics.
Markets in India have been up 2.98% for the year while the India Momo Algorithm is up 7.97%.
| Date | India MOMO | MOMO P&L % (Total) | NIFTY 500 | NIFTY 500 P&L % (Total) |
|---|---|---|---|---|
| 2024-03-28 | ₹100,000.00 | 0% | 20,492.55 | 0% |
| 2024-04-30 | ₹107,623.65 | 7.62% | 20,997.20 | 2.46% |
| 2024-05-31 | ₹107,968.30 | 7.97% | 21,103.30 | 2.98% |
| Stock Symbol | Trade Date | Number of Shares | Price per Share | BUY/SELL | Total |
|---|---|---|---|---|---|
| SCHNEIDER.NS | 03/06/2024 | 5 | ₹685.45 | BUY* | ₹3,427.25 |
| HUDCO.NS | 03/06/2024 | 10 | ₹273.80 | SELL* | ₹2,738.00 |
| COCHINSHIP.NS | 03/06/2024 | 1 | ₹1,947.65 | BUY | ₹1,947.65 |
| OIL.NS | 03/06/2024 | 11 | ₹635.70 | BUY* | ₹6,992.70 |
| EIHOTEL.NS | 03/06/2024 | 12 | ₹431.60 | BUY* | ₹5,179.20 |
| CUMMINSIND.NS | 03/06/2024 | 2 | ₹3,551.30 | BUY* | ₹7,102.60 |
| KPIL.NS | 03/06/2024 | 5 | ₹1,195.10 | HOLD* | ₹5,975.50 |
| INDUSTOWER.NS | 03/06/2024 | 24 | ₹348.15 | BUY | ₹8,355.60 |
| ACE.NS | 03/06/2024 | 3 | ₹1,432.20 | BUY* | ₹4,296.60 |
| OFSS.NS | 03/06/2024 | 2 | ₹7,454.95 | BUY* | ₹14,909.90 |
| THERMAX.NS | 03/06/2024 | 1 | ₹5,404.65 | BUY | ₹5,404.65 |
| GODFRYPHLP.NS | 03/06/2024 | 1 | ₹3,882.10 | BUY | ₹3,882.10 |
| MOTILALOFS.NS | 03/06/2024 | 2 | ₹2,219.70 | BUY | ₹4,439.40 |
| NATIONALUM.NS | 03/06/2024 | 25 | ₹191.65 | SELL* | ₹4,791.25 |
| HINDCOPPER.NS | 03/06/2024 | 13 | ₹355.90 | BUY* | ₹4,626.70 |
| SIEMENS.NS | 03/06/2024 | 1 | ₹6,967.95 | BUY | ₹6,967.95 |
| SOBHA.NS | 03/06/2024 | 2 | ₹1,899.80 | SELL* | ₹3,799.60 |
| VEDL.NS | 03/06/2024 | 8 | ₹450.00 | BUY | ₹3,600.00 |
| Total | ₹98,436.65 |
*We are now updating the BUY/SELL column to correctly reflect the transactions. BUY* means we buy more of an existing stock, SELL* means we sell some of the existing stocks, HOLD* means no change to the quantity of existing stocks.
The trade date for India is on 03/06/2024 with the close prices as of 31/05/2024.
Markets in the US and India performed slightly differently with US markets down for the month of April and India up slightly for April. US markets are now focused on companies’ earnings, economic data and federal reserve signaling of rates (cost of money) while the Indian markets are focused on the outcome of the general election coming up in May.
Markets in India began the month of April with a lot of volatility driven by news around Foreign Investments, economic data, and other election-related aspects. Overall, the NSE500 index closed up for the month but with daily swings between positive and negative territory. From an observer’s perspective, the market action can be termed as a Holding pattern pending the election and the budget. QuantMomo’s India-focused momentum algorithm performed extremely well and comfortably outperformed the NSE500 Index.
For the month of April 2024, NSE500 returned +2.46% and the India Momentum Algorithm returned +7.62%. The portfolio for April had almost half of the stocks rally more than 10%. Some of the notable ones include HINDCOPPER and SWSOLAR which were up 37.78% and 24.25% respectively. While there were less than a handful of losers, the winners more than outperformed the losers and overall outperformed the Index.
| Stock Symbol | Purchase Price | Number of Shares | Current Price | Profit/Loss per Share | Profit/Loss % |
|---|---|---|---|---|---|
| HUDCO.NS | ₹188.05 | 21 | ₹224.50 | ₹36.45 | 19.38% |
| MRPL.NS | ₹219.00 | 18 | ₹250.15 | ₹31.15 | 14.22% |
| JAIBALAJI.NS | ₹933.00 | 5 | ₹1,027.15 | ₹94.15 | 10.09% |
| TATAINVEST.NS | ₹6,449.00 | 1 | ₹6,630.00 | ₹181.00 | 2.81% |
| IRFC.NS | ₹145.20 | 28 | ₹157.25 | ₹12.05 | 8.30% |
| NBCC.NS | ₹120.90 | 44 | ₹139.75 | ₹18.85 | 15.59% |
| SWANENERGY.NS | ₹674.00 | 4 | ₹620.40 | -₹53.60 | -7.95% |
| ADANIGREEN.NS | ₹1,865.00 | 3 | ₹1,797.65 | -₹67.35 | -3.61% |
| SOBHA.NS | ₹1,436.60 | 3 | ₹1,776.75 | ₹340.15 | 23.68% |
| OFSS.NS | ₹8,799.00 | 1 | ₹7,598.65 | -₹1,200.35 | -13.64% |
| HINDPETRO.NS | ₹476.05 | 13 | ₹495.40 | ₹19.35 | 4.06% |
| IOC.NS | ₹169.95 | 36 | ₹168.85 | -₹1.10 | -0.65% |
| OIL.NS | ₹606.30 | 8 | ₹620.15 | ₹13.85 | 2.28% |
| IRB.NS | ₹58.80 | 65 | ₹68.00 | ₹9.20 | 15.65% |
| BHEL.NS | ₹249.00 | 16 | ₹281.70 | ₹32.70 | 13.13% |
| TRENT.NS | ₹3,974.95 | 2 | ₹4,409.90 | ₹434.95 | 10.94% |
| EIHOTEL.NS | ₹464.75 | 11 | ₹478.35 | ₹13.60 | 2.93% |
| SWSOLAR.NS | ₹528.00 | 10 | ₹656.05 | ₹128.05 | 24.25% |
| SCHNEIDER.NS | ₹774.00 | 5 | ₹807.40 | ₹33.40 | 4.32% |
| HINDCOPPER.NS | ₹280.15 | 11 | ₹386.00 | ₹105.85 | 37.78% |
| Total | ₹100,047.10 | ₹107,670.75 | ₹7,623.65 | 7.62% |
| Stock Symbol | Trade Date | Number of Shares | Price per Share | BUY/SELL | Total |
|---|---|---|---|---|---|
| HUDCO.NS | 02/05/2024 | 15 | ₹224.50 | SELL* | ₹3,367.50 |
| SCHNEIDER.NS | 02/05/2024 | 4 | ₹807.40 | SELL* | ₹3,229.60 |
| MRPL.NS | 02/05/2024 | 16 | ₹250.15 | SELL* | ₹4,002.40 |
| OFSS.NS | 02/05/2024 | 1 | ₹7,598.65 | HOLD* | ₹7,598.65 |
| OIL.NS | 02/05/2024 | 8 | ₹620.15 | HOLD* | ₹4,961.20 |
| EIHOTEL.NS | 02/05/2024 | 10 | ₹478.35 | SELL* | ₹4,783.50 |
| INOXWIND.NS | 02/05/2024 | 7 | ₹627.60 | BUY | ₹4,393.20 |
| TATAINVEST.NS | 02/05/2024 | 1 | ₹6,630.00 | HOLD* | ₹6,630.00 |
| HINDCOPPER.NS | 02/05/2024 | 9 | ₹386.00 | SELL* | ₹3,474.00 |
| SIGNATURE.NS | 02/05/2024 | 5 | ₹1,260.00 | BUY | ₹6,300.00 |
| IRFC.NS | 02/05/2024 | 39 | ₹157.25 | BUY* | ₹6,132.75 |
| SOBHA.NS | 02/05/2024 | 3 | ₹1,776.75 | HOLD* | ₹5,330.25 |
| NBCC.NS | 02/05/2024 | 24 | ₹139.75 | SELL* | ₹3,354.00 |
| ANANDRATHI.NS | 02/05/2024 | 1 | ₹3,998.25 | BUY | ₹3,998.25 |
| NATIONALUM.NS | 02/05/2024 | 30 | ₹185.25 | BUY | ₹5,557.50 |
| ACE.NS | 02/05/2024 | 2 | ₹1,518.80 | BUY | ₹3,037.60 |
| IRB.NS | 02/05/2024 | 69 | ₹68.00 | BUY* | ₹4,692.00 |
| KPIL.NS | 02/05/2024 | 5 | ₹1,225.65 | BUY | ₹6,128.25 |
| BHEL.NS | 02/05/2024 | 28 | ₹281.70 | BUY | ₹7,887.60 |
| CUMMINSIND.NS | 02/05/2024 | 1 | ₹3,275.45 | BUY | ₹3,275.45 |
| Total | ₹98,133.70 |
*We are now updating the BUY/SELL column to correctly reflect the transactions. BUY* means we buy more of an existing stock, SELL* means we sell some of the existing stocks, HOLD* means no change to the quantity of existing stocks.
The trade date for India is on 02/05/2024 with the close prices as of 30/04/2024.
The US markets continued to move up driven by a combination of earnings data, Inflation readings and the Federal Reserve decision. At this stage in the business cycle, most economists are calling for no recession as the economy continues to move along with record employment statistics. However, there may be a few anomalies in data and reporting which are much beyond the scope of what we do here at QuantMomo which is to follow rules and invest our capital. Indian markets had a rough March 2024 driven by selling in small-cap and micro-cap stocks. The market action has been very volatile and the prevailing narrative was that foreign investors took capital out (Ex: Whirlpool). While narratives are good for telling a story, they may not reveal the underlying reasons for the price action, and in our experience, there is always more to it than what the narrative says.
In India, the markets were up slightly in March but the volatility remained high due to a few narratives in the market around foreign investors pulling out their capital etc., While we may never find out the actual reason as to why the prices did what they did, the momentum stocks took a solid beating. One of the reasons for such a performance is due to the fact that the small-cap and mid-cap stocks are more volatile than large-cap stocks. The NSE500 includes all such stocks and while the index itself was up and that was mostly due to the large cap and a few of the mid-cap stocks. As our algorithm is rules-based and we have tested multiple market conditions, our confidence is very high that the algorithm will eventually outperform the market in the long term.
| Stock Symbol | Purchase Price | Number of Shares | Current Price | Profit/Loss per Share | Profit/Loss % |
|---|---|---|---|---|---|
| SWANENERGY.NS | ₹751.85 | 8 | ₹669.95 | -₹81.90 | -10.89% |
| HUDCO.NS | ₹192.90 | 25 | ₹187.25 | -₹5.65 | -2.93% |
| SOBHA.NS | ₹1,565.45 | 3 | ₹1,448.75 | -₹116.70 | -7.45% |
| NBCC.NS | ₹137.80 | 22 | ₹118.90 | -₹18.90 | -13.72% |
| MRPL.NS | ₹230.40 | 10 | ₹218.55 | -₹11.85 | -5.14% |
| HINDPETRO.NS | ₹516.00 | 10 | ₹475.65 | -₹40.35 | -7.82% |
| IRFC.NS | ₹148.00 | 24 | ₹142.35 | -₹5.65 | -3.82% |
| TATAINVEST.NS | ₹7,580.00 | 1 | ₹6,243.95 | -₹1,336.05 | -17.63% |
| PRESTIGE.NS | ₹1,154.30 | 6 | ₹1,170.00 | ₹15.70 | 1.36% |
| NIACL.NS | ₹261.45 | 10 | ₹227.10 | -₹34.35 | -13.14% |
| ADANIGREEN.NS | ₹1,930.00 | 4 | ₹1,835.15 | -₹94.85 | -4.91% |
| MOTILALOFS.NS | ₹1,629.85 | 4 | ₹1,666.75 | ₹36.90 | 2.26% |
| IRB.NS | ₹63.50 | 75 | ₹58.55 | -₹4.95 | -7.80% |
| NLCINDIA.NS | ₹223.00 | 13 | ₹228.10 | ₹5.10 | 2.29% |
| PFC.NS | ₹401.50 | 17 | ₹390.25 | -₹11.25 | -2.80% |
| MCX.NS | ₹3,835.00 | 1 | ₹3,349.60 | -₹485.40 | -12.66% |
| IOC.NS | ₹167.95 | 28 | ₹167.75 | -₹0.20 | -0.12% |
| RECLTD.NS | ₹446.35 | 15 | ₹451.00 | ₹4.65 | 1.04% |
| INFIBEAM.NS | ₹37.00 | 111 | ₹34.10 | -₹2.90 | -7.84% |
| MEDANTA.NS | ₹1,364.95 | 4 | ₹1,321.15 | -₹43.80 | -3.21% |
| Total | ₹100,227.60 | ₹94,775.95 | -₹5,451.65 | -5.44% |
In India, the Financial Year for tax purposes is from April 1st through March 31st. Going forward we will look at the Financial Year performance for the Indian markets. Given that we just ended March, it is worthwhile to review the India Momo algorithm’s overall performance for FY 2023. The chart below shows the cumulative performance of India Momo for FY 2023.
Investors who invested ₹1 Lakh on April 1st 2024 would have made +115.23% or ₹115,230.00 for the whole Financial Year. This performance of the algorithm doubled the investors’ money. If they instead invested in the NSE500 Index, they would have only made ₹38,000 (38%). The India MOMO algorithm produced an alpha that was 2.5x more than that of the NSE500 Index which has been very impressive.
In India, the momentum algorithm produced +8.42% on a cumulative basis for Calendar Year Q1 2024. While March was a down month for the strategy, the cumulative returns are still higher than that of the NSE500 Index which has returned about +4.25% on a cumulative basis for the same period.
| Date | India MOMO | MOMO P&L % (Total) | NIFTY 500 | NIFTY 500 P&L % (Total) |
|---|---|---|---|---|
| 2022-12-29 | ₹100,000.00 | 0% | 15,485.18 | 0% |
| 2023-01-31 | ₹98,800.26 | -1.20% | 14,935.50 | -3.55% |
| 2023-02-28 | ₹88,647.71 | -11.35% | 14,518.75 | -6.24% |
| 2023-03-31 | ₹88,182.11 | -11.82% | 14,557.85 | -5.99% |
| 2023-04-27 | ₹96,667.06 | -3.33% | 15,075.05 | -2.65% |
| 2023-05-30 | ₹102,003.61 | 2.00% | 15,766.40 | 1.82% |
| 2023-06-29 | ₹111,869.06 | 11.87% | 16,430.00 | 6.10% |
| 2023-07-28 | ₹118,243.91 | 18.24% | 16,948.35 | 9.45% |
| 2023-08-31 | ₹122,652.21 | 22.65% | 16,924.30 | 9.29% |
| 2023-09-29 | ₹131,306.76 | 31.31% | 17,292.60 | 11.67% |
| 2023-10-31 | ₹131,993.96 | 31.99% | 16,801.10 | 8.50% |
| 2023-11-30 | ₹150,525.51 | 50.53% | 17,987.95 | 16.16% |
| 2023-12-29 | ₹167,815.11 | 67.82% | 19,429.15 | 25.47% |
| 2024-01-31 | ₹194,364.81 | 94.36% | 19,802.10 | 27.88% |
| 2024-02-29 | ₹189,796.41 | 89.80% | 20,090.05 | 29.74% |
| 2024-03-28 | ₹181,939.01 | 81.94% | 20,255.15 | 30.80% |
| Stock Symbol | Trade Date | Number of Shares | Price per Share | BUY/SELL | Total |
|---|---|---|---|---|---|
| HUDCO.NS | 01/04/2024 | 21 | ₹187.25 | BUY | ₹3,932.25 |
| MRPL.NS | 01/04/2024 | 18 | ₹218.55 | BUY | ₹3,933.90 |
| JAIBALAJI.NS | 01/04/2024 | 5 | ₹931.25 | BUY | ₹4,656.25 |
| TATAINVEST.NS | 01/04/2024 | 1 | ₹6,243.95 | SELL* | ₹6,243.95 |
| IRFC.NS | 01/04/2024 | 28 | ₹142.35 | BUY* | ₹3,985.80 |
| NBCC.NS | 01/04/2024 | 44 | ₹118.90 | SELL* | ₹5,231.60 |
| SWANENERGY.NS | 01/04/2024 | 4 | ₹669.95 | SELL* | ₹2,679.80 |
| ADANIGREEN.NS | 01/04/2024 | 3 | ₹1,835.15 | BUY | ₹5,505.45 |
| SOBHA.NS | 01/04/2024 | 3 | ₹1,448.75 | BUY | ₹4,346.25 |
| OFSS.NS | 01/04/2024 | 1 | ₹8,774.10 | BUY | ₹8,774.10 |
| HINDPETRO.NS | 01/04/2024 | 13 | ₹475.65 | BUY | ₹6,183.45 |
| IOC.NS | 01/04/2024 | 36 | ₹167.75 | BUY | ₹6,039.00 |
| OIL.NS | 01/04/2024 | 8 | ₹600.25 | BUY | ₹4,802.00 |
| IRB.NS | 01/04/2024 | 65 | ₹58.55 | BUY | ₹3,805.75 |
| BHEL.NS | 01/04/2024 | 16 | ₹247.30 | BUY | ₹3,956.80 |
| TRENT.NS | 01/04/2024 | 2 | ₹3,948.00 | BUY | ₹7,896.00 |
| EIHOTEL.NS | 01/04/2024 | 11 | ₹449.50 | BUY | ₹4,944.50 |
| SWSOLAR.NS | 01/04/2024 | 10 | ₹523.25 | BUY | ₹5,232.50 |
| SCHNEIDER.NS | 01/04/2024 | 5 | ₹741.05 | BUY | ₹3,705.25 |
| HINDCOPPER.NS | 01/04/2024 | 11 | ₹278.05 | BUY | ₹3,058.55 |
| Total | ₹98,913.15 |
*We are now updating the BUY/SELL column to correctly reflect the transactions. BUY* means we buy more of an existing stock, SELL* means we sell some of the existing stocks, HOLD* means no change to the quantity of existing stocks.
The trade date for India is on 01/04/2024 with the close prices as of 28/03/2024.
The US markets have been on an uptrend since November 2023 and it has continued into February 2024. The earnings of most of the S&P 500 companies are now out and most companies have posted record earnings with mostly in-line guidance for the future. All the indexes are at all-time highs in the US as of this writing. Indian markets have also been up for the year and the month of February. It remains to be seen where we go from here given the all-time highs in the US markets and the upcoming elections in May in India.
In India, the markets were up for the month of February and some of the key sectors like Oil and Gas and energy were leaders. The NIFTY500 was up about +1.58%. The India Momo algorithm experienced its first decline for 2024 primarily driven by some of the PSU companies such as ITI, and NLC etc., While PSU’s weren’t the only ones that contributed to the underperformance we also witnessed underperformance from a few others like Suzlon Energy and Angel one broking. The India Momentum portfolio was down -2.35%. We will continue to monitor the portfolio but stick with the rules of the strategy. Our backtests have shown that such underperformance does happen in the market frequently but the investments produce a long-term outperformance.
| Stock Symbol | Purchase Price | Number of Shares | Current Price | Profit/Loss per Share | Profit/Loss % |
|---|---|---|---|---|---|
| ITI.NS | ₹345.20 | 10 | ₹298.45 | -₹46.75 | -13.54% |
| BSE.NS | ₹2,342.70 | 3 | ₹2,366.85 | ₹24.15 | 1.03% |
| PRESTIGE.NS | ₹1,265.40 | 3 | ₹1,166.75 | -₹98.65 | -7.80% |
| SWANENERGY.NS | ₹660.00 | 9 | ₹745.20 | ₹85.20 | 12.91% |
| SOBHA.NS | ₹1,450.00 | 2 | ₹1,565.15 | ₹115.15 | 7.94% |
| IRFC.NS | ₹180.00 | 15 | ₹146.75 | -₹33.25 | -18.47% |
| MCX.NS | ₹3,402.05 | 2 | ₹3,763.80 | ₹361.75 | 10.63% |
| ANGELONE.NS | ₹3,290.00 | 1 | ₹2,782.70 | -₹507.30 | -15.42% |
| SUZLON.NS | ₹47.30 | 123 | ₹45.25 | -₹2.05 | -4.33% |
| RECLTD.NS | ₹503.45 | 11 | ₹442.05 | -₹61.40 | -12.20% |
| PFC.NS | ₹447.00 | 12 | ₹400.70 | -₹46.30 | -10.36% |
| NBCC.NS | ₹131.00 | 28 | ₹135.25 | ₹4.25 | 3.24% |
| TATAINVEST.NS | ₹5,695.00 | 1 | ₹7,280.85 | ₹1,585.85 | 27.85% |
| BHEL.NS | ₹230.50 | 23 | ₹227.55 | -₹2.95 | -1.28% |
| NLCINDIA.NS | ₹260.90 | 22 | ₹222.45 | -₹38.45 | -14.74% |
| PCBL.NS | ₹319.90 | 16 | ₹286.05 | -₹33.85 | -10.58% |
| NIACL.NS | ₹243.25 | 19 | ₹258.10 | ₹14.85 | 6.10% |
| FACT.NS | ₹867.15 | 9 | ₹715.95 | -₹151.20 | -17.44% |
| IRCON.NS | ₹239.75 | 18 | ₹229.15 | -₹10.60 | -4.42% |
| NMDC.NS | ₹222.00 | 27 | ₹225.90 | ₹3.90 | 1.76% |
| Total | ₹100,888.55 | ₹98,514.30 | -₹2,374.25 | -2.35% |
Following are the cumulative statistics.
Markets in India have been up 29.74% for the year while the India Momo Algorithm is up 89.80%.
| Date | India MOMO | MOMO P&L % (Total) | NIFTY 500 | NIFTY 500 P&L % (Total) |
|---|---|---|---|---|
| 2022-12-29 | ₹100,000.00 | 0% | 15,485.18 | 0% |
| 2023-01-31 | ₹98,800.26 | -1.20% | 14,935.50 | -3.55% |
| 2023-02-28 | ₹88,647.71 | -11.35% | 14,518.75 | -6.24% |
| 2023-03-31 | ₹88,182.11 | -11.82% | 14,557.85 | -5.99% |
| 2023-04-27 | ₹96,667.06 | -3.33% | 15,075.05 | -2.65% |
| 2023-05-30 | ₹102,003.61 | 2.00% | 15,766.40 | 1.82% |
| 2023-06-29 | ₹111,869.06 | 11.87% | 16,430.00 | 6.10% |
| 2023-07-28 | ₹118,243.91 | 18.24% | 16,948.35 | 9.45% |
| 2023-08-31 | ₹122,652.21 | 22.65% | 16,924.30 | 9.29% |
| 2023-09-29 | ₹131,306.76 | 31.31% | 17,292.60 | 11.67% |
| 2023-10-31 | ₹131,993.96 | 31.99% | 16,801.10 | 8.50% |
| 2023-11-30 | ₹150,525.51 | 50.53% | 17,987.95 | 16.16% |
| 2023-12-29 | ₹167,815.11 | 67.82% | 19,429.15 | 25.47% |
| 2024-01-31 | ₹194,364.81 | 94.36% | 19,802.10 | 27.88% |
| 2024-02-29 | ₹189,796.41 | 89.80% | 20,090.05 | 29.74% |
| Stock Symbol | Trade Date | Number of Shares | Price per Share | BUY/SELL | Total |
|---|---|---|---|---|---|
| SWANENERGY.NS | 01/03/2024 | 8 | ₹751.85 | SELL* | ₹6,014.80 |
| HUDCO.NS | 01/03/2024 | 25 | ₹192.90 | BUY | ₹4,822.50 |
| SOBHA.NS | 01/03/2024 | 3 | ₹1,565.45 | BUY* | ₹4,696.35 |
| NBCC.NS | 01/03/2024 | 22 | ₹137.80 | SELL* | ₹3,031.60 |
| MRPL.NS | 01/03/2024 | 10 | ₹230.40 | BUY | ₹2,304.00 |
| HINDPETRO.NS | 01/03/2024 | 10 | ₹516.00 | BUY | ₹5,160.00 |
| IRFC.NS | 01/03/2024 | 24 | ₹148.00 | BUY* | ₹3,552.00 |
| TATAINVEST.NS | 01/03/2024 | 1 | ₹7,580.00 | HOLD* | ₹7,580.00 |
| PRESTIGE.NS | 01/03/2024 | 6 | ₹1,154.30 | BUY* | ₹6,925.80 |
| NIACL.NS | 01/03/2024 | 10 | ₹261.45 | SELL* | ₹2,614.50 |
| ADANIGREEN.NS | 01/03/2024 | 4 | ₹1,930.00 | BUY | ₹7,720.00 |
| MOTILALOFS.NS | 01/03/2024 | 4 | ₹1,629.85 | BUY | ₹6,519.40 |
| IRB.NS | 01/03/2024 | 75 | ₹63.50 | BUY | ₹4,762.50 |
| NLCINDIA.NS | 01/03/2024 | 13 | ₹223.00 | SELL* | ₹2,899.00 |
| PFC.NS | 01/03/2024 | 17 | ₹401.50 | BUY* | ₹6,825.50 |
| MCX.NS | 01/03/2024 | 1 | ₹3,835.00 | SELL* | ₹3,835.00 |
| IOC.NS | 01/03/2024 | 28 | ₹167.95 | BUY | ₹4,702.60 |
| RECLTD.NS | 01/03/2024 | 15 | ₹446.35 | BUY* | ₹6,695.25 |
| INFIBEAM.NS | 01/03/2024 | 111 | ₹37.00 | BUY | ₹4,107.00 |
| MEDANTA.NS | 01/03/2024 | 4 | ₹1,364.95 | BUY | ₹5,459.80 |
| Total | ₹100,227.60 |
*We are now updating the BUY/SELL column to correctly reflect the transactions. BUY* means we buy more of an existing stock, SELL* means we sell some of the existing stocks, HOLD* means no change to the quantity of existing stocks.
The trade date for India is on 01/03/2024 with the close prices as of 29/02/2024.
January Has Been A Good Month Overall For Both The Indian And US Stock Markets. The US Market Declined A Bit During The First Week But Then Reversed The Losses And Rallied To Close At All-Time Highs In The Past 3 Years. Most Of The Earnings For Q4’2023 Are Now Being Reported In The US Market And While Earnings Have Been Slightly Lower, The Futures Expectations Present A Mixed Picture. Indian Markets Have Been Mixed For Most Of January But The Overall Trend Is Still Up Given The Performance Of Multiple Indices.
Change To Purchase Price
In The Past Year, We Reported Statistics Based On The Day The Algorithm Ran And Generated The Recommendations. The Purchase Price Was Assumed To Be The Closing Price On The Day The Algorithm Was Run. From This Month, We Are Switching To Reporting Our Purchase Prices (Which Are Based Mostly On The Opening Prices On The Day Of Trading) Rather Than The Closing Prices That We Used To Show. This Makes The Data More Realistic. Our Followers’ Returns May Vary Based On The Price At Which They Purchase Shares.
In India, the markets were somewhat mixed in January given a strong finish to the calendar year. The NIFTY500 was up a modest +1.92%. The India Momo algorithm continued its positive performance building on its strong finish to calendar 2023. The India Momentum was up +16.06% and was driven by many stocks performing much above the performance of the index. We had IRFC return 75% for the month, Swan Energy return 57% while IRCON, Tata Investments returned more than 30%.
| Stock Symbol | Purchase Price | Number of Shares | Current Price | Profit/Loss per Share | Profit/Loss % |
|---|---|---|---|---|---|
| BSE.NS | ₹2,225.00 | 3 | ₹2,323.60 | ₹98.60 | 4.43% |
| ITI.NS | ₹305.45 | 14 | ₹341.05 | ₹35.60 | 11.65% |
| IRFC.NS | ₹100.00 | 34 | ₹175.15 | ₹75.15 | 75.15% |
| SUZLON.NS | ₹38.50 | 155 | ₹45.95 | ₹7.45 | 19.35% |
| RECLTD.NS | ₹413.70 | 9 | ₹499.05 | ₹85.35 | 20.63% |
| MCX.NS | ₹3,195.00 | 2 | ₹3,414.05 | ₹219.05 | 6.86% |
| KALYANKJIL.NS | ₹355.15 | 20 | ₹350.2 | -₹4.95 | -1.39% |
| ANGELONE.NS | ₹3,484.00 | 1 | ₹3,285.35 | -₹198.65 | -5.70% |
| IRCON.NS | ₹172.20 | 23 | ₹237.35 | ₹65.15 | 37.83% |
| PFC.NS | ₹383.90 | 10 | ₹443.25 | ₹59.35 | 15.46% |
| SWANENERGY.NS | ₹514.00 | 9 | ₹639.05 | ₹125.05 | 24.33% |
| NBCC.NS | ₹81.95 | 53 | ₹129.45 | ₹47.50 | 57.96% |
| PRESTIGE.NS | ₹1,162.90 | 3 | ₹1,265.40 | ₹102.50 | 8.81% |
| COCHINSHIP.NS | ₹680.13 | 6 | ₹912.2 | ₹232.07 | 34.12% |
| WELCORP.NS | ₹548.00 | 11 | ₹587.4 | ₹39.40 | 7.19% |
| IDEA.NS | ₹16.20 | 156 | ₹14.35 | -₹1.85 | -11.42% |
| ADANIPOWER.NS | ₹525.15 | 6 | ₹562.7 | ₹37.55 | 7.15% |
| SOLARINDS.NS | ₹6,781.35 | 1 | ₹6,457.35 | -₹324.00 | -4.78% |
| TATAINVEST.NS | ₹4,320.00 | 2 | ₹5,635.65 | ₹1,315.65 | 30.45% |
| NMDC.NS | ₹210.90 | 27 | ₹219.85 | ₹8.95 | 4.24% |
| Total | ₹98,179.28 | ₹113,945.80 | ₹15,766.52 | 16.06% |
Following are the cumulative statistics.
Markets in India have been up 27.88% for the year while the India Momo Algorithm is up 94.36%.
| Date | India MOMO | MOMO P&L % (Total) | NIFTY 500 | NIFTY 500 P&L % (Total) |
|---|---|---|---|---|
| 2022-12-29 | ₹100,000.00 | 0% | 15,485.18 | 0% |
| 2023-01-31 | ₹98,800.26 | -1.20% | 14,935.50 | -3.55% |
| 2023-02-28 | ₹88,647.71 | -11.35% | 14,518.75 | -6.24% |
| 2023-03-31 | ₹88,182.11 | -11.82% | 14,557.85 | -5.99% |
| 2023-04-27 | ₹96,667.06 | -3.33% | 15,075.05 | -2.65% |
| 2023-05-30 | ₹102,003.61 | 2.00% | 15,766.40 | 1.82% |
| 2023-06-29 | ₹111,869.06 | 11.87% | 16,430.00 | 6.10% |
| 2023-07-28 | ₹118,243.91 | 18.24% | 16,948.35 | 9.45% |
| 2023-08-31 | ₹122,652.21 | 22.65% | 16,924.30 | 9.29% |
| 2023-09-29 | ₹131,306.76 | 31.31% | 17,292.60 | 11.67% |
| 2023-10-31 | ₹131,993.96 | 31.99% | 16,801.10 | 8.50% |
| 2023-11-30 | ₹150,525.51 | 50.53% | 17,987.95 | 16.16% |
| 2023-12-29 | ₹167,815.11 | 67.82% | 19,429.15 | 25.47% |
| 2024-01-31 | ₹194,364.81 | 94.36% | 19,802.10 | 27.88% |
| Stock Symbol | Trade Date | Number of Shares | Price per Share | BUY/SELL | Total |
|---|---|---|---|---|---|
| ITI.NS | 01/02/2024 | 10 | ₹341.05 | SELL* | ₹3,410.50 |
| BSE.NS | 01/02/2024 | 3 | ₹2,323.60 | HOLD | ₹6,970.80 |
| PRESTIGE.NS | 01/02/2024 | 3 | ₹1,265.40 | HOLD | ₹3,796.20 |
| SWANENERGY.NS | 01/02/2024 | 9 | ₹639.05 | HOLD | ₹5,751.45 |
| SOBHA.NS | 01/02/2024 | 2 | ₹1,447.75 | BUY | ₹2,895.50 |
| IRFC.NS | 01/02/2024 | 15 | ₹175.15 | SELL* | ₹2,627.25 |
| MCX.NS | 01/02/2024 | 2 | ₹3,414.05 | HOLD | ₹6,828.10 |
| ANGELONE.NS | 01/02/2024 | 1 | ₹3,285.35 | BUY | ₹3,285.35 |
| SUZLON.NS | 01/02/2024 | 123 | ₹45.95 | SELL* | ₹5,651.85 |
| RECLTD.NS | 01/02/2024 | 11 | ₹499.05 | BUY* | ₹5,489.55 |
| PFC.NS | 01/02/2024 | 12 | ₹443.25 | BUY* | ₹5,319.00 |
| NBCC.NS | 01/02/2024 | 28 | ₹129.45 | SELL* | ₹3,624.60 |
| TATAINVEST.NS | 01/02/2024 | 1 | ₹5,635.65 | SELL* | ₹5,635.65 |
| BHEL.NS | 01/02/2024 | 23 | ₹228.25 | BUY | ₹5,249.75 |
| NLCINDIA.NS | 01/02/2024 | 22 | ₹259.30 | BUY | ₹5,704.60 |
| PCBL.NS | 01/02/2024 | 16 | ₹318.65 | BUY | ₹5,098.40 |
| NIACL.NS | 01/02/2024 | 19 | ₹243.25 | BUY | ₹4,621.75 |
| FACT.NS | 01/02/2024 | 9 | ₹862.55 | BUY | ₹7,762.95 |
| IRCON.NS | 01/02/2024 | 18 | ₹237.35 | SELL* | ₹4,272.30 |
| NMDC.NS | 01/02/2024 | 27 | ₹219.85 | HOLD | ₹5,935.95 |
| Total | ₹99,931.50 |
*We are now updating the BUY/SELL column to correctly reflect the transactions. BUY* means we buy more of an existing stock, SELL* means we sell some of the existing stocks, HOLD* means no change to the quantity of existing stocks.
The trade date for India is on 01/02/2024 with the close prices as of 31/01/2024.
The QuantMomo team started investing in the India Momentum Strategy live in their accounts. The trades were placed in the market on January 1st 2024. We will use ₹1,00,000 as the allocation for this portfolio and track its performance over the course of the year.
Note: The momentum strategy rebalances its positions every month.
| Stock Symbol | Trade Date | Number of Shares | Price per Share | BUY/SELL | Total |
|---|---|---|---|---|---|
| BSE.NS | 01/01/2024 | 3 | ₹2,221.20 | BUY* | ₹6,663.60 |
| ITI.NS | 01/01/2024 | 14 | ₹304.55 | SELL* | ₹4,263.70 |
| IRFC.NS | 01/01/2024 | 34 | ₹99.35 | SELL* | ₹3,377.90 |
| SUZLON.NS | 01/01/2024 | 155 | ₹38.20 | BUY* | ₹5,921.00 |
| RECLTD.NS | 01/01/2024 | 9 | ₹412.85 | SELL* | ₹3,715.65 |
| MCX.NS | 01/01/2024 | 2 | ₹3,199.85 | BUY | ₹6,399.70 |
| KALYANKJIL.NS | 01/01/2024 | 20 | ₹354.10 | SELL* | ₹7,082.00 |
| ANGELONE.NS | 01/01/2024 | 1 | ₹3,487.80 | SELL* | ₹3,487.80 |
| IRCON.NS | 01/01/2024 | 23 | ₹171.40 | SELL* | ₹3,942.20 |
| PFC.NS | 01/01/2024 | 10 | ₹382.60 | SELL* | ₹3,826.00 |
| SWANENERGY.NS | 01/01/2024 | 9 | ₹511.00 | BUY | ₹4,599.00 |
| NBCC.NS | 01/01/2024 | 53 | ₹81.55 | BUY | ₹4,322.15 |
| PRESTIGE.NS | 01/01/2024 | 3 | ₹1,178.90 | BUY | ₹3,536.70 |
| COCHINSHIP.NS | 01/01/2024 | 3 | ₹1,353.95 | SELL* | ₹4,061.85 |
| WELCORP.NS | 01/01/2024 | 11 | ₹548.15 | SELL* | ₹6,029.65 |
| IDEA.NS | 01/01/2024 | 156 | ₹16.00 | SELL* | ₹2,496.00 |
| ADANIPOWER.NS | 01/01/2024 | 6 | ₹525.15 | BUY | ₹3,150.90 |
| SOLARINDS.NS | 01/01/2024 | 1 | ₹6,727.50 | BUY | ₹6,727.50 |
| TATAINVEST.NS | 01/01/2024 | 2 | ₹4,282.05 | BUY | ₹8,564.10 |
| NMDC.NS | 01/01/2024 | 27 | ₹209.65 | BUY | ₹5,660.55 |
| Total | ₹97,827.95 |
