RBI Monetary Policy Update - RBI maintains the neutral stance with cautious outlook on inflation and growth
|
|
- Lionel Mathews
- 6 years ago
- Views:
Transcription
1 RBI Monetary Policy Update - RBI maintains the neutral stance with cautious outlook on inflation and growth In the latest policy meeting, the RBI kept the key policy rate unchanged at 6% and maintained the neutral stance of monetary policy - in line with the consensus expectations. Four out of five monetary committee members voted in favour of no change in policy rate, while one member voted in favour of cut in the key policy rate. Rationale for Action: Revised marginally upward trajectory of headline inflation projections (including the HRA impact) in the range of 4.3%-4.7% for 2H FY18 including HRA effect of upto 35 bps (Previous projection: 4.2%-4.6%). Retained economic growth numbers at 6.7% for FY18. Policy Stance: Policy stance continues to be neutral and RBI to continue to monitor incoming data closely. RBI continues to remain focused on keeping headline inflation close to 4% on durable basis.
2 Our View: RBI, as expected, kept Neutral stance in today s policy with further rate action to be data dependent. On the inflation front, it marginally increased the headline inflation projections on firming up of core inflation, HRA impact by various state governments and high oil prices. Further it highlighted upside risks from firming up of household inflation expectations, fiscal slippages, rising input cost and global financial instability. However, it believed that seasonal moderation in vegetables prices in winter and shifting of large number of goods and services in lower GST tax bracket to provide downside risk to evolving inflation trajectory. We expect headline inflation to rise in the near future but will remain within RBIs trajectory of 4.3% 4.7% by this fiscal year end. On the growth front, it acknowledged the output gap, but expects the recent pick-up in credit along with recapitalisation of PSU banks and faster resolution of NPAs through IBC to provide tailwinds to economic growth. RBI has projected Indian economy to grow at 7% in 3Q FY18 and 7.8% in 4Q FY18 which we expect to undershoot their projections. We clearly expect some downside risk to growth. On the Liquidity front, the RBI re-iterated its stance on Neutral liquidity and though the system liquidity is surplus currently, the RBI expects system to be in marginal surplus by March 2018 and tighten in 1QFY18. Thus we rule out further OMO sales for this fiscal year. Keeping the above factors in mind, we believe that RBI has kept door open for future rate cuts and the focus may now shift to growth as it becomes increasingly confident of achieving its inflation target. Thus growth concerns over next 3 6 months may decide RBIs rate actions. A clear trajectory for bond yields will emerge post the fiscal clarity for FY 18 & post the FY19 Union Budget. With the current RBIs liquidity stance and relatively higher absolute yields, we expect Liquidity trades to dominate Macros trades from medium term perspective. Carry will be the biggest driver for returns in the current high interest rate regime. We clearly expect spread assets to outperform going ahead & curve to bull steepen as carry remains attractive at the shorter end of the yield curve. Also roll down benefits will add to the returns on steeper yield curves. We also expect bond yields to ease from near term (3-6 months ) perspective as market starts pricing in rate cut subject to upcoming GDP prints, Inflation prints & demand supply to take precedence in the short term. We do not foresee any major swings in yields unless commodity prices rally significantly further or US yields jumps materially. Fund Strategy: With continue to expect Liquidity trades to dominate Macro trades in the short term and hence curve to bull steepen and carry to be the biggest driver of returns. Thus, Ultra Short Term Funds & Short term bond funds (Reliance Short term Fund & Reliance Banking and PSU Debt Fund) are best positioned to gain from our above view. Across our long duration funds (Reliance Dynamic Bond Fund, Reliance Income Fund & Reliance Gilt Securities Fund) we will continue with the current strategy of Carry ( 6 9 year Gsecs, 10yr high grade Corporate bonds) and liquid
3 Gsecs (primarily belly of the curve). With expectation of further rate cuts subject to upcoming GDP prints, tactical duration plays will be captured through these long duration funds. In Reliance Dynamic Bond Fund, we have modified our strategy by reducing duration from years to years by shifting out from longer maturity Gsecs to shorter maturity GSecs & private AAA corporate bonds & will consider giving allocation to SDLs at appropriate spreads going ahead, thereby targeting an optimal mix of accruals and medium duration. We recommend Accrual funds (Reliance Regular Savings Debt & Reliance Corporate Bond Fund) over 3 years investment horizon. These funds have potential to benefit from high carry; Credit spread compression due to balance sheet improvements & Credit migration and roll down benefits on steeper yield curve.
4 Annexure: Highlights of the Monetary Policy: Inflation Outlook: RBI has marginally revised upward headline CPI projection for 2H FY18 in the range of 4.3%-4.7%, with risks evenly balanced. This increase is on the back of 1) Firming up of core inflation to continue in near term; 2) Firming up of international crude prices; 3) While the HRA impact by the Central Government will peak in Dec 2017, the staggered impact of HRA increases by various state governments and second order effects might push up housing inflation in In such scenario, any adverse supply shock due to geo-political developments could push up prices further. Despite upward revision in CPI number, the fan chart of RBI (shown below) incorporating the inflation trajectory over the period (includes the first round impact of HRA) remain more or less similar to October chart. Upside risk to Inflation outlook: High food and fuel prices, along with firming up of inflation expectations of households. Rising input cost conditions might lead to higher risk of pass-through to retail prices in near term. Fiscal slippage due to implementation of farm loan waivers by select states, partial roll-back of excise duty and VAT of petroleum products and decrease in revenue due to reduction in GST rates fir several goods and services. Global financial instability due to monetary policy normalisation in developed countries and fiscal expansion in US. Downside risk to Inflation outlook: Seasonal moderation in vegetables in winter and downward bias of pulses prices to keep food inflation benign. Shifting large number of the retails goods and services in lower GST tax brackets to help in lowering retail prices.
5 Economic Growth Outlook: RBI retained the GVA projection to 6.7% y/y for FY18, with risks evenly balanced. While the output gap continues to be negative, RBI has acknowledged in the concall that it is narrowing. Upside risk to Growth outlook Recent pick-up in credit growth aided by recapitalization of PSU banks to improve credit flows further. Further, bank recapitalisation along with insolvency and bankruptcy code (IBC) will help in reducing the cost of domestic borrowings through improved transmission by the banks, thereby aiding economic growth. RBI s survey indicates that the growth in services and infrastructure sector to improve in 4Q FY18. Downside risk to Growth outlook Lower agricultural production due to shortfall in kharif production and rabi sowing. Higher oil prices to impact margins of firms and GVA growth. Common Source: Bloomberg, RMF Internal Research, RBI PRODUCT LABEL- Reliance Dynamic Bond Fund Income over long term Investment in debt and money market instruments PRODUCT LABEL- Reliance Gilt Securities Fund Income over long term Investment in Government Securities PRODUCT LABEL Reliance Income Fund Income over long term Investment in debt and money market instruments
6 PRODUCT LABEL Reliance Regular Savings Fund Debt Option Income over medium term Investment predominantly in debt instruments having maturity of more than 1 year and money market instruments PRODUCT LABEL Reliance Short Term Fund Income over short term Investments in debt and money market instruments with the scheme would have maximum weighted average duration between years PRODUCT LABEL Reliance Banking & PSU Debt Fund Income over short to medium term Investments in debt and money market instruments of various maturities, consisting predominantly of securities issued by Banks, Public Sector undertakings & Public Financial Institutions PRODUCT LABEL- Reliance Corporate Bond Fund Income over medium term Investment predominantly in corporate bonds of various maturities and across ratings that would include all debt securities issued by entities such as Banks, Public Sector undertakings, Municipal Corporations, bodies corporate, companies, etc
7 Disclaimer: The information herein below is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. Certain factual and statistical information (historical as well as projected) pertaining to Industry and markets have been obtained from independent third-party sources, which are deemed to be reliable. It may be noted that since RNAM has not independently verified the accuracy or authenticity of such information or data, or for that matter the reasonableness of the assumptions upon which such data and information has been processed or arrived at; RNAM does not in any manner assures the accuracy or authenticity of such data and information. Some of the statements & assertions contained in these materials may reflect RNAM s views or opinions, which in turn may have been formed on the basis of such data or information. The Sponsor, the Investment Manager, the Trustee or any of their respective directors, employees, affiliates or representatives do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such data or information. Whilst no action has been solicited based upon the information provided herein, due care has been taken to ensure that the facts are accurate and opinions given are fair and reasonable, to the extent possible. This information is not intended to be an offer or solicitation for the purchase or sale of any financial product or instrument. Recipients of this information should rely on information/data arising out of their own investigations. Before making any investments, the readers are advised to seek independent professional advice, verify the contents in order to arrive at an informed investment decision. None of the Sponsor, the Investment Manager, the Trustee, their respective directors, employees, affiliates or representatives shall be liable in any way for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including on account of lost profits arising from the information contained in this material. The Sponsor, the Investment Manager, the Trustee, any of their respective directors, employees including the fund managers, affiliates, representatives including persons involved in the preparation or issuance of this material may from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies) / specific economic sectors mentioned herein, subject to compliance with the applicable laws and policies. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
RBI Monetary Policy Update Status Quo on Rates
RBI Monetary Policy Update Status Quo on Rates After the cutting the rate by 25 bps in August policy, the RBI kept the key policy rate unchanged at 6% and maintained the neutral stance of monetary policy
More informationFixed Income Markets & Strategy of Duration Funds
Fixed Income Markets & Strategy of Duration Funds Market Update: July 2017 Positive bias on favorable macro data releases, awaiting further cues from RBI policy in August. At the start of the month, bond
More informationINDIA INTEREST RATES: CHANGING GEARS
INDIA INTEREST RATES: CHANGING GEARS 2017 was a volatile year for the interest rates markets. Expectations built at the beginning of the year of a sustained low interest rate regime got increasingly questioned
More informationFixed Income Markets & Strategy of Duration Funds
Fixed Income Markets & Strategy of Duration Funds December 2017 Yields at over one year high; Demand-supply concerns and Fiscal risks re-emerge. The month of November started on a bearish note as fiscal
More informationRBI hikes by 25 bps to 6.25% - First time since Jan 2014
RBI hikes by 25 bps to 6.25% - First time since Jan 2014 RBI hiked the key policy rate by 25 bps to 6.25%, while maintaining the neutral stance of monetary policy. This is first hike since January 2014.
More informationDemonetization Drive: Biggest Economic Reform by the MODI Government
Demonetization Drive: Biggest Economic Reform by the MODI Government The historic demonetization move by the government is seen as a war on parallel economy, corruption, money laundering and to stop financing
More informationFixed Income Markets & Strategy of Duration Funds
Fixed Income Markets & Strategy of Duration Funds Market Update: Volatile month for Indian Bonds. Bonds trade with negative bias throughout the month. Bond markets started the month on a cautious note
More informationMid-Quarter Monetary Policy Review
18 December, 2013 Mid-Quarter Monetary Policy Review RBI maintained status quo in the mid-quarter monetary policy meeting held today preferring to wait and watch for more forthcoming macro-economic data
More informationSecond Hike with Neutral Stance
Second Hike with Neutral Stance RBI hiked the key policy rate by 25 bps to 6.50%, while retaining the neutral stance of monetary policy. This is second consecutive hike since June 2018. Highlight of the
More informationSecond Bi-Monthly Monetary Policy Review
June 3, 2014 Second Bi-Monthly Monetary Policy Review RBI kept key policy rates unchanged in line with consensus expectations. RBI reduced statutory liquidity ratio (SLR) by 50 bps to 22.50% with effect
More informationUltra Short Term Funds - UST
Ultra Short Term Funds - UST Oct 2016 Ultra Short Term Funds Ultra-short Term funds are Mutual Fund Schemes that maintains low duration and generally invest in fixed income securities with extremely short
More informationRBI Monetary Policy Review RBI Keeps Repo Rate on Hold at 6%, Inflation Forecast Increased. 06 December, 2017
RBI Monetary Policy Review RBI Keeps Repo Rate on Hold at 6%, Inflation Forecast Increased 06 December, 2017 RBI Keeps Repo Rate on Hold at 6%, Inflation Forecast Increased The six-member Monetary Policy
More informationAxis Corporate Debt Fund. (An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds)
Axis Corporate Debt Fund (An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds) Macro economic indicators are showing signs of stability Indicator Current* Outlook Inflation
More informationMonetary Policy Review Premature end to the easing cycle?
The monetary policy committee (MPC) maintained status quo for the second policy review running, keeping Repo rate at 6.25%, contrary to market expectations of 25bps cut. Consequently, the reverse repo/msf
More informationReliance ETF Long Term Gilt
Reliance ETF Long Term Gilt An Open Ended Index Exchange Traded Fund This product is suitable for investors who are seeking*: Product labels Income over long term Investments in Gilt Securities replicating
More informationReliance Capital Builder Fund II Series C (A Close Ended Equity Oriented Scheme)
Reliance Capital Builder Fund II Series C (A Close Ended Equity Oriented Scheme) Offer for Sale of Units at Rs.10/- per unit during the new fund offer period Tenure 3 years from the date of allotment of
More informationFifth Bi-monthly Monetary Policy Statement, Resolution of the Monetary Policy Committee (MPC) Reserve Bank of India*
Fifth Bi-monthly Monetary Policy Statement, 2017-18 Resolution of the Monetary Policy Committee (MPC) Reserve Bank of India* On the basis of an assessment of the current and evolving macroeconomic situation
More informationFIXED INCOME OUTLOOK August 2017
FIXED INCOME OUTLOOK August 2017 Key trends that drive our strategy Significant fall in headline & core CPI Inflation; Headline CPI expected to meet RBI long term target of slightly above 4% Slowdown in
More informationFixed Income Update October 2015
Month Overview Average Liquidity Support by RBI Rs -5,527 Cr. Includes: LAF, MSF, SLF & Term Repo Bank Credit Growth Money Market Bank Deposit Growth 9.6% 11.6% Change in basis points Tenure CD Change
More informationFIXED INCOME UPDATE AUGUST 17
1 FIXED INCOME UPDATE AUGUST 17 Aug-16 Aug-16 Sep-16 Sep-16 Oct-16 Oct-16 Nov-16 Nov-16 Dec-16 Dec-16 Jan-17 Jan-17 Feb-17 Feb-17 Mar-17 Mar-17 Apr-17 Apr-17 May-17 May-17 Jun-17 Jun-17 Jul-17 Jul-17 Aug-17
More informationICICI PRUDENTIAL MUTUAL FUND. RBI s Mid-Quarter Monetary Policy Review: September 2013
ICICI PRUDENTIAL MUTUAL FUND Impact Analysis 20 th September, 2013 RBI s Mid-Quarter Monetary Policy Review: September 2013 Key Measures Repo rate hiked by 25 bps to 7.50%, reverse repo hiked to 6.50%
More informationRBI s Sixth Bi-Monthly Monetary Policy Review ( ) Maintains status quo...neutral Stance
7h February 2018 RBI s Sixth Bi-Monthly Monetary Policy Review (2017-18) Maintains status quo...neutral Stance Repo Rate unchanged at Reverse Repo Rate stands at 5.75% Marginal Standing Facility and Bank
More informationReliance Capital Builder Fund II Series B (A Close Ended Equity Oriented Scheme)
Reliance Capital Builder Fund II Series B (A Close Ended Equity Oriented Scheme) Offer for Sale of Units at Rs.10/- per unit during the new fund offer period Tenure 3 years from the date of allotment of
More informationInvestment Strategy Equity & Debt, February, 2018
Investment Strategy Equity & Debt, February, 2018 Key pointers on budget numbers The government expects total receipts to grow at 10% in FY2019BE based on 11.5% nominal GDP growth. o FY2019 is likely to
More informationSBI Magnum Income Fund
SBI Magnum Income Fund This product is suitable for investors who are seeking: Investment in debt and money- market securities Regular income for medium term Moderate risk SBI Magnum Income Fund Disclaimer:
More information1 st Bi-Monthly Monetary Policy Review, Kotak Mutual Fund Update as on 4 th April
1 st Bi-Monthly Monetary Policy Review, 2017-18 1 Kotak Mutual Fund Update as on 4 th April 2017 1 Monetary Meas ures: Key Rates Meas ures CRR Reverse Repo rate Unchanged at 4.00% (incremental CRR withdrawn)
More informationEquity: Buy on dips. Build portfolio for long term wealth creation Fixed Income: Invest in short to medium duration funds
Equity: Buy on dips. Build portfolio for long term wealth creation Fixed Income: Invest in short to medium duration funds 1 Month Returns' (%) Global Indices Among the emerging countries India outperformed
More informationHSBC Global Investment Funds - India Fixed Income
HSBC Global Investment s - India Fixed Income SG Share Class AC AC 30/04/2018 Objective and Strategy The aims to provide long-term total return (meaning capital growth and income) by investing in a portfolio
More informationPublished on 22 May 2017
Published on 22 May 2017 QUANTUM LIQUID FUND (An open ended Liquid Scheme) Fact Sheet as on 19-May-17 Fund Size as on (Rs. in crores) 19-May-17 Absolute AUM DIRECT PLAN GROWTH OPTION 96.8866 DIRECT PLAN
More informationFund (An open ended debt scheme predominantly investing in debt instruments of Banks, Public Sector Undertakings & Public Financial Institutions)
Axis Banking & PSU Debt Fund (An open ended debt scheme predominantly investing in debt instruments of Banks, Public Sector Undertakings & Public Financial Institutions) May 2018 Yield Stark shift in yield
More informationHSBC Global Investment Funds - India Fixed Income
HSBC Global Investment Funds India Fixed Income SG Share Class 30/04/2018 Fund Objective and Strategy The Fund aims to provide longterm total return (meaning capital growth and income) by investing in
More informationCPSE ETF An Open Ended Index Exchange Traded Scheme [Rajiv Gandhi Equity Savings Scheme (RGESS) $ Qualified Scheme]
CPSE ETF An Open Ended Index Exchange Traded Scheme [Rajiv Gandhi Equity Savings Scheme (RGESS) $ Qualified Scheme] This product is suitable for investors who are seeking*: Product labels Long-term capital
More informationMONTHLY UPDATE NOVEMBER 2018
MONTHLY UPDATE NOVEMBER 2018 November 2018 A champion is defined not by their wins but by how they can recover when they fall. Equity markets - Serena Williams Indices 31 st Oct 2018 30 th Nov 2018 1 Month
More informationIn Rs. Lakh Crore Spread (%) Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18
In Rs. Lakh Crore Spread (%) A Dislocated Bond Market What does it mean for investors? Since the release of the RBI monetary policy committee minutes on 19 th April 2018, bond yields have spiked. The benchmark
More informationEquity & Debt Strategy
Equity & Debt Strategy Mid Aug Sept 2 Equity Market Update & Equity MF Strategy Nifty was up 6% in July post good results by HDFC Bank and Reliance Both Large and Mid Cap index did well in July Both FII
More informationReliance ETF NV20 (Formerly R*Shares NV20 ETF) An Open Ended Index Exchange Traded Fund [Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme]
Reliance ETF NV20 (Formerly R*Shares NV20 ETF) An Open Ended Index Exchange Traded Fund [Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme] This product is suitable for investors who are seeking*:
More informationCPSE ETF. An Open Ended Index Exchange Traded Fund [Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme] Product labels.
CPSE ETF An Open Ended Index Exchange Traded Fund [Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme] This product is suitable for investors who are seeking*: Product labels Long-term capital
More informationMONETARY POLICY OUTLOOK- THE FIFTH BI-MONTHLY MONETARY POLICY REVIEW OF THE CURRENT FINANCIAL YEAR DECEMBER-MARCH
MONETARY POLICY OUTLOOK- THE FIFTH BI-MONTHLY MONETARY POLICY REVIEW OF THE CURRENT FINANCIAL YEAR DECEMBER-MARCH 2018-19 Dr. Arun Kumar Misra, Associate Professor, Finance & Accounts, VGSOM, IIT Kharagpur
More information3 dimensional view of Fixed Income Market
3 dimensional view of Fixed Income Market Duration play seems to be over Money market yields are too low post demonetization thanks to excess liquidity Liquidity Duration Accrual Good opportunity to position
More informationSBI DYNAMIC BOND FUND
SBI DYNAMIC BOND FUND This product is suitable for investors who are seeking: Investment in debt and money- market securities Regular income for medium term Moderate risk SBI Dynamic Bond Fund Disclaimer:
More informationEquity & Debt Strategy
Equity & Debt Strategy Mid Oct Nov 2 Equity Market Update & Equity MF Strategy 1/14 3/14 5/14 7/14 9/14 11/14 1/15 3/15 5/15 7/15 9/15 11/15 1/ 3/ 5/ 7/ 9/ 11/ 1/ 3/ 5/ 7/ 9/ cr Nifty-5 corrected post
More informationOutlook for Economic Activity and Prices (April 2017) Summary
April 27, 2017 Bank of Japan The Bank's View 1 Outlook for Economic Activity and Prices (April 2017) Summary Japan's economy is likely to continue expanding and maintain growth at a pace above its potential,
More informationR*Shares Banking ETF (An Open Ended, Exchange Listed, Index Linked Scheme)
R*Shares Banking ETF (An Open Ended, Exchange Listed, Index Linked Scheme) Contents Why Equity ETF? Page 2 Strategies used through Index based Equity ETFs Page 2 Transaction Options available for investors
More informationReliance Regular Savings Fund Balanced Option: Sales Note
Reliance Regular Savings Fund Balanced Option: Sales Note Fund Positioning & Philosophy: Reliance Regular Savings Fund Balanced Option is a equity oriented Hybrid Fund which invests approximately 70 75%
More informationACUMEN. Life of CPI. Three Year Average Inflation
Life of CPI Monetary policy in India has shifted decisively to using the Consumer Price Index (CPI) based inflation rather than Wholesale Price inflation since September 2013. We look at the history of
More informationReliance ETF PSU Bank BeES
Reliance ETF PSU Bank BeES An Open Ended Index Exchange Traded Scheme This product is suitable for investors who are seeking*: Product labels Long-term capital appreciation Investment in Securities covered
More informationUS Fed: December rate hike still on the cards
Policy Watch: US Fed Treasury Research Group For private circulation only US Fed: December rate hike still on the cards In line with our expectations, US Fed maintained status quo and kept the Fed funds
More informationFIXED INCOME UPDATE 1
1 FIXED INCOME UPDATE Abstract Rates are headed down on lower inflation Inflation is likely to hit the RBI s disinflationary path Bond yields may further fall on continuation of rate cuts Macro conditions
More informationINVESTMENT OUTLOOK. August 2017
INVESTMENT OUTLOOK August 2017 INVESTMENT OUTLOOK AUGUST 2017 MACRO-ECONOMICS AND CURRENCIES Developed and Emerging Markets A series of comments from major central banks during the month, reminded investors
More informationHSBC Mid-month Equity Investment Strategy. Release Date: 20 May 2011 For distributor / broker use only
HSBC Mid-month Equity Investment Strategy Release Date: 20 May 2011 For distributor / broker use only 2 Index April 29,2011 May 13,2011 Returns (%) Sensex 19135 18531-3.1 Nifty 5749 5544-3.5 BSE 200 2363
More informationRBI Monetary Policy Review RBI Keeps Repo Rate Unchanged, Downgrades Growth Forecast. 04 October, 2017
RBI Monetary Policy Review RBI Keeps Repo Rate Unchanged, Downgrades Growth Forecast 04 October, 2017 RBI Keeps Repo Rate Unchanged, Lowers Growth Projections The six-member Monetary Policy Committee (MPC)
More informationNZ FIXED INTEREST FUND JUNE 2018
NZ FIXED INTEREST FUND JUNE 2018 Contents 1. Economic and market recap 3 2. Performance and attribution 10 3. Attribution 17 4. Strategy 26 Appendix 1. Portfolio composition 30 1. ECONOMIC AND MARKET RECAP
More informationR*Shares PSU Bank BeES (An Open Ended Index Exchange Traded Scheme)
R*Shares PSU Bank BeES (An Open Ended Index Exchange Traded Scheme) Contents Why Equity ETF? Page 2 Strategies used through Index based Equity ETFs Page 2 Transaction Options available for investors Page
More informationMARKET REVIEW & OUTLOOK February 2018
MARKET REVIEW & OUTLOOK February 2018 1.0 Fixed Income Economics During the month, Malaysia s 4Q2017 GDP was released. Real Gross Domestic Product ( GDP ) grew 5.9% YoY, slightly slower than the 6.2% recorded
More informationOutlook for Economic Activity and Prices (April 2018)
Outlook for Economic Activity and Prices (April 2018) The Bank's View 1 Summary April 27, 2018 Bank of Japan Japan's economy is likely to continue growing at a pace above its potential in fiscal 2018,
More informationCANARA ROBECO MEDIUM TERM OPPORTUNITIES FUND FEBRUARY 2018
CANARA ROBECO MEDIUM TERM OPPORTUNITIES FUND FEBRUARY 2018 This product is suitable for investors who are seeking* Income/Capital appreciation over medium to long-term Investment in Debt and Money Market
More informationRBI Monetary Policy Review RBI Leaves Interest Rate Unchanged, Raises Inflation Forecast. 07 February, 2018
RBI Monetary Policy Review RBI Leaves Interest Rate Unchanged, Raises Inflation Forecast 07 February, 2018 RBI Leaves Interest Rate Unchanged, Raises Inflation Forecast The six-member Monetary Policy Committee
More informationMarket Outlook Presentation September
Market Outlook Presentation September - 2014 1 KEY HIGHLIGHTS Equity Market Overview Macro indicators, Sentiments and Valuations Debt Market Overview Outlook Recommendations 2 EQUITY MARKET OVERVIEW Sensex
More informationOutlook for Economic Activity and Prices (January 2018)
Outlook for Economic Activity and Prices (January 2018) January 23, 2018 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue expanding on the back of highly accommodative financial
More informationMarket Outlook Presentation
November 2013 Aiming to discover value beyond Sensex & Nifty Market Outlook Presentation Mutual Fund investments are subject to market risks, read all scheme related documents carefully. HOW GLOBAL INDICES
More informationRBI Q1 FY11 Monetary Policy Review
RBI Q1 FY11 Monetary Policy Review The Policy Measures In Brief In its First Quarter Review of the Annual Monetary Policy for 2010-11, the Reserve Bank of India increased its policy rates with immediate
More informationReliance Index Fund - Sensex Plan (An Open Ended Index Linked Scheme)
ssssssssss Reliance Index Fund - Sensex Plan (An Open Ended Index Linked Scheme) Contents What does Index Fund mean? Page 2 Reasons to Invest in Index Fund Page 2 Reliance Index Fund Sensex Plan Page 2
More informationRBI Monetary Policy Review RBI keeps repo rate unchanged at 6% for the fourth time. 05 April, 2018
RBI Monetary Policy Review RBI keeps repo rate unchanged at 6% for the fourth time 05 April, 2018 RBI keeps repo rate unchanged at 6% for the fourth time; Central bank's stance signals positive change
More informationUsing our various valuation approaches we estimate the Fundamental Value of the Sensex on a top down basis for Calendar year 2019 as follows:
4 Jan 2019 A Rational Analysis of the Sensex for the Year 2019 We had concluded our SENSEX Rational Analysis Interim review on 4 th July 2018 by saying We believe that with the current set of information,
More informationAugust 1, 2017 I Economics EXPECTATIONS FROM CREDIT POLICY: AUGUST 2017
EXPECTATIONS FROM CREDIT POLICY: AUGUST 2017 August 1, 2017 I Economics The third bi-monthly monetary policy review for this fiscal year is to be announced by the RBI on 2nd August 2017. It will be sixth
More informationEQUITY OUTLOOK. Refer Table Mentioned Below:-
J U N E 2 0 1 6 EQUITY OUTLOOK Strong double digit profit growth by corporate India after a long phase of consolidation (excluding banks) makes us quite optimistic for the future outlook for FY17 and beyond.
More informationOutlook for Economic Activity and Prices (October 2017)
Outlook for Economic Activity and Prices (October 2017) October 31, 2017 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue expanding on the back of highly accommodative financial
More informationMonetary Policy Review : April 16
April 5, 2016 Monetary Policy Review : April 16 On expected lines, the RBI in its first bi-monthly Monetary Policy announced 25 bps cut in repo rate from 6.75 % to 6.5%. It also announced measures to address
More informationEquity Update May 2018
Market Overview (as on April 30, 2018) Flows Apr-18 Mar-18 Feb-18 FIIs (Net Purchases / Sales) (Rs cr) MFs (Net Purchases / Sales) (Rs cr) Domestic Markets Macro Indicators GDP (YoY%) IIP (YoY%) Crude
More information2017 CRISIL Ltd. All rights reserved. Debt s it! Why debt funds are as good a wealth-creation tool as any, and can also aid in nation building
Debt s it! Why debt funds are as good a wealth-creation tool as any, and can also aid in nation building 1 Key messages Debt funds the next big driver for the Indian MF industry Macro environment, tax
More informationDevelopments in inflation and its determinants
INFLATION REPORT February 2018 Summary Developments in inflation and its determinants The annual CPI inflation rate strengthened its upward trend in the course of 2017 Q4, standing at 3.32 percent in December,
More informationIndian Economy. GDP growth slowed down but remained above the comfortable 7% Manufacturing GVAbp
Indian Economy Economic Growth GDP growth slowed down but remained above the comfortable 7% Domestic economy witnessed 7.1% GDP growth during the first quarter (Apr - Jun) of fiscal 2016-17 (Q1FY17) as
More informationVolume II. Chapter 1. Study Iq Education
Volume II Chapter 1 Chapter 1 Introduction Section A. Analytical review of recent development The Goods & Services Tax Paradigm Shift to Low Inflation Wedge between asset price & real economy Farm Loan
More informationEQUITY OUTLOOK. We highlight some specific sector read through and trends below
A U G U S T 2 0 1 5 EQUITY OUTLOOK As the earnings season nears a close a read through from some of our portfolio companies as well as from key companies in various important sectors makes for interesting
More informationQuarterly Currency Outlook
Mature Economies Quarterly Currency Outlook MarketQuant Research Writing completed on July 12, 2017 Content 1. Key elements of background for mature market currencies... 4 2. Detailed Currency Outlook...
More informationRBI's Annual Monetary Policy
Amol Agrawal amol@stcipd.com +91-22-66202234 RBI's Annual Monetary Policy 2012-13 In Annual Monetary Policy 2012-13, RBI surprised markets by easing Repo rate by 50 bps to 8%. The consensus market expectations
More informationP/E ratio is always influenced by Cost of. Capital
2 P/E ratio is always influenced by Cost of Capital 3 May62 May64 May66 May68 May70 May72 May74 May76 May78 May80 May82 May84 May86 May88 May90 May92 May94 May96 May98 May00 May02 May04 May06 May08 May10
More informationR*Shares Bank BeES. An Open Ended Index Exchange Traded Fund [Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme] Product labels.
R*Shares Bank BeES An Open Ended Index Exchange Traded Fund [Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme] This product is suitable for investors who are seeking*: Product labels Long-term
More information3rd Bi-Monthly Monetary Policy Review, Kotak Mutual Fund Update as on 9 th August
3rd Bi-Monthly Monetary Policy Review, 2016-17 Kotak Mutual Fund Update as on 9 th August 2016 1 Monetary Measures: Key Rates Measures CRR Unchanged at 4.00% Reverse Repo rate Unchanged at 6.00% (affixed
More informationCPSE ETF An Open Ended Index Exchange Traded Scheme [Rajiv Gandhi Equity Savings Scheme (RGESS) $ Qualified Scheme]
CPSE ETF An Open Ended Index Exchange Traded Scheme [Rajiv Gandhi Equity Savings Scheme (RGESS) $ Qualified Scheme] This product is suitable for investors who are seeking*: Product labels Investment in
More informationCPSE ETF An Open Ended Index Exchange Traded Scheme [Rajiv Gandhi Equity Savings Scheme (RGESS) $ Qualified Scheme]
CPSE ETF An Open Ended Index Exchange Traded Scheme [Rajiv Gandhi Equity Savings Scheme (RGESS) $ Qualified Scheme] This product is suitable for investors who are seeking*: Product labels Long-term capital
More informationMONTHLY UPDATE SEPTEMBER 2017
MONTHLY UPDATE SEPTEMBER 2017 September 2017 "I am a better investor because I am a businessman and a better businessman because I am an investor. - Warren Buffett Equity Markets Indices 31 st Aug 2017
More informationOutlook for Economic Activity and Prices (July 2018)
Outlook for Economic Activity and Prices (July 2018) July 31, 2018 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue growing at a pace above its potential in fiscal 2018, mainly
More informationDebt Perspective. May 2018
Debt Perspective May 2018 Debt Markets - Review Bond Market Overview Government bond yields rose in April. The 10-year government bond yield rose 47bps during the month, to end at 7.77%. Bond markets traded
More informationEurozone Economic Watch Higher growth forecasts for January 2018
Eurozone Economic Watch Higher growth forecasts for 2018-19 January 2018 Eurozone Economic Watch January 2018 Eurozone: Higher growth forecasts for 2018-19 Our MICA-BBVA model estimates a broadly stable
More informationEditor: Felix Ewert. The Week Ahead Key Events Mar 2018
Editor: Felix Ewert The Week Ahead Key Events 12 18 Mar 2018 Monday 12, 08.00 SWE: Unemployment, registered (Feb) SEB Cons. Prev. Open 3.9 --- 4.0 Open, seas. adj. 3.8 --- 3.8 Total seas. adj. 7.1 ---
More informationOutlook for Economic Activity and Prices (April 2014)
April 30, 2014 Bank of Japan Outlook for Economic Activity and Prices (April 2014) The Bank's View 1 Summary From fiscal 2014 through fiscal 2016, Japan's economy is likely to continue growing at a pace
More informationHSBC Global Asset Management, India Creating Wealth through Asset Allocation. March 2018
HSBC Global Asset Management, India Creating Wealth through Asset Allocation March 2018 1 Why invest? 2 Changing social demographics Stress at work leading to early retirement People are living longer
More informationCMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7
2QFY18 Result Update November 23, 2017 Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 High Order Book Provides Revenue Visibility (PMPL) has delivered a healthy performance in 2QFY18.
More informationResearch: Denmark Danish independent rate hike has moved closer
Investment Research 17 December 215 Research: Denmark Danish independent rate hike has moved closer After the December ECB meeting we have seen a new currency outflow from Denmark, and we now forecast
More information10% Asia week ahead: First test of US protectionism. Economic and Financial Analysis
Economic and Financial Analysis 29 March 2018 Global Economics 29 March 2018 Article Asia week ahead: First test of US protectionism Korea s trade data is the first test of increased US trade protectionism.
More informationOutlook for Economic Activity and Prices (October 2014)
October 31, 2014 Bank of Japan Outlook for Economic Activity and Prices (October 2014) The Bank's View 1 Summary From fiscal 2014 through fiscal 2016, Japan's economy is likely to continue growing at a
More informationA subsidiary of TVS Wealth Pvt Ltd
A subsidiary of TVS Wealth Pvt Ltd IMMPL Annual Outlook 2019 2018 A CHALLENGING YEAR, BETTER STARTING POINT IN 2019 The year gone by The year 2018 was a challenging year for investors. Almost all asset
More informationKey highlights. RBI surprised markets by not hiking rates; however changed the stance to calibrated tightening. 10 year G-Sec Yield(%)
Key highlights RBI surprised markets by not hiking rates; however changed the stance to calibrated tightening Repo Rate maintained by RBI at 6.50% Liquidity squeezed in money market Regulators come to
More informationOverview. Credit cycle - background. Associated risks in credit investing. Axis approach to credit risk
CREDIT QUALITY Overview Credit cycle - background Overall Credit quality has got affected by the macro-economic environment However credit spreads have narrowed as more money has come into the segment
More informationMarket Outlook. Nifty % Sensex %
Market Outlook 22000 BSE NSE 6500 Key Indices 30-Apr-13 31-Mar-13 % Change 21000 20000 19000 18000 17000 16000 15000 6000 5500 5000 4500 4000 3500 Nifty 5930.20 5682.55 4.36% Sensex 19504.18 18835.77 3.55%
More informationEquity Market Outlook. May, 2016
Equity Market Outlook May, 2016 Global Economy Update Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Global Central Bank Monetary Policies
More informationMONTHLY UPDATE FEBRUARY 2018
MONTHLY UPDATE FEBRUARY 2018 February 2018 One of the reasons so many people get burned in the market is because they start buying as they see prices going up. Equity Markets - Robert Kiyosaki Indices
More informationMONTHLY UPDATE APRIL 2018
MONTHLY UPDATE APRIL 2018 April 2018 The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions. Equity Markets - Seth Klarman Indices 28
More informationEquity Market Update Debt Market Update
Equity Market Update In the month of June, BSE 30 Sensex witnessed a strong upward trend gaining 4.46% and closing at 17,700. Robust GDP growth in Q4 March 2010, above-average IIP numbers, higher advance
More information