Key Events. Economic Indicators and Charts. Equity Market View. Fixed Income Market View. Asset Class View and Strategy.
|
|
- Penelope Price
- 5 years ago
- Views:
Transcription
1
2 Key Events Economic Indicators and Charts Equity Market View Fixed Income Market View Asset Class View and Strategy Model Portfolios
3 Indian economy grew 7.7% in the fourth quarter cementing its place as the fastest growing major economy lead by a strong rebound in manufacturing sector. Real GDP growth clocked 6.8% in fiscal year US pulled out of the Iran Nuclear deal and has vowed to re-introduce sanctions on Iran including sanctions on the sale of Iranian Crude. This announcement along with supply disruptions from Venezuela led to a rally in crude prices during the month. Surge in crude prices & weakening currency have been the centre of all macroeconomic discussions. Deterioration of currency account led by rising oil prices, tepid exports growth, strengthening US dollar and worsening terms of trade presents a substantial external risk. Fiscal Deficit for ended at 3.53% of GDP broadly in line with the government s revised estimates. Trade deficit has widened by about $50bn in FY18 and is likely to widen another $40bn to $50bn in FY19. India s net direct tax collection grew by 18% in FY18 to Lakh Crores. The pace of increase is the fastest in the last seven fiscal years US Federal Reserve s May meeting minutes indicated two more rate hikes in 2018 & three hikes in 2019 on the back of strengthening labour market & inflation near the medium term objective. There is a high probability of a 25bps rate hike in June FOMC meeting Italy witnessed a political turmoil as after several weeks of negotiations between anti-establishment groups failed to produce a new coalition government. This caused Italian bond yields to climb to euro-era highs & caused tumult in global markets.
4 Market and Economic Data Current (as on) Previous (as on) Nifty May Apr-2018 Sensex May Apr year Gsec May Apr-2018 USD/INR May Apr-2018 GDP Growth 7.2% Q3FY18 7.2% Q3FY18 CPI 4.58% Apr % Mar-18 WPI 3.18% Apr % Mar-18 Trade deficit ($ bn) 13.7 Apr Apr-18 IIP 4.4% Mar % Feb-18 FII Equity ($ bn) May Apr-2018 FII Debt ($ bn) May Apr-2018 WTI Crude May Apr-2018 Brent Crude May Apr-2018 *Data Source: as Bloomberg on 26 th Feb 2017 Source: Bloomberg
5 Global and Indian Indices Index Country MTD FYTD Ibovespa Brazil -10.9% -10.1% Hang Seng Hong Kong -1.1% 1.2% Sensex India 0.5% 7.1% S&P500 USA 2.2% 2.4% DJI USA 1.0% 1.3% SSE Composite China 0.4% -2.3% Nifty India 0.0% 6.2% CAC France -2.2% 4.5% DAX Germany -0.1% 4.2% Nikkei 225 Japan -1.2% 3.5% FTSE 100 UK 2.2% 8.8% Index MTD FYTD Sensex 0.5% 7.1% Nifty 0.0% 6.2% BSE % 5.1% BSE Small Cap -6.3% 1.5% Nifty Midcap % 0.8% Nifty Midcap % 0.8% Index MTD FYTD BSE Auto -5.3% 1.7% BSE Bank 4.7% 10.3% BSE Basic Materials -6.9% 0.0% BSE Capital Goods -3.7% 1.9% BSE Consumer Discretionary Goods and Services -3.9% 1.7% BSE Consumer Durables -7.6% -7.1% BSE Energy -2.3% 1.2% BSE Finance 2.1% 7.8% BSE FMCG -0.1% 9.7% BSE Healthcare -8.1% -1.2% BSE IT -0.8% 11.2% BSE Power -4.9% 0.2% BSE Telecom -7.1% -8.8% BSE Utilities -2.7% 0.8% *Data as on th st May, Feb Source: Bloomberg
6 10 year G-Sec India and USA Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 US 10 Yr India 10 Yr *Data as on th st May, Feb Source: Bloomberg
7 Currencies and Commodities 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% Currency 12.6% 9.2% 5.4% 6.2% 3.4% 3.3% 1.1% 2.4% 1.2% 2.2% 1.4% 2.6% -0.5% -0.9% -3.4% -5.1% INR Curncy GBP Curncy JPY Curncy CNY Curncy EUR Curncy RUB Curncy THB Curncy BRL Curncy MTD FYTD Commodities 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% -25.0% 10.4% 3.2% 3.2% 0.5% 0.3% 1.1% 2.5% 3.3% -2.2% -1.3% -2.0% -0.9% -5.7% -18.7% WTI Crude Brent Crude Gold Spot $/Oz Silver Spot $/Oz Copper Spot $/Oz Zinc Spot $/Oz Baltic Dry Index MTD FYTD *Data as on th st May, Feb Source: Bloomberg
8 Nifty posted a recovery this month to end flat/range bound after a sharp decline during the month post Karnataka election results where Congress & JD(U) formed the government. Index of Industrial Production (IIP) grew 4.4% in March against a downward revised 7% increase in the previous month. In , IIP averaged 4.3% against 4.6% a year ago. In the current earnings season, Nifty earnings growth has been supported due to strong earnings by heavyweights-namely TCS, Reliance and HDFC Twins We are likely to see earnings play catch up and earnings multiple de-rating to take Nifty towards 17 times 1 year forward. The benchmark index may see some short term correction even though the long term growth levers remain intact. We maintain our Nifty target price for FY19 to 11,500. EPS Estimates for Nifty Index (Bloomberg consensus) for FY19, FY20, and FY21 are INR 592, INR 702, and INR 781 respectively. As per blended estimates, Index is currently trading at PE of ~17.5 times 1 year forward. We recommend investors to deploy 33% of fresh equity allocation while the remaining can get invested over a 3 to 4 month period in a staggered manner. Clients having high exposure to mid & small cap via direct equities *Data as on 26 th Feb 2017 Source: Bloomberg may look at trimming their positions & moving to large caps/managed solutions.
9 The 10yr benchmark G-Sec is hovering in the range of 7.58% to 7.91% on a semi-annualised basis. The bond yields have seen a rise in the last few weeks on account of a weakening rupee, rising international crude oil prices & and a rise in US treasury Yields RBI conducted the OMO(Open market operations) purchase of government securities worth 10,000 crore on May 17, Further near term OMO purchase announcements may bring down the yields. Headline CPI inflation accelerated to a 3M high of 4.6% YoY belying our and street expectations of a 4.4% increase. The rise in CPI was predominantly due to unfavourable base effect and higher non-food inflation lead by uptick in housing and service components of core inflation We expect the MPC to maintain status quo in the June policy review even though the policy stance might be hawkish in the backdrop of elevated crude prices & depreciating currency. We expect benchmark yields to remain volatile and trade in the range of 7.60% to 7.90% with an upward bias of 20 bps. Yield movement hereon will depend on a host of domestic factors like inflation trajectory, supply demand dynamics and international factors like crude oil prices & global bond yield movement. We recommend investors to allocate 100% of their fresh fixed income allocation to long dated 'buy and hold' strategies and active accrual strategies with low to medium duration.
10 Asset Class Change View Strategy Rationale Equity Deploy in a staggered manner and invest 33% of fresh equity allocation at current levels. Remaining can get invested over a period of 3 to 4 months. EPS Estimates for Nifty Index (Bloomberg consensus) for FY19, FY20, and FY21 are INR 592, INR 702, and INR 781 respectively. As per blended estimates, Index is currently trading at PE of ~17.5 times 1 year forward. Investment Vehicles Equity Mutual Funds, PMS, Equity AIFs Fixed Income Accrual 100% of fresh fixed income to be invested in long dated buy and hold strategy and active accrual strategy with low to moderate duration. Yields are expected to be volatile in near term; multiple short term triggers pointing towards upwards bias to benchmark yield. Hence, on risk reward basis, accrual/yield strategy looks relatively better placed. Accrual Mutual Funds, Yield focused AIFs Fixed Income Duration We do not recommend investing in duration as a strategy. Risk reward is not favorable for duration play due to multiple factors like inflation trajectory, crude oil price, auction demand supply dynamics & US bond yield movement. NA Alternatives Real Estate Aggressive clients can allocate 5%-10% of their portfolio through real estate funds Residential sales have been slow for the quarter but new launches and sales are expected to gradually rise on account of capital infusion in affordable housing space. Real Estate AIFs Alternatives Gold Investors can allocate 0-5% of their portfolio to this asset class. Investments in gold can act as a good hedging instrument in overall portfolio. Gold ETFs Positive change No change Negative change Positive Neutral Negative
11 Asset Class Subasset Class Security Conservative Moderate Aggressive Equity 20% 40% 55% Large Cap Mutual Fund Birla SL Frontline Equity Fund 5% 10% 10% Reliance Large Cap Fund 5% 10% 10% Multi Cap Mutual Fund MOSt Focused Multicap 35 Fund 0% 10% 5% Small and Mid Cap Mutual Fund HDFC Small Cap Fund 0% 0% 5% PMS Sage One/ Rubik Portfolio 0% 0% 10% Birla Select Sector Portfolio 0% 0% 10% Structured Product Market Linked SP Actively Managed Portfolio 10% 10% 5% Fixed Income Alternatives Accrual Mutual Fund 70% 45% 20% HDFC Credit Risk Debt Fund 20% 10% 5% Aditya Birla Medium Term Plan 20% 10% 5% Reliance Classic Bond Fund 20% 10% 0% Structured Product Fixed Coupon SP 10% 15% 10% 0% 10% 20% CAT I/II AIF Infrastructure/ Distressed Assets EISAF II Onshore Fund/Edelweiss Infrastructure Yield Plus 0% 10% 10% CAT III AIF Long Short Avendus Enhanced Return Fund/ DSP Blackrock SatCore 0% 0% 10% Cash/Liquid/ 10% 5% 5% Arbitrage Arbitrage Mutual Fund Edelweiss Arbitrage Fund 10% 5% 5% Grand Total 100% 100% 100% *Data as on 26 th Feb 2017 Above Source: weights Bloomberg are indicative only; For details, please contact your relationship manager
12 Model Portfolio Performance 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% ITD Returns 15.52% 12.64% 10.3% 9.6% 8.87% 8.3% Aggressive Balanced Conservative Portfolio Benchmark Returns are as on 30 th May, 2018 Inception Date 1 th Aug 2011 returns are calculated on XIRR basis. ; Benchmark: Aggressive 75% NIFTY & 25% *Data Crisilas Liquid on 26 Index; th Feb Balanced % NIFTY & 50% Crisil Liquid Index; Conservative - 100% Crisil Liquid Index Source: Bloomberg
13 This document has been prepared by Edelweiss and is strictly confidential and is intended for the use by recipient only and may not be circulated, redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of Edelweiss. Receipt and review of this document constitutes your agreement not to circulate, redistribute, retransmit or disclose to others the contents, opinions, conclusion, or information contained herein. In the preparation of the material contained in this document, Edelweiss has used information that is publicly available, including information developed in-house Information gathered & material used in this document is believed to be from reliable sources and is given in good faith. Edelweiss however does not warrant the accuracy, reasonableness and/or completeness of any information. For data reference to any third party in this material no such party will assume any liability for the same. Edelweiss and/or any affiliate of Edelweiss does not in any way through this material solicit any offer for purchase, sale of any financial transaction/commodities/products of any financial instrument dealt in this material. All recipients of this material should before dealing and or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice. The investments discussed in this material may not be suitable for all investors. Any person subscribing to or investigating in any product/financial instruments should do so on the basis of and after verifying the terms attached to such product/financial instrument. Edelweiss (including its affiliates) and any of its officers, directors, personnel and employees, shall not be liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, and consequential, as also any loss of profit in any way arising from the use of this material in any manner. The recipient alone shall be fully responsible/are liable for any decision taken on the basis of this material. Edelweiss has included statements/opinions/recommendations in this document which contain words or phrases such as will, expect, should and similar expressions or variations of such expressions, that are forward looking statements. Financial products and instruments are subject to market risks and yields may fluctuate depending on various factors affecting capital/debt markets. Please note that past performance of financial products and instruments does not necessarily indicate the future prospects and performance thereof. Actual results may differ materially from those suggested by the forward looking statements due to risks or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and/or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or rates or prices, the performance of the financial markets in India and globally, changes in domestic and foreign laws, regulations and taxes and changes in competition in the industry. By their nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses could materially differ from those that have been estimated. Edelweiss (including its affiliates) or its officers, directors, personnel and employees, including persons involved in the preparation or issuance of this material may; (a) from time to time, have long or short positions in, and buy or sell the securities mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation in the financial instruments/products/commodities discussed herein or act as advisor or lender/borrower in respect of such securities/financial instruments/products/commodities or have other potential conflict of interest with respect to any recommendation and related information and opinions. The said persons may have acted upon and/or in a manner contradictory with the information contained here. This document is intended to be used only by resident Indians, non-resident Indians, persons of Indian origin, subject to the applicable laws and regulations of any Indian or foreign regulatory authority. This document should not be regarded assolicitation of business in any jurisdiction including India. Mutual Fund investments are subject to market risk please read the offer document of the respective schemes carefully before investing.copyright 2009 Edelweiss Research (Edelweiss Securities Ltd).
Equity & 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 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 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 informationEquity Update October 2018
Market Overview (as on September 28, 2018) Flows Sept-18 Aug-18 July-18 FIIs (Net Purchases / Sales) (Rs cr) MFs (Net Purchases / Sales) (Rs cr) Domestic Markets Macro Indicators GDP (YoY%) IIP (YoY%)
More informationMonthly Market Outlook December Equities Invest in Equities for the long-run Fixed Income The appeal remains intact
Monthly Market Outlook December 2015 Equities Invest in Equities for the long-run Fixed Income The appeal remains intact Returns' (%) Source: MFI; Date ending on November 30, 2015 Global Performance Countries
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 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 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 informationMonthly Market Outlook August. Equity to remain range bound.. Fixed income is reasonably valued
Monthly Market Outlook August Equity to remain range bound.. Fixed income is reasonably valued Returns' (%) Source: MFI; Date ending on July 31, 2015; *as on July 24, 2015 Global Performance 1 Month Returns
More informationEquity & Debt Strategy
Equity & Debt Strategy Mid June - July 2 Equity Market Update & Equity MF Strategy Nifty continue to rally although Mid/Small cap Stocks corrected Large Cap Outperformed Mid Cap this month Strong Buying
More informationMonthly Market Outlook October 2017
Monthly Market Outlook October 2017 Equity Fixed Income India A Bright Macro Spot Investing in Short to Medium duration World Index (1 Month Return) 7.4 1 Month Return (%) 6.5 5.9 5.9 5.1 4.2 3.9 2.5 1.3
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 informationEquity Update December 2018
Market Overview (as on November 30, 2018) Flows Nov-18 Oct-18 Sep-18 FIIs (Net Purchases / Sales) (Rs cr) MFs (Net Purchases / Sales) (Rs cr) Domestic Markets Macro Indicators GDP (YoY%) IIP (YoY%) Crude
More informationEquity & Debt Strategy
Equity & Debt Strategy Mid Jan Feb 218 Equity Market Update & Equity MF Strategy Equity market ended 2 on a high note, Nifty 5 up by 28% in CY Nifty up 3% in Dec, MidCap Index up 6.2% FII flows reversed
More informationEquity & Debt Strategy
Equity & Debt Strategy Mid Apr May 2 Equity Market Update & Equity MF Strategy Equity markets corrected in Mar on global cues and selling pressure in Mutual Funds due to Dividend payouts Nifty 5 and Midcap
More informationOctober Equity & Fixed Income Outlook
Monthly Market Outlook October 2018 Equity & Fixed Income Outlook 1 Index Returns (%) Global Indices Performance 10 9.1 8 6 4 2 0-2 -4-6 -8 5.5 3.5 3.5 1.9 1.6 1.4 1.3 1.0 0.9 0.2-0.4-0.5-0.7-0.9-6.3 Most
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 informationMonthly Market Outlook
Monthly Market Outlook March 2018 Equity : Earnings - A Key Trigger to watch out Fixed Income : Time to invest at an elevated yield 1 World Index 0.5 0.2 1 month Return (%) -0.1-0.5-2.7-2.9-3.3-4.0-4.3-4.5-4.6-5.0-5.4-5.7-6.2-6.4
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 informationGratuity Fund Performance
Gratuity Fund Performance Monthly Fund Update, May 13 IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER ECONOMY ECONOMY S.No. Indicators Mar-13 Apr-13 M-o-M Variation
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 Update August 2018
Market Overview (as on July 31, 2018) Flows July-18 June-18 May-18 FIIs (Net Purchases / Sales) (Rs cr) MFs (Net Purchases / Sales) (Rs cr) Domestic Markets Macro Indicators GDP (YoY%) IIP (YoY%) Crude
More informationIndian Jewellery Demand in 2013: Can it Withstand the Challenges Ahead?
Indian Jewellery Demand in 2013: Can it Withstand the Challenges Ahead? Shekhar Bhandari Executive Vice President, Kotak Mahindra Bank Email: shekhar.bhandari@kotak.com 13 th November 2012 India s GOLD
More informationWeekly Review June 29, 2018
Weekly Review June 29, 2018 Key Economic News International Domestic According to the Commerce Department report, real Gross Domestic Product (GDP) of U.S. rose 2.0% YoY in the Mar quarter of 2018, slower
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 informationShroffConnect Weekly Report 15 th September, 2018
ShroffConnect Weekly Report 15 th September, 2018 Aditya Shroff Stock Broking Services Shroff Securities Pvt. Ltd. Portfolio Management Services Kolkata: 033 40662165/22627829 Bangalore: 080 25588305/25588306
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 Market Outlook March Equity & Fixed Income Outlook
Monthly Market Outlook March 2019 Equity & Fixed Income Outlook Returns (%) Global Indices Performance China surges ahead China France Eurozone Switzerland Taiwan US Germany Japan Hong Kong UK Singapore
More informationWeekly Review September 28, 2018
Weekly Review September 28, 2018 Key Economic News International Domestic The U.S. Federal Reserve (Fed) in its monetary policy review increased interest rates by 25 bps as it decided to raise the target
More informationINDIA ENHANCED EQUITY FUND
DSP BlackRock INDIA ENHANCED EQUITY FUND Alternative Investment Fund Quarterly Report uly-september 201 ALTERNATIVE INVESTMENT FUND Investment Commentary We maintained a cautious view on the overall market
More informationNFO Period: 20 th July to 3 rd August 2015
NFO Period: 20 th July to 3 rd August 2015 The Product is suitable for investors who are seeking* Riskometrer Long term wealth creation solution Why Invest in Small Cap Stocks Our Frame Work of Recommendation:
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 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 informationWeekly Review August 17, 2018
Weekly Review August 17, 2018 Key Economic News International Domestic According to a flash report from Eurostat, Eurozone s Gross Domestic Product (GDP) grew 0.4% sequentially in the second quarter as
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 informationBSE 500 (Ex-Financials) - Median Sales Growth. Dec-07. Jun-09. Dec-08. Dec-06. Jun-07. Jun-08. YoY Sales Growth Average +2 SD +1 SD -1 SD -2 SD
Date: 4 th July 2016 Dear Investors, Below is the performance of the Moats & Special Situations Portfolio (MSSP) as of 30 th June 2016. Portfolio Performance Equity Allocation as on 30.06.2016 Total Portfolio
More informationMutual Fund Screener For the quarter ended Jun -18
Mutual Fund Screener For the quarter ended Jun -18 Mutual Fund Screener What s Inside 01 Industry Size 02 Investor Trends 03 Inflow Outflow Analysis 04 Sector Update 05 Category Performance 06 Industry
More informationTime to remain in the market. but cautiously
Time to remain in the market. but cautiously Sunil Jain Head Equity Research (Retail) Date: Nov 2014 Indian equity outperformed all other markets in 2014 Country Index YTD % India NIFTY 32.97% US S&P 500
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 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 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 informationWeekly Review April 14, 2017
Weekly Review April 14, 2017 Key Economic News International Domestic According to the Office for National Statistics, U.K. consumer inflation stood at 2.3% YoY in Mar 2017, in line with market forecast.
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 informationPROSPERITY INSIGHTS. Global growth on an upswing; India s Q2 GDP validate nascent signs of recovery
PROSPERITY INSIGHTS Global growth on an upswing; India s Q2 GDP validate nascent signs of recovery 2017 ended on a positive note, with the last set of the year s macro data continued to underpin the strength
More informationEquity Perspective. November 2017
Equity Perspective November 2017 Equity Markets - Review Equity Roundup Movement in October U.S Closing Price 1-Month Return (%) Year To Date Returns (%) S&P 500 2575.26 2.22 15.03 Nasdaq 6727.67 3.57
More informationMacro Outlook Navigating through the woods. Shekhar Bhandari Kotak Mahindra Bank
Macro Outlook Navigating through the woods Shekhar Bhandari Kotak Mahindra Bank Aug, 2015 1 1. Unsynchronized global monetary policies 2 1975 1979 1983 1987 1991 1995 1999 2003 2007 2011 2015 US economy
More informationMutual Fund Screener For the quarter ended Dec-17
Mutual Fund Screener For the quarter ended Dec-17 Mutual Fund Screener What s Inside 01 Industry Size 02 Investor Trends 03 Inflow Outflow Analysis 04 Sector Update 05 Category Performance 06 Industry
More informationMarkets at a Glance. India Q2 CY For Distributors use only
Markets at a Glance India Q CY 17 For Distributors use only India Macro Economy Trade Inflation Monetary Sector Valuations Liquidity Macro Economy GDP Emerging vs Developed (In % YoY) Credit Growth vs
More information2018 The year of promise
2018 The year of promise January 2018 Tushar Pradhan, Chief Investment Officer We have come a long way in 2017 Source: Kotak Institutional Equities Dec 2017 Key events and performance of the Indian market
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 informationJOIN US IN CELEBRATING
JOIN US IN CELEBRATING Diwali is a time for age-old traditions and brand new beginnings, a time for family get togethers and exciting celebrations. This year, along with the festivities, start a new tradition
More information[ ] WEEKLY CHANGES AGAINST THE USD
February 26, 2018 [ ] MACRO & MARKETS COMMENTARY» Federal Reserve officials see the economic growth and the acceleration of inflation as a good signal to continue to raise interest rate gradually over
More informationGratuity Fund Performance
Gratuity Fund Performance Monthly Fund Update, December 11 IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER ECONOMY ECONOMY Indicators Nov 2011 Dec 2011 M-o-M Variation
More informationCurrency Daily
Currency Daily 3-11-217 Market commentary Indian rupee has continued to trade firm for the third-straight session, gaining another 1paise to close at a fresh 2-month high of 64.31 against the U.S. dollar
More informationOutlook Moving from Macro to Micro
Outlook 2016 Moving from Macro to Micro 2015 Recap Equity Markets 30000.00 S&P BSE Sensex Movement and Key Events Sensex crosses 30,000 points on RBI s second surprise 25 bps rate cut 29000.00 RBI s surprise
More informationScheme Categorization
Categorization Debt, Equity & Hybrid s SEBI, in October 2017, announced categories and sub-categories for mutual fund schemes. Here are the different categories and sub-categories, as defined by SEBI,
More informationEquity Perspective. May 2018
Equity Perspective May 2018 Equity Markets - Review Equity Roundup Movement in April U.S Closing Price 1-Month Return (%) Year To Date Returns (%) S&P 500 2648.05 0.27-0.96 Nasdaq 7066.27 0.04 2.36 Dow
More informationMonthly Market Outlook September Equity: A case for building equity portfolio now Fixed Income: Case for Investments remains
Monthly Market Outlook September 2017 Equity: A case for building equity portfolio now Fixed Income: Case for Investments remains World Index (1 Month Return in %) 10 8 6 4 2 0-2 -4 1 Month Return (%)
More informationNews U Can Use. October 07, 2016
News U Can Use October 07, 2016 The Week that was 03 rd October to 07 th October Slide 2 Indian Economy Results of a private survey showed that India s manufacturing output grew at a slower pace in Aug
More informationHow much will your current lifestyle cost at 60?
(MODERATE PLAN) How much will your current lifestyle cost at 60? DATE OF ALLOTMENT November 01,2011 BENCHMARK CRISIL Balanced Fund - Aggressive Index FUND SIZE Rs.370.53 (Rs. in Cr.) MONTHLY AVERAGE AUM
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 informationMonthly Currency Derivatives
Monthly Currency Derivatives US$INR has crucial resistance near 65.7 level Research Analyst Amit Gupta amit.gup@icicisecurities.com Gaurav Shah gaurav.shah@icicisecurities.com March 5, 218 Positional Recommendations
More informationMarket Outlook Presentation October
Market Outlook Presentation October - 2014 1 KEY HIGHLIGHTS Equity Market Overview Macro indicators, Sentiments and Valuations Debt Market Overview Outlook Recommendations 2 EQUITY MARKET OVERVIEW In September
More informationEquity Savings Fund - Series1
Equity Savings Fund - Series1 NFO Period: January 20, 2014 to February 07, 2014 This product is suitable for investors who are seeking*: Long term wealth creation solution A close-ended equity scheme that
More informationNews U Can Use. September 2, 2016
News U Can Use September 2, 2016 The Week that was 29 th August to 2 nd September Slide 2 Indian Economy Government data showed that the growth of the Indian economy slowed to 7.1% in the first quarter
More informationIDBI Bank RESEARCH. EQUITY RESEARCH July 29, 2008
RESULTS REVIEW IDBI Bank Hold Share Data Market Cap Rs. 53.7 bn Price Rs.74.05 BSE Sensex 13,791.54 Reuters IDBI.BO Bloomberg IDBI IN Avg. Volume (52 Week) 2.4 mn 52-Week High/Low 177.7 / 60.6 Shares Outstanding
More informationAugust Earnings Beat Estimates Fixed Income Low Duration Opportunity
Equity Monthly Market Outlook August 2018 Earnings Beat Estimates Fixed Income Low Duration Opportunity 1 Index Returns (%) World Index 10 8.9 8 6 4 2 0-2 6.6 6.2 4.7 4.1 3.5 3.2 2.4 2.0 1.6 1.6 1.5 1.1
More informationEurozone Economic Watch
BBVA Research - Global Economic Watch December 2018 / 1 Eurozone Economic Watch December 2018 Eurozone GDP growth still slows gradually, but high uncertainty could take its toll GDP growth could grow by
More informationMonthly Market Outlook
Equity Monthly Market Outlook April 2018 Growth could come back to its Long-term Average Fixed Income Relief for Government Bonds, Continued Thrust for Corporate Bonds 1 World Index 0.4 1 month Return
More information19 th February 2018 TRUSTPLUTUS. Presentation to the Investment Advisory Board: Product Primer
19 th February 2018 TRUSTPLUTUS Presentation to the Investment Advisory Board: Product Primer Disclaimer DISCLAIMER: This document is provided for assistance only and is not intended to be and must not
More informationBalance of Payment Q3 FY (October-December 2012)
Balance of Payment Q3 FY2012-13 (October-December 2012) Key Highlights: - India s Current Account Deficit (CAD) widened to a record high of 6.7% of GDP in Q3 FY2012-13 on the back of surging oil and gold
More information% % Global Economy Strong global economic recovery remains a distant dream as the global economy is expected to grow moderately in the next couple of years. The Organization for Economic Cooperation and
More information[ ] WEEKLY CHANGES AGAINST THE USD
February 19, 2018 [ ] MACRO & MARKETS COMMENTARY» Last week, Global stock markets witnessed one of their best weeks in almost six years after two consecutive weeks in the red. The last week rally was mainly
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 informationNews U Can Use. February 17, 2017
News U Can Use February 17, 2017 The Week that was 13 th February to 17 th February Slide 2 Indian Economy India s trade deficit widened to $9.84 billion in Jan 2017 from $7.67 billion in the corresponding
More informationIMF lowers estimates for World GDP growth
IMF lowers estimates for World GDP growth The last few weeks have witnessed a gradual return of the stability following the gyrations in August that were triggered by the devaluation of Chinese yuan. However,
More informationMORNING COFFEE $ % NIKKEI % % SENSEX % INDIA NIFTY
05-JULY-2017 FROM CEO'S DESK Overnight there has been some cool off in USD strength across the board ahead of the crucial June FOMC policy meeting minutes (meet where Fed hiked rates by 25bps and outlined
More informationHow much will your current lifestyle cost at 60?
(PROGRESSIVE PLAN) How much will your current lifestyle cost at 60? DATE OF ALLOTMENT November 01, 2011 BENCHMARK S&P BSE Sensex TRI (WEF From 1st February 2018) FUND SIZE Rs.547.64 (Rs. in Cr.) MONTHLY
More informationNews U Can Use. April 12, 2019
News U Can Use April 12, 2019 2 The Week that was 8 th April to 12 th April Indian Economy India s consumer inflation accelerated marginally to 2.86% YoY in Mar 2019 from 2.57% in Feb 2019 but slowed compared
More informationDYNAMIC ASSET ALLOCATION PORTFOLIO (DAAP)
ABOUT Dynamic Asset Allocation Portfolio (DAAP) India vis a vis Global Economies Operational Ease & Other benefits of Accessing DAAP through Offshore India Fund DYNAMIC ASSET ALLOCATION PORTFOLIO (DAAP)
More informationHow much will your current lifestyle cost at 60?
(MODERATE PLAN) How much will your current lifestyle cost at 60? DATE OF ALLOTMENT November 01,2011 BENCHMARK CRISIL Hybrid 25+75 - Aggressive Index (WEF From 1st February 2018) FUND SIZE: Rs.856.45 (Rs.
More informationNews U Can Use. September 14, 2018
News U Can Use September 14, 2018 2 The Week that was 10 th September to 14 th September Indian Economy Government data showed that the growth of Index of Industrial Production (IIP) slowed to 6.6% in
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 information28 th March 2016 TRUSTPLUTUS. Presentation to the Investment Advisory Board: Product Primer
28 th March 2016 TRUSTPLUTUS Presentation to the Investment Advisory Board: Product Primer Disclaimer. DISCLAIMER: This document is provided for assistance only and is not intended to be and must not alone
More informationShroffConnect Weekly Report 19 th Jul, 2014
ShroffConnect Weekly Report 19 th Jul, 2014 Aditya Shroff Stock Broking Services Shroff Securities Pvt. Ltd. Portfolio Management Services Kolkata: 033 32933592/3658 Bangalore: 080 32996004/6005 Email:
More informationNews U Can Use. February 15, 2019
News U Can Use February 15, 2019 2 The Week that was 11 th February to 15 th February Indian Economy India s retail inflation declined to 2.05% in Jan 2019 from 2.11% in the previous month and 5.07% in
More informationBudget & Outlook. March Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Budget & Outlook March 2013 Mutual Fund investments are subject to market risks, read all scheme related documents carefully. ECONOMIC BACKDROP High Fiscal Deficit High Current Account Deficit Moderating
More informationHow much will your current lifestyle cost at 60?
(PROGRESSIVE PLAN) How much will your current lifestyle cost at 60? DATE OF ALLOTMENT November 01, 2011 BENCHMARK S&P BSE Sensex TRI (WEF From 1st February 2018) FUND SIZE Rs.474.87 (Rs. in Cr.) MONTHLY
More information[ ] WEEKLY CHANGES AGAINST THE USD
January 15, 2018 [ ] MACRO & MARKETS COMMENTARY» The European central bank (ECB) has indicated it should revisit its communication stance in early 2018, according to the ECB s minutes of December meeting
More informationMutual Fund Screener For the quarter ended Sep-17
Mutual Fund Screener For the quarter ended Sep-17 Mutual Fund Screener What s Inside 01 Industry Size 02 Investor Trends 03 Inflow Outflow Analysis 04 Sector Update 05 Category Performance 06 Industry
More informationCurrency Daily
Currency Daily 15-12-217 Market commentary Indian rupee rebounded sharply in early trades, but pared some gains before closing higher by 1paise at 64.34 per dollar amid expectations that the ruling BJP
More informationNews U Can Use. January 4, 2019
News U Can Use January 4, 2019 2 The Week that was 31 st December to 4 th January Indian Economy The growth of index of eight core industries came in at 3.5% in Nov 2018 as against growth of 4.8% in Oct
More informationLIQUIDITY, VALUATIONS AND EVENTS. Apr - Jun 2017
LIQUIDITY, VALUATIONS AND EVENTS Apr - Jun 2017 RTS Index Russia 931 1,114 1,001-10% 8% MOVEMENTS OF MAJOR INDICES Sectoral Index Country 30 th Jun 2016 31 st Mar 2017 30 th Jun 2017 3-Month Returns (%)
More informationEconomic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014
Economic Outlook: Global and India Ajit Ranade IEEMA T & D Conclave December 12, 2014 Global scenario US expected to drive global growth in 2015 Difference from % YoY Growth October Actual October Projections
More informationHow much will your current lifestyle cost at 60?
(MODERATE PLAN) How much will your current lifestyle cost at 60? DATE OF ALLOTMENT November 01,2011 BENCHMARK CRISIL Hybrid 25+75 - Aggressive Index (WEF From 1st February 2018) FUND SIZE: Rs.733.18 (Rs.
More informationNews U Can Use. January 26, 2018
News U Can Use January 26, 2018 2 The Week that was 22 nd January to 26 th January Indian Economy According to the International Monetary Fund (IMF), India is expected to grow at 7.4% in 2018 as against
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 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 informationNews U Can Use. April 20, 2018
News U Can Use April 20, 2018 2 The Week that was 16 th April to 20 th April Indian Economy Minutes of the Monetary Policy Committee s (MPC) meeting held in Mar 2018 showed that MPC may adopt a more hawkish
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 information