Tigers on home turf
Hits and misses With every passing financial year, the bar for the Union Budget seems to be getting lower. So despite the 2017 budget turning out be an average one (barring the thrust on real estate and meeting the fiscal …
Breathing much easier
On to the Budget The Union Budget, to be presented next week, usually brings with it a set of expectations as well as fear. While fear was the dominant element last year, this year it seems more balanced leading on …
Thousand (or 500) cuts
Demonetisation has introduced timeless uncertainty While currency de-monetisation undoubtedly would have positive implications on the way business is conducted here in India, the impact over the next year still seems unclear. In the interim, risk of extended damage to certain …
Taking fresh guard
We had expected a prolonged corrective phase… We have been incessantly cautioning for a corrective phase in our stock markets mainly due to excessive valuations based of unrealistic growth expectations (Click previous newsletters since Aug – Eat light and sleep …
Waiting for Godot
Markets in a satiated state Markets weakened at the margin over the past month despite the domestic rate cut and reduced chances of an upset outcome in the US elections. US Fed rate hike remains a key event in this …
Big money, small ideas
Markets resilient but we remain firm Markets initially did weaken as per our expectations. However, the trend seems to have temporarily reversed over the past week, aided by benign data on domestic inflation and more importantly, the decision of both …
Eat light and sleep tight
Corrective phase to persist In the July newsletter, we had opined that the corrective or consolidation phase will set in after the passage of the GST bill creates a near term peak. The correction may not be deep but could …
Raining Cats and Dogs
An opportunity it was indeed In our June newsletter, we had highlighted that uncertainty over Brexit vote and FOMC meet would induce stock market volatility, and the ensuing correction should be used as opportunity to increase exposure to Indian equities …
Concrete gains
Minor irritants now par for the course Since our previous newsletter in May, some concerns have resurfaced as crude prices hit a 2016 high, domestic CPI crept up, IIP data slipped into negative territory and the Indian Rupee displayed vulnerability. …
Ear to the ground – May 2016
Steady start to the fiscal Indian stock markets seemed to be in a consolidation phase in this early part of the fiscal as global events took backstage. While corporate results (ex-banks) were largely ncouraging with leading companies in IT, consumer …