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MARKET EVENTS

Understand the impact of global and domestic events on the market.

OUTLOOKS & ECONOMY

Forward-looking outlook along with global and domestic macro economic trends and concerns.

Equity | Fixed Income

CEO's DESK

A unique perspective and an intresting point of view on the topics that matter to customers , stakeholders and industry.

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Feb-2020 RBI Policy: The Real Transmission

Today’s MPC meeting was all about the transmission of policy rates cuts as RBI announced the conduct of Long Term Repo Operations. The real action was in the “Statement on Developmental and Regulatory Policies.

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Feb-2020 Union Budget FY 2020-21 - View from the Fixed Income Desk

The Government stuck to the fiscal glide path for FY 2020 by resorting to the deviation clause of 50 bps in the FRBM act. Fiscal deficit for FY 20 is thus estimated higher by 50 bps at 3.8%.

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Feb-2020 Union Budget FY 2020-21 - View from the Equity Desk

The Union Budget has focused on three themes - Aspirational India, Economic development and Caring Society. Economic Survey has done good job of identifying what is best for Indian Economy and suggested policies that can foster wealth creation in India.

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Dec-2019 RBI Policy: An Unexpected Twist

The Monetary Policy Committee (MPC) today kept the benchmark Policy rates on hold against the consensus and our expectation of a 25bps rate cut. The MPC decision was a unanimous one with all the members voting to hold rates.

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Sep-2019 RBI Policy: View from the Fixed Income

In line with market expectations, RBI today cut the key repo rates by 25 bps, being the 5th time in a row. Together with today’s cut of 25 bps, the overall easing since February stands at 135 bp

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Apr-2019 A Balanced Approach

The MPC today delivered a 25 bps rate cut while maintaining a Neutral Stance. MPC voted 4-2 (Ghate & Viral voted for no cut) in favour of the rate cut while the Neutral Stance was retained with a 5-1 vote.

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Jan-2020 Earnings are seeing buoyancy led by lower tax rates and low base of FY 2019- Equity Market Views

The Union Budget was presented on 1st February and while there were no stark negatives, a lack of stimulus and policy measures disappointed in the backdrop of heightened expectations.

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Dec-2019 RBI steps in to cool-off yields - Fixed Income Market Views

There is a dichotomy that is prevalent in the markets with macros being weak (high fiscal deficit, overall slowdown, inflation inching up, low credit growth) while markets are scaling new highs on the back of continued flows, risk-on sentiment getting stronger and in general loose fiscal policies.

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Nov-2019 A modest recovery in growth is expected in second half of FY20 - Equity Market Views

Indian markets rallied in the second half of the month driven by both global risk-on and some positive reforms announced locally. Market sentiment was buoyed following the

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Oct-2019 Short-end rates fall on rate cut, long-end unchanged on fiscal worries - Fixed Income Market Views

Result Season of Q2FY20 is seeing decent earnings growth as many companies are shifting to the reduced tax rates as announced by the government.

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Sep-2019 Definite shift in government approach towards corporate India - Equity Market Views

Government has been talking about accelerating economic growth for quite some time and articulated its aspiration to be $5tn economy by 2024 but something missing to make this reality

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Aug-2019 Yields harden despite rate cut as fiscal concerns emerge - Fixed Income Market Views

Pessimism is all around as major newspaper headlines are all about deteriorating economy, job losses etc. Though overall scenario looks challenging in the near term..

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Jul-2019 Volatility in the near term cannot be ruled out - Equity Market Views

Budget presented in July post the completion of the general elections, stuck to the path of fiscal prudence and lowered fiscal deficit target to 3.3% of GDP.

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Jun-2019 Weak growth, improving liquidity and rate cut push down yields - Fixed Income Market Views

Come July, the full year budget, progress of monsoon, trade war developments and RBI policy meet would be key monitorables. Economic growth and earnings recovery are key

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May-2019 Economy is currently in a transitionary mode - Equity Market Views

Overall FY 19 NIFTY earnings growth stood close to 10%. Earnings shortfall in financials and Auto sectors are partially offset by currency led gains in IT sector.

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Apr-2019 Election event risk, tight liquidity keep yields elevated - Fixed Income Market Views

Quarter 4 earnings have been mixed so far, though result season still has still one month to go. On 23rd May, the results of the ongoing general elections would be announced and provide short term direction to markets.

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Jan–2020 Is your portfolio future ready?

We are living in an increasingly globalised world. As an Indian consumer we have benefitted from access to a variety of high quality goods and services that are produced outside India but not produced domestically. Be it mobile phones or luxury cars?

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Dec-2019 To Buy or Not to Buy?

Quite a few things have changed in the last decade - the rise of an on demand economy, e-commerce, move towards a cash less society, advances in health tech, energy efficiency and so on.

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Nov-2019 What is your Plan B?

I have been writing to you about the thumb rules related to the world of investments. The idea behind sharing these simple thumb rules is to simplify the various aspects of financial planning of you.

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Oct-2019 How do I plan my household budget?

The equity market in India have given a very valuable investment lesson this year. For the large part of the year post elections the markets were driven by the negative data points related to the economy, local and global.

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Sep-2019 How do I arrive at my Retirement corpus number?

In my last letter, I had mentioned about thumb rules that are useful for getting a sense of various aspects of a financial plan. I hope to cover a few more of these thumb rules related to planning your finances.

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Aug-2019 Thumb Rules that help you make asset allocation decisions simple

Till the recent past, all of us had a family doctor who had this amazing ability to predict how long a fever would last, that too without conducting any medical test.

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Jul-2019 We are now PGIM India

PGIM, The Global Investment Management Business of US-based Prudential Financial, Inc. (PFI), completes Acquisition of DHFL Pramerica Asset Managers.

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Jun-2019 Return per unit of volatility

Mutual Funds are subject to market risk…This disclaimer is repeated in all forms of communication by the Industry.

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May-2019 Investments for Tax Savings, Sooner the Better

This financial year start with the overhang of general elections in the month of May. Along with uncertainity sorrounding the outcome of elections

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Apr-2019 Keeping the faith in SIP Investments

The trend of financialization of assets has picked up over the last few years thanks to slowdown in real estate and lackluster movement in gold prices.

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