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MARKET COMMENTARY

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REXIT, BREXIT

Jun 20, 2016

7:16 am

Summary Mr. Market is a manic depressive with huge mood swings, and you should bet against him, not with him, particularly when he is raving. – Barton Biggs With full and due respect to Gov. Rajan, one lesson we have learnt in 25 years of corporate life and markets is that no one is indispensable….

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RBI Monetary Policy Update: Rate Cut Cycle Likely Coming To An End…

Jun 7, 2016

6:25 am

MONETARY POLICY UPDATE Action The Reserve Bank of India (RBI) kept the policy rate unchanged at 6.50%, in line with our expectations. While the RBI signalled to stay “accommodative” in its policy stance, it has also flagged “an upward bias” to the projected inflation trajectory. The RBI reiterated its stance on revised liquidity framework announced…

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Complacency, Event Risk & Bull Markets

Jun 6, 2016

6:40 am

Executive Summary It is not the strongest of the species that survives, nor the most intelligent. It is the one that is most responsive to change. – Charles Darwin’s Theory of Evolution A Summer of Global Event Risk A horrible jobs report in the U.S. puts the Fed on hold in June… we hope. Sharpest…

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A Closer Look at Earnings

May 23, 2016

9:48 am

Summary Nifty 50 earnings and CNX 500 earnings have been affected by the woeful performance from PSU banks and Steel companies. Excluding these two industries, profits for the Nifty 50 and CNX 500 have been impressive in what was expected to be a dismal earnings season. We remain buyers of growth stocks selling at reasonable…

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