Portfolio Commentary

Jul 31, 2025

11:26 am

Macro good | Micro to improve gradually The Nifty 50 extended its winning streak for the fourth straight month in June 2025, rising 3.1% to close at 25,517, marking its first close above the 25,000 mark since September 2024. Year-to-date, the index has returned 7.9% in CY 2025. Over the past 12 months, large-cap and…

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Markets Focused on the Positives

Jul 29, 2025

9:30 am

• The markets are still focused on the positives, but we do not advocate extended risk-taking • Fed to hold rates despite President Trump’s visit complicating the narrative • UK-India shows the way forward on free trade • Japanese equities continue to march higher, ignoring the political noise • Cambodia-Thailand border disputes a challenge for…

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Stabilising the Unstable

Jul 23, 2025

11:00 am

• Markets seem to be stuck in some sort of a holding pattern as investors navigate tariff-induced uncertainty • US growth at hand surprises to the upside, but inflation remains a concern • Fed’s Beige Book paints a sober picture of the US economy amid concerns of trade-driven price pressures • Japan’s upper house elections…

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Waiting for the Tariff Hammer—But Markets March On

Jul 18, 2025

5:21 am

• The market seems to be wanting to price in expectations that tariffs are still a distant challenge… is that wishful thinking? • Economic surprises have been to the upside with some houses upgrading global growth forecasts • Rate cuts are still likely even if the scale is may be modest in the US; the…

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