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Investment Strategy

Feb 6, 2025

9:38 am

• Trade war begins, likely leading to global market volatility. • India’s Union Budget shifts its focus to consumption, unlike previous budgets that emphasized capex. • Personal income tax cut will leave more disposable income in the hands of the middle class, likely supporting the recovery of urban demand. • The budget is neutral for…

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It Was Sadly Inevitable

Feb 5, 2025

10:56 am

• Trump’s Tariff Strategy It was a foregone conclusion that President Trump would set off a tariff war to address drug and immigration challenges. • Economic Risks Growth faces downside risks, while inflation pressures continue to build. • Fed’s Stance on Rate Cuts: Market expectations for rate cuts are likely to moderate still further, especially…

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Macro and Markets Review for January 2025

Feb 4, 2025

11:08 am

Global growth and inflation trends remain largely unchanged at an aggregate level. However, beneath the surface, growth leadership appears to be shifting from the U.S. to Japan and Europe. The early days of the Trump presidency have unsettled markets, with a flurry of executive orders that face potential legal challenges. Policies such as aggressive immigration…

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Portfolio Commentary

Jan 30, 2025

7:31 am

Reality Check – Are Expectations Running High? The Indian markets saw some correction in the past quarter with mid-and-small caps outperforming the headline indices. The Nifty and Sensex declined by 7-8% in the quarter while the mid-caps declined around 5% and the small caps declined by a much lower 2%. The headline indices posted high…

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