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MARKET COMMENTARY

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Fear of Fear Itself

Mar 28, 2023

4:53 am

• The banking sector is likely to remain the epicentre of investor fear • Market focus has switched away from bank runs to exposure to commercial real estate • Deutsche Bank is not Credit Suisse despite its share price following the same path • Investors switch into money market funds from bank deposits is a…

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Market Update

Mar 25, 2023

9:08 am

Impact of Taxation Change of Non-equity MFs In a surprise move late last night, the government announced a proposal to amend the taxation on non- equity mutual funds. The same was passed into a bill earlier today. As per the current understanding this is a very significant announcement which will have a structural impact on…

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Portfolio Commentary

Mar 22, 2023

11:31 am

Weathering the Storm It hasn’t been the best of times for equity investors. Twelve months index returns to end February were 3% for the Nifty, 6.7% for the Midcap 100 Index, and a negative 7% for the small-cap index. The broader indices – Nifty 200 and Nifty 500 – delivered marginally positive, low single-digit returns….

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Here We Go Again

Mar 21, 2023

4:31 am

• We retain our cautious view on both bonds and equities • The booming venture capital industry where exaggerated activity reflected ultra-easy monetary conditions for too long was an accident waiting to happen • The Fed is reversing balance sheet reduction while trying to keep its credibility to tackle inflation • The risk is of…

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