The document provides an equity market update for March 2019. It summarizes recent macroeconomic indicators in India and globally. In India, GDP growth slowed in Q3 FY19 while the trade deficit and current account deficit widened. Globally, growth slowed in the US, Eurozone, UK, and China in Q4 2018. In February 2019, the Indian equity market declined 1.07% as tensions rose between India and Pakistan, while corporate earnings growth remained muted. The outlook is neutral in the near term given ongoing global and domestic uncertainties like the national elections. The document recommends continuing SIP investments in mutual funds and maintaining asset allocation.
Interim Budget 2019, presented on Feb 1, held a few good surprises for the farmer community and the salaried classes but was largely in line with market expectations. Markets, which had already ended January 2019 on a flat note (up 0.5% for the month), remained largely unaffected by the Budget announcements. Read the document to know more.
Indian equities surged in the month of March in a catch-up rally after months of range-bound trading on the back of easing inflation giving rise to expectation of lower interest rates, strengthening rupee and record foreign investor flows. Indian equities rose by 7.8 per cent during the month.
Read the full document to know more.
On the domestic front, Indian equities corrected sharply post the FY20 Union Budget announcement on 5th July 2019 due to uncertainty emanating from a couple of proposals pertaining to: 1) Increase in taxes for FPIs accessing the Indian equity markets through the ‘Trust’ route; and 2) potential supply side pressures for equity markets (increase in free float requirement from 25% to 35% coupled with relaxation on minimum threshold of 51% Government ownership for PSUs including the shareholding of Government controlled institutions). Post the budget, equity and bond markets have witnessed divergent trends.
Read the full document to know more.
We believe that the divergence between Value and Growth stocks continues to prevail, & that volatility is a factor which is inherent in equity as an asset class.
"Sell in May and go away‟ this old Wall Street adage has once again proved correct for most of the Global Markets which have witnessed a correction in the month of May. However, Indian markets took no cue from the above saying and continued to chug along through the month ending in a positive territory
( 1.7%).
Read the full document to know more.
Indian equity indices remained in the
positive terrain for the second consecutive month in October
2019, amid hopes of tax realignment on equities, foreign inflows
and upbeat global cues. The benchmark S&P BSE Sensex hit the
intraday record high of 40,392 on October 31, 2019. The S&P
BSE Sensex and Nifty 50 ended the month with around 4%
gains each.
Read the full document to know more.
Interim Budget 2019, presented on Feb 1, held a few good surprises for the farmer community and the salaried classes but was largely in line with market expectations. Markets, which had already ended January 2019 on a flat note (up 0.5% for the month), remained largely unaffected by the Budget announcements. Read the document to know more.
Indian equities surged in the month of March in a catch-up rally after months of range-bound trading on the back of easing inflation giving rise to expectation of lower interest rates, strengthening rupee and record foreign investor flows. Indian equities rose by 7.8 per cent during the month.
Read the full document to know more.
On the domestic front, Indian equities corrected sharply post the FY20 Union Budget announcement on 5th July 2019 due to uncertainty emanating from a couple of proposals pertaining to: 1) Increase in taxes for FPIs accessing the Indian equity markets through the ‘Trust’ route; and 2) potential supply side pressures for equity markets (increase in free float requirement from 25% to 35% coupled with relaxation on minimum threshold of 51% Government ownership for PSUs including the shareholding of Government controlled institutions). Post the budget, equity and bond markets have witnessed divergent trends.
Read the full document to know more.
We believe that the divergence between Value and Growth stocks continues to prevail, & that volatility is a factor which is inherent in equity as an asset class.
"Sell in May and go away‟ this old Wall Street adage has once again proved correct for most of the Global Markets which have witnessed a correction in the month of May. However, Indian markets took no cue from the above saying and continued to chug along through the month ending in a positive territory
( 1.7%).
Read the full document to know more.
Indian equity indices remained in the
positive terrain for the second consecutive month in October
2019, amid hopes of tax realignment on equities, foreign inflows
and upbeat global cues. The benchmark S&P BSE Sensex hit the
intraday record high of 40,392 on October 31, 2019. The S&P
BSE Sensex and Nifty 50 ended the month with around 4%
gains each.
Read the full document to know more.
Indian equity benchmarks recorded
splendid performance in September 2019 and clocked their
biggest single-day jump in 10 years on September 20, 2019,
following the announcement of corporate tax cut and other
measures by the government to boost the economy.
Benchmark S&P BSE Sensex and Nifty 50 ended the month with nearly 4% gains.
Read the full document to know more.
The Nifty 50 Index was up by 1.1%. The positive returns of the index hides the heightened volatility witnessed in the month
of April. This was reflected in India NSE volatility index which spiked by ~27%. The outcome of the ongoing general
elections, concerns around oil prices and global geo-political developments mainly weighed on the investor sentiments.
Read the full document to know more.
FY18 started on a very optimistic note for Indian financial markets. BJP had just scored a massive electoral victory in UP. This was widely assumed to mean that people and economy have moved on leaving the scar of Demonetization behind. The market participants were full of hope anticipating GST to be panacea for many economic ailments. The proposed New bankruptcy law, that was about to be passed by Lok Sabha, promised speedy resolution of NPAs. Analysts were very optimistic about earnings finally growing, after staying mostly flat for two preceding years.
The financial year has however ended on a rather cautious note with below par returns and considerably moderated expectations forFY19.
The popular commentary suggests that the participants are worried about a variety of factor. Some prominent of these factors could be listed as follows:
Indian Equity Markets (Nifty 50 Index) inched higher (+1.5%) during the month outperforming its emerging market peers.
New set of positive reforms by the government on domestic front and expectations of resolution of US-China trade war on
the global front were the major contributing factors which lifted sentiments.
Read the full document to know more.
Our „VCTS‟ framework is currently indicating that, Valuations - are reasonable for long term investments, Cycle – Business Cycle has bottomed out, Trigger would be the trajectory of COVID-19 growth curve and vaccine development and Sentiments – around equity as an asset class is negative due to muted past returns and relatively low FPI flows. We recommend that it is a good time to accumulate equities and stay invested for long term across market cycles.
Monthly market outlook (July 2021) | ICICI Prudential Mutual Fundiciciprumf
Valuations are not cheap but the business cycle remains in the nascent phase. Read our Monthly Market Outlook for July 2021 to understand more about Equity Markets and Fixed Income Markets.
We remain positive on the bond markets. A good strategy may be to create a portfolio with maturity in the range of 2-5 years along with accumulating spread assets to give better carry to the portfolio. Read our Fixed Income Update for Aug 2020
Government’s release of Rs 86.55 billion to certain
banks for preferential allotment of shares, hopes of more reform
measures by the government in the upcoming Budget, and
sustained inflows from the foreign institutional investors (FIIs)
augured well for the local indices.
Read the full document to know more.
We believe that the divergence between Value & Growth stocks continues to prevail. Currently, fundamentally sound value stocks are available at inexpensive valuations & have better earnings visibility. Read our Equity Update for August 2020
We believe valuations are not cheap, but business cycle remains in the nascent stage. Prefer middle-of-the-road approach and recommend investing in schemes with higher flexibility.
Indian equity benchmarks recorded
splendid performance in September 2019 and clocked their
biggest single-day jump in 10 years on September 20, 2019,
following the announcement of corporate tax cut and other
measures by the government to boost the economy.
Benchmark S&P BSE Sensex and Nifty 50 ended the month with nearly 4% gains.
Read the full document to know more.
The Nifty 50 Index was up by 1.1%. The positive returns of the index hides the heightened volatility witnessed in the month
of April. This was reflected in India NSE volatility index which spiked by ~27%. The outcome of the ongoing general
elections, concerns around oil prices and global geo-political developments mainly weighed on the investor sentiments.
Read the full document to know more.
FY18 started on a very optimistic note for Indian financial markets. BJP had just scored a massive electoral victory in UP. This was widely assumed to mean that people and economy have moved on leaving the scar of Demonetization behind. The market participants were full of hope anticipating GST to be panacea for many economic ailments. The proposed New bankruptcy law, that was about to be passed by Lok Sabha, promised speedy resolution of NPAs. Analysts were very optimistic about earnings finally growing, after staying mostly flat for two preceding years.
The financial year has however ended on a rather cautious note with below par returns and considerably moderated expectations forFY19.
The popular commentary suggests that the participants are worried about a variety of factor. Some prominent of these factors could be listed as follows:
Indian Equity Markets (Nifty 50 Index) inched higher (+1.5%) during the month outperforming its emerging market peers.
New set of positive reforms by the government on domestic front and expectations of resolution of US-China trade war on
the global front were the major contributing factors which lifted sentiments.
Read the full document to know more.
Our „VCTS‟ framework is currently indicating that, Valuations - are reasonable for long term investments, Cycle – Business Cycle has bottomed out, Trigger would be the trajectory of COVID-19 growth curve and vaccine development and Sentiments – around equity as an asset class is negative due to muted past returns and relatively low FPI flows. We recommend that it is a good time to accumulate equities and stay invested for long term across market cycles.
Monthly market outlook (July 2021) | ICICI Prudential Mutual Fundiciciprumf
Valuations are not cheap but the business cycle remains in the nascent phase. Read our Monthly Market Outlook for July 2021 to understand more about Equity Markets and Fixed Income Markets.
We remain positive on the bond markets. A good strategy may be to create a portfolio with maturity in the range of 2-5 years along with accumulating spread assets to give better carry to the portfolio. Read our Fixed Income Update for Aug 2020
Government’s release of Rs 86.55 billion to certain
banks for preferential allotment of shares, hopes of more reform
measures by the government in the upcoming Budget, and
sustained inflows from the foreign institutional investors (FIIs)
augured well for the local indices.
Read the full document to know more.
We believe that the divergence between Value & Growth stocks continues to prevail. Currently, fundamentally sound value stocks are available at inexpensive valuations & have better earnings visibility. Read our Equity Update for August 2020
We believe valuations are not cheap, but business cycle remains in the nascent stage. Prefer middle-of-the-road approach and recommend investing in schemes with higher flexibility.
Indian equity indices ended lower in May 2020 owing to
concerns about rise in domestic Covid-19 cases and extension of the nationwide lockdown. Benchmarks S&P BSE Sensex and Nifty 50 declined 3.84% and 2.84%, respectively in May 2020.
We believe that volatility is expected to prevail as the world comes to terms with the evolving COVID-19 situation & its economic fallout. Investors must embrace volatility & be cognizant of their asset allocation while invest.
Index Performance: Indian equity indices S&P BSE Sensex and Nifty 50 tanked 23% each in March 2020 due to worries about the rapid spread of Covid19 in the country and the government’s lockdown decision. The benchmark
indices also logged their biggest one-day fall on March 23 and hit their lower circuits twice in the month, triggering trading halts for 45 minutes.
Inflation: Retail inflation, based on Consumer Price Index (CPI), fell to 6.58% in February 2020 from a 68-month high of 7.59% in January, because of a decline in food prices and the base effect.
Valuations are not cheap, Business Cycle remains in the nascent stage. We believe, the current macro-economic scenario is much more conducive for a Business Cycle Recovery due to Global and domestic policy response.
Global Markets posted gains in the month of April cheering the fiscal stimulus measures of Global Central Banks along with flattening of COVID-19 infection curve. Indian Markets (Nifty 50 Index) too ended in positive territory with 14.7% returns. A rebound in oil prices, encouraging early results from COVID-19 treatment trial and expectations of further stimulus measures by the governments contributedto the global market gains.
October 2018 saw the Indian markets tumble by about 5 per cent, in a month that saw heavy volatility in the equity markets owing to on-going concerns regarding weakening currency, rising crude oil prices, widening fiscal deficit, along with muted earnings performance and the liquidity crunch-woes in the NBFC sector.
This summer, gauge the temperature of global and domestic markets with ICICI Prudential Equity Market Update. Read on to get a thorough understanding of global and domestic equity market to help you navigate your equity investments.
#ICICIPrudentialMutualFund #Equity #Investments #MutualFunds
Triggers to watch out for:
1. Breaking down GDP Numbers
2. Equity Valuations Update
3. Why ICICI Prudential Accrual Funds
4. Investment Philosophy
Have a detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
Does your portfolio have a blend of reasonable stability and potential growth?
Just as how a Sturdy Suspension and Powerful Engine together contribute to a smoother car ride, investing in a combination of Large and Mid cap stocks can offer the best of both worlds – Reasonable Stability + Potential Growth.
Know more: https://bit.ly/3UuS9x8
#ICICIPrudentialMutualFund #LargeCapFund #MidCapFund #MutualFunds #Investment
The rising sun of 2024 brings new hope for global markets! This sun shines a little brighter on the Indian economy as it gets off the tag of a 'fragile economy' to emerge as a robust one. The world economy is headed towards a 'Paradigm Shift' with India leading the way.
Explore this shift further with our Annual Outlook Report 2024!
#ICICIPrudentialMutualFund #AnnualOutlook #ETF
Equity Valuations Perspective | January 2024iciciprumf
Navigate Equity Markets better through our VCTS (Valuations, Cycle, Triggers and Sentiments) framework. The document below highlights the impact of various dynamic variables on the equity market across time periods. Read on to know more!”
#ICICIPrudentialMutualFund #Equity #Investments #MutualFunds
Stepping into 2024 with resilience and foresight!
New year has begun with a Paradigm Shift in trends of global and domestic macros.
While the global economies remain fragile, the Indian economy emerges as robust, defying the label of a fragile economy.
Explore the 2024 Outlook for insights on this Paradigm Shift!
#ICICIPrudentialMutualFund #MutualFunds #Investments #NewYear #2024
While there is some decline in China, there are positive market situations for India. What does that mean for an investor like you? See in December's Monthly Market Outlook here.
#ICICIPrudentialMutualFund #Investment #December2023 #MonthlyMarketOutlook #MutualFunds
Amidst global tensions, the global economies might be taking the strain but Indian economy continues the Goldilocks streak. Take a holistic view at what that might mean for you as an investor with the Monthly Market Outlook.
#ICICIPrudentialMutualFund #MonthlyMarketOutlook
ICICI Prudential Equity Valuation Index | Nov 2023 iciciprumf
Our latest Equity Valuation Index remains in the Neutral Index even after market corrections. But how do you smartly navigate through the market's volatility? Allocating your funds across different classes may help you. Have a look to understand better!
#ICICIPrudentialMutuaFund #Equity #EquityValuationIndex #Market #Investments
How can we prepare for the mood of the market? Use micro indicators for a comprehensive look at the market in this month's Market Outlook!
#ICICIPrudentialMutualFund #MonthlyMarketOutlook #October #Investment #MutualFunds
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
1. Equity Update
March 2019
Market Overview (as on February 28, 2019)
Macro Indicators
Latest
Update
Previous
Update
GDP (YoY%)
6.6
(3QFY19)
7.1
(2QFY19)
IIP (YoY%)
2.4
(Dec)
0.5
(Nov)
Crude ($ bbl)
66.03
(Feb 28)
61.89
(Jan 31)
Core Sector Growth
(YoY%)
1.8
(Jan 2019)
2.6
(Dec 2018)
Trade Deficit ($ mn)
-14,726
(Jan 2019)
-13,077
(Dec 2018)
Current Account Deficit
($ bn)
(19.1)
(2QFY19)
(15.9)
(1QFY19)
FII Holding in Indian
Equities (%)#
21.7
(3QFY19)
21.7
(2QFY19)
Note: # FII hldg includes ADR/GDR (BSE500 Index);
Data Source: Crisil Research; * Data till Feb 28, 2019; CAD: Current
Account Deficit; GDP: Gross Domestic Product, IIP: FII: Foreign
Institutional Investors; MF-Mutual Fund
Global Market Update
US Economy: The US economy expanded 2.6% in Q4 2018 after
a 3.4% rise in Q3 2018 due to slower consumer spending.The
central bank also indicated it would continue to remain “patient”
in considering future interest rate hikes.
Eurozone: The Eurozone’s GDP rose 1.2% annually in the fourth
quarter of 2018. This was the weakest pace of growth since
2013. A recession in Italy and increasing risks at home and
abroad has turned the outlook sluggish for the Eurozone
economy.
UK: The Bank of England (BoE) voted unanimously to keep its
key interest rate unchanged at 0.75%. The UK’s economy
registered its weakest rate of expansion since 2012, growing by
1.3% in the fourth quarter of 2018 as against its annual growth
rate of 1.6% in the third quarter.
Japan: Japan’s economy grew at an annualised rate of 1.4% in
the October-December 2018 quarter. The rebound was led by a
recovery in consumer spending and capital expenditure after the
disruption caused by natural disasters in the third quarter.
However, export growth remained sluggish owing to weak
demand from China.
Emerging Markets: The Purchasing Managers’ Index (PMI)-
official guage of manufacturing activity, contracted to hit a three-
year low of 49.2 in February this was mainly because export
orders continued to decline amidst a weakening global economy
and uncertainty over the trade war with the US. However, some
positive signs emerged as domestic demand expanded and
inventories of finished goods declined.
Source: CRISIL Research
Indian Market Update
Index Performance: Indian equity indices recorded disappointing
performance in February 2019. Benchmarks S&P BSE Sensex
and Nifty 50 fell 1.07% and 0.36%, respectively.
Domestic Developments:
Headwinds:
Escalating tensions between India and Pakistan post
Pulwama terror attack and air strikes from both sides of the
border.
Muted domestic corporate earnings and intermittent
weakness in the rupee against the dollar.
Tailwinds:
Investors cheered the RBI’s unexpected decision to slash the
repo rate by 0.25% to 6.25%.
Easing of the domestic inflation, value buying in the recently
battered stocks and inflows by FIIs.
Global Developments:
Headwinds:
Uncertainties surrounding the US-China trade relation after
cautious comments from the US trade representative.
Weak economic cues from US and China also dampened
investors mood.
Tailwinds:
Dovish tone of the US Fed after the central bank in its latest
meeting minutes said it will remain “patient” on further
Flows Feb - 19 Jan -19 Dec -18
FIIs (Net Purchases /
Sales) (Rs cr)
17,219 -4,262 3,143
MFs (Net Purchases /
Sales) (Rs cr)
7,020 6,995 2,736
Domestic Markets Feb -19
(%)
Current
PE
10 Yr
Average
S&P BSE Sensex (1.1) 27.1 19.7
NSE Nifty (0.4) 24.4 20.0
S&P BSE Auto 1.7 NA 19.0
S&P BSE Bankex (2.3) 45.5 15.8
S&P BSE Capital
Goods (1.3) 22.1 29.7
S&P BSE Consumer
Durables 0.7 38.5 27.5
S&P BSE FMCG (2.3) 39.8 37.7
S&P BSE Healthcare (0.9) 28.2 29.1
S&P BSE IT (0.1) 21.1 19.9
S&P BSE Metals (1.8) 6.8 13.1
S&P BSE Mid Cap (1.7) 34.5 21.7
S&P BSE Oil & Gas 1.4 10.4 12.7
S&P BSE PSU (2.4) 40.2 13.7
S&P BSE Realty 1.2 13.3 23.5
Global Markets
Feb -19
(%)
Current
PE
10 Yr.
Avg.
US 3.7 16.5 15.5
UK 1.5 16.7 18.7
Japan 2.9 15.9 20.2
Hong Kong 2.5 11.0 11.1
Singapore 0.7 13.3 12.3
China 3.0 8.9 8.7
Earnings Growth (%) FY18 FY19E FY20E
Sensex 5 9 29
2. Equity Update
March 2019
interest rate hikes weak economic cues from US and China
also dampened investors mood.
Rising hopes of US-China trade truce after the US President
Donald Trump said he would delay a planned tariff hike on
Chinese imports thanks to progress in trade talks and also
seal a deal if the progress continued between two countries
Sectoral Impact: Most of the S&P BSE sectoral indices ended
lower in February 2019.
Power and PSU stocks saw heavy selling pressure.
S&P BSE Power index and S&P BSE PSU index fell 2.78% and
2.43%, respectively.
S&P BSE BANKEX index fell 2.29% due to decline in the
index majors.
Defensive counters such as FMCG and healthcare also ended
lower;
S&P BSE FMCG index and S&P BSE Healthcare index fell
2.26% and 0.87%, respectively.
S&P BSE Auto index was the top gainer – up 1.68% due to
buying in few auto stocks on upbeat January sales data.
S&P BSE Realty index rose 1.23% after GST council cut the
tax rate on under-construction properties to 5% from 12%
and on affordable homes to 1% from 8% earlier effective
from April 1, 2019.
Market Outlook and Triggers
Indian equities ended a very volatile month of February down 1.1% from the previous month on account of the Interim Budget, a pre-
emptive military strike by India, slow recovery in earnings growth over the last two quarters, buzz around general elections, and
receding tensions between US and China.
Market sentiment remained nervous through the month as expected in the run-up to the general elections to be held in April-May this
year. Foreign flows were volatile through the month with heavy-selling seen during the military stand-off between India and Pakistan.
Foreign Portfolio Investors (FPIs) were net buyers of equity at Rs 17,222 cr in February 2019.
Even though earnings for Q3FY19 were in-line with expectations, earnings growth is expected to pick up going forward. The recovery
could be primarily led by some of the leading names in the banking sector shedding some of the NPA-baggage, pharma companies
benefitting from revival in US generic revenues, and relatively strong growth in companies of the consumption sector.
On the sector front, the auto, Oil & Gas, telecom, and realty indices rose more than 1 % during the month while power, banking,
FMCG, and metal indices were down by about 2% each.
Globally, markets remained watchful of the US Federal Reserve’s stance to pause rate hikes for now and signal flexibility in the rate-
hike process. Further, smoothening out of tensions between US and China, slowing growth in the Chinese economy also kept
markets worried.
We maintain our neutral stance and would like to remain nimble footed at this juncture, as the valuations looks completely priced in
and lots of macro plus political noise is expected over the next few months. To pen down some of the noises like: on-going debate
around global slowdown, monetary policy actions of global central banks, Global trade tensions, and national elections in India.
We continue to believe that, we are in the accumulation phase of investing. Equity accumulation, particularly mid-and small-caps,
should be in a staggered manner through SIP/STP. For lump-sum, we recommend asset allocation and/or large-cap and multi-cap
oriented schemes. There continues to remain large disconnect between price and value in many ‘Growth’ and ‘Value” stocks. Due to
such valuation divergence, Value and special situation themes are expected to play out during 2019. Themes such as banking and
infrastructure could also be explored in 2019, post the recent oil price correction.
Equity Valuation Index
Equity valuations show that the market valuations are in the zone where investors are recommended to invest in asset allocation
schemes.
Equity valuation index is calculated by assigning equal weights to Price to equity (PE), Price to book (PB), G-Sec*PE and Market Cap to Gross
Domestic Product (GDP)
114.81
50
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Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
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Feb-18
Feb-19
Invest in Equities
Aggressively invest in Equities
Asset Allocation
Incremental Money to Debt
Book Partial Profits
3. Equity Update
March 2019
Our Recommendations
Our recommendations for various investor types are as follows:-
Long Term Horizon – SIPs/STPs in Mid and Small Cap schemes
Underweight On Equity – Large and Multi Cap schemes
Moderately invested in equities – Asset Allocation schemes
For existing investors, continue with their SIPs in pure equity schemes.
Our Recommendations – Equity Schemes
Pure Equity
Schemes
ICICI Prudential Bluechip Fund
(An open ended equity scheme predominantly investing in large
cap stocks)
ICICI Prudential Multicap Fund
(An open ended equity scheme investing across large cap, mid cap
and small cap stocks)
These Schemes aim to
generate capital
appreciation through
participation in equities.
Long-Term SIP
Schemes
ICICI Prudential Value Discovery Fund
(An open ended equity scheme following a value investment
strategy)
ICICI Prudential Smallcap Fund
(An open ended equity scheme predominantly investing in small
cap stocks)
ICICI Prudential Midcap Fund
(An open ended equity scheme predominantly investing in mid cap
stocks)
ICICI Prudential Large & Mid Cap Fund
(An open ended equity scheme investing in both large cap and mid
cap stocks)
These schemes aim to
generate long term wealth
creation over a full market
cycle.
Asset Allocation
Schemes
ICICI Prudential Balanced Advantage Fund
(An open ended dynamic asset allocation fund)
ICICI Prudential Equity & Debt Fund
(An open ended hybrid scheme investing predominantly
in equity and equity related instruments)
ICICI Prudential Multi-Asset Fund
(An open ended scheme investing in Equity, Debt, Gold/Gold
ETF/units of REITs & InvITs and such other asset classes as may be
permitted from time to time)
ICICI Prudential Equity Savings Fund
(An open ended scheme investing in equity, arbitrage and debt)
ICICI Prudential Regular Savings Fund
(An open ended hybrid scheme investing predominantly in debt
instruments)
ICICI Prudential Asset Allocator Fund
(An open ended fund of funds scheme investing in equity oriented
schemes, debt oriented schemes and gold ETFs/ schemes)
These schemes aim to
benefit from volatility and
can be suitable for
investors aiming to
participate in equities with
low volatility.
Thematic/Sectoral
schemes
ICICI Prudential Banking & Financial Services Fund
(An open ended equity scheme investing in banking & financial services
sector)
ICICI Prudential Infrastructure Fund
(An open ended equity scheme following infrastructure theme)
ICICI Prudential India Opportunities Fund
(An open ended equity scheme following special situation theme)
Investors could invest in
these thematic schemes for
tactical allocation. It would
be a high risk investment
option.
None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to
consult their financial advisors before investing.
4. Equity Update
March 2019
Disclaimer & Riskometers
ICICI Prudential Bluechip Fund is suitable for investors who are seeking*:
Long term wealth creation
An open ended equity scheme predominantly investing in large cap stocks.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential Large & Mid Cap Fund is suitable for investors who are seeking*:
Long term wealth creation
An open ended equity scheme investing in both largecap and mid cap stocks
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential Value Discovery Fund is suitable for investors who are seeking*:
Long term wealth creation
An open ended equity scheme following a value investment strategy.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential Equity & Debt Fund is suitable for investors who are seeking*:
Long term wealth creation solution
A balanced fund aiming for long term capital appreciation and current income
by investing in equity as well as fixed income securities.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential Balanced Advantage Fund is suitable for investors who are seeking*:
Long term wealth creation solution
An equity fund that aims for growth by investing in equity and derivatives.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential Multicap Fund is suitable for investors who are seeking*:
Long term wealth creation
An open ended equity scheme investing across largecap, mid cap and small
cap stocks.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential Equity Savings Fund is suitable for investors who are seeking*:
Long term wealth creation
An Open ended scheme that seeks to generate regular income through
investments in fixed income securities, arbitrage and other derivative strategies
and aim for long term capital appreciation by investing in equity and equity
related instruments.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
5. Equity Update
March 2019
ICICI Prudential Multi-Asset Fund is suitable for investors who are seeking*:
• Long term wealth creation
• An open ended scheme investing in at least three asset classes with minimum
allocation of 10% to each asset class.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential Regular Savings Fund is suitable for investors who are seeking*:
Medium to Long term regular income solution
A hybrid fund that aims to generate regular income through investments
primarily in debt and money market instruments and long term capital
appreciation by investing a portion in equity.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential Midcap Fund is suitable for investors who are seeking*:
Long term wealth creation
An open-ended equity scheme that aims for capital appreciation by investing in
diversified mid cap companies.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential Smallcap Fund is suitable for investors who are seeking*:
Long term wealth creation
An open ended equity scheme that seeks to generate capital appreciation by
predominantly investing in equity and equity related securities of small cap
companies.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential Banking & Financial Services Fund is suitable for investors who are
seeking*:
Long Term Wealth Creation
An open-ended equity scheme that predominantly invests in equity and equity
related securities of companies engaged in banking and financial services.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential Infrastructure Fund is suitable for investors who are seeking*:
Long Term Wealth Creation
An open-ended equity scheme that aims for growth by primarily investing in
companies belonging to infrastructure and allied sectors
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential Asset Allocator Fund is suitable for investors who are seeking*:
Long Term Wealth Creation
An open ended fund of funds scheme investing in equity oriented schemes,
debt oriented schemes and gold ETFs/ schemes.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
ICICI Prudential India Opportunities Fund is suitable for investors who are seeking*:
Long Term Wealth Creation
An equity scheme that invests in stocks based on special situations theme.
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them.
6. Equity Update
March 2019
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
In the preparation of the material contained in this document, the AMC has used information that is publicly available, including information
developed in-house. Information gathered and material used in this document is believed to be from reliable sources. The Fund however does
not warrant the accuracy, reasonableness and/or completeness of any information. For data reference to any third party in this material no
such party will assume any liability for the same. All recipients of this material should before dealing and or transacting in any of the products
referred to in this material make their own investigation, seek appropriate professional advice and carefully read the scheme information
document. We have included statements in this document, which contain words, or phrases such as "will", "expect", "should", "believe" and
similar expressions or variations of such expressions that are "forward looking statements". Actual results may differ materially from those
suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to,
exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our
services and / or investments, the monitory and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign
exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic and
foreign laws, regulations and taxes and changes in competition in the industry. All data/information used in the preparation of this material is
dated and may or may not be relevant any time after the issuance of this material. The AMC takes no responsibility of updating any
data/information in this material from time to time. he AMC (including its affiliates), the Fund and any of its officers directors, personnel and
employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary,
consequential, as also any loss of profit in any way arising from the use of this material in any manner. The recipient alone shall be fully
responsible/are liable for any decision taken on the basis of this material.