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1800 200 5577
1800 180 5577
July was a volatile month with concerns on sovereign default fears in Greece & an economic slowdown in China. Risk assets like commodities and equities were impacted. The Chinese Government stepped in with the intent to restore investor confidence. However these measures which included suspension of more than 50% of the market and banning large shareholders from selling stocks did not have the desired impact. Apart from Chinese concerns, expectation of the US FED increasing rates are being pushed towards September and investors remain concerned that such a rate increase amid patchy recovery signals can hurt the global economy. At home, Monsoons which remained above normal in June had a weak start in July and recovered in the second half with deficit narrowed to ~3% as per Indian Metrological Department (IMD). However monsoon was well in key agriculture areas like northwest and Central India.
Indian equities market was up around 2% during the month. Globally Materials and Energy underperformed given global uncertainty, a weak demand environment & falling commodity prices. In Indian equity market Media, Information Technology and Consumption sectors outperformed the market whereas Energy, Metals sectors were amongst the laggards. FIIs remained net buyers for around USD 882 mn and DII bought around USD 113 mn.
Inflation as measured by Consumer Price Index (CPI) came at 5.4% for the month of June 2015 as compared to 5% in May 2015. The rise in inflation was primarily driven by poultry products, pulses and vegetables. Also momentum of core CPI picked up to 4.6% compared to 4.4% in May but remains in RBI’s comfort range. Divergence however continues between CPI and WPI as WPI fell for eighth consecutive month which came in at -2.4%. In case of WPI deceleration was led by fuel (-10%) and food inflation Index for Industrial production (IIP) data was not encouraging as it came in at 2.7% vs 3.4% in April 2015. Looking at the sectors with IIP, growth picked up in electricity and mining sectors while manufacturing witnessed a decline. Trade deficit inched up marginally in June to $10.8 billion with continued decline in oil imports and normalization in gold imports. Exports stayed weak in June at -16%. The falling crude prices and soft global cues led the yield on benchmark 10-year Government Bond to ease marginally by 5 bps to 7.81% from 7.86% in the month of June. Fall in commodities bodes well for the interest rates and should support softer yields in the coming months.
Our aggregate Traditional portfolio witnessed a growth of 34.51%, and overall portfolio grew by 25% over the last one year till June 2014
Investment newsletter - March 2015
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