Monthly Market Commentary

“it’s not the things you buy and sell that make you money; it’s the things you hold.” ~ Howard Marks

It's been an eventful month. With domestic bourses touching new highs and entering uncharted territories, thanks to the unabated domestic as well as foreign fund flows, it's getting a bit jittery. India's share in the world m-cap rose to 2.7% above the LTA of 2.4% while contributing to a 34% m-cap change in the last 12 months.

French Elections

Macron Wins
This is decisive and truly En Marche! beating the far right Le Pen; especially for Europe which is reeling from the Brexit decision.

South Korea

Moon Wins
This moderate leader's win is critical as it comes amid the North's increased shenanigans. He said that he wouldn't even shy away visiting North.

What's in it for you?

Equity
The markets always swing between fear and greed. Monies are made in between. Every and any small good news is like opium now for the stock markets. Is it a scenario of sell in May and comeback in September? Don't know, can't say. But, we're wary of the current levels.

India

On a High
We believe in risk to return strategy which makes us follow a disciplined approach that would capture most parts of the raging bull while protecting from the deep falls, thus outperforming in a full cycle. We continue to recommend staggered investments into equity with top-ups in falls.