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Equity markets maintained their upward trend for the fourth consecutive month, with the BSE Sensex closing 1% higher at 29918 pts, while the CNX Nifty closed 1.42% higher at 9304 pts. FIIs were Net Sellers of Rs. 6,627 crs, while Domestic Institutions were Net Buyers of Rs. 9,248 crs.
The Macro-economic data that was announced by the Govt. shows a mixed trend (the base year consideration has been changed to Fin. Year 2011-12 from 2004-05 earlier). So, the Wholesale Price Index (WPI) was lower for April at 3.85% compared to 5.29% in March. However, the Index of Industrial Production (IIP) for March 2017 was at 2.7% -vs- 1.9% in February. Exports showed a good 20% improvement in April. Thus, improvements in global demand combined with marginal improvement in local productivity are good news for Indian investors. Given that inflation moved lower, we feel the time is ripe to reduce interest rates, thus providing further support to economic activity.
While the overall outlook for Equity markets continues to remain positive, increased volatility is expected. Hence, we would advise caution when making large scale purchases at the current levels. Therefore, we recommend investing through the SIP/STP route, even as lumpsums can be invested in Equities/well diversified multi-cap equity schemes with a horizon of atleast 5 years or more. For low-risk investors, stable debt funds that provide a steady flow of income and less volatility would be a good alternative to Term Deposits, both in terms of tax efficiency, liquidity and returns.
We are giving details of 2 Corporate Debt Funds in our Funds Highlights section this month.
Our “Special Feature” this month is an interesting article ‘Emerging Markets are in a bull run’ by Dr. Mark Mobius.
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