India: Monetary Policy Review - One More Rate Cut Likely

India focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

Macroeconomics

<p>Indian indices were the least performing among the select global indices with S&amp;P BSE Sensex and Nifty 50 generating returns of negative 1.65% and negative 0.81% in domestic terms respectively. In Dollar terms, they fell by 0.81% and 0.09% respectively. Indian Rupee witnessed an appreciation of 0.85% during the period and has risen from 71.44 USD/ INR to 70.84 USD/ INR. Among the select indices, Dow Jones was the best performer with dollar returns of 3.4%.</p><table class="table table-striped"><tbody>
<tr><td colspan="3" style="text-align: center;"><strong>Performance of Select Indices during Feb'19</strong></td></tr>
<tr>
<td><strong>Index</strong></td>
<td><strong>Returns in Domestic Currency </strong></td>
<td><strong>Returns in USD</strong></td>
</tr>
<tr>
<td>S&amp;P BSE SENSEX</td>
<td>-1.65%</td>
<td>-0.81%</td>
</tr>
<tr>
<td>NIFTY 50</td>
<td>-0.93%</td>
<td>-0.09%</td>
</tr>
<tr>
<td>Nikkei 225</td>
<td>2.87%</td>
<td>1.17%</td>
</tr>
<tr>
<td>Dow Jones Industrial Average</td>
<td>3.40%</td>
<td>3.40%</td>
</tr>
<tr>
<td>HANG SENG</td>
<td>2.51%</td>
<td>2.49%</td>
</tr>
<tr>
<td>FTSE 100</td>
<td>0.78%</td>
<td>2.22%</td>
</tr>
</tbody></table><p>Among the sectoral indices, Nifty Media was the highest gainer with a 17.56% return in domestic terms and 18.56% in USD terms. The worst performer has been Nifty PSU Banks with a decrease of 5.82% in domestic terms and 5.02% in USD terms.</p><table class="table table-striped"><tbody>
<tr>
<td>Performance of Indian Sectoral Indices in USD </td>
<td style="text-align: right;">INR Returns</td>
<td style="text-align: right;">USD Returns</td>
</tr>
<tr>
<td>NIFTY MEDIA</td>
<td style="text-align: right;">17.56%</td>
<td style="text-align: right;">18.56%</td>
</tr>
<tr>
<td>NIFTY METAL</td>
<td style="text-align: right;">1.99%</td>
<td style="text-align: right;">2.85%</td>
</tr>
<tr>
<td>NIFTY IT</td>
<td style="text-align: right;">0.05%</td>
<td style="text-align: right;">0.90%</td>
</tr>
<tr>
<td>NIFTY REALTY</td>
<td style="text-align: right;">-0.50%</td>
<td style="text-align: right;">0.35%</td>
</tr>
<tr>
<td>NIFTY PVT BANK</td>
<td style="text-align: right;">-0.59%</td>
<td style="text-align: right;">0.26%</td>
</tr>
<tr>
<td>NIFTY PHARMA</td>
<td style="text-align: right;">-0.94%</td>
<td style="text-align: right;">-0.10%</td>
</tr>
<tr>
<td>NIFTY AUTO</td>
<td style="text-align: right;">-1.02%</td>
<td style="text-align: right;">-0.18%</td>
</tr>
<tr>
<td>NIFTY BANK</td>
<td style="text-align: right;">-1.09%</td>
<td style="text-align: right;">-0.25%</td>
</tr>
<tr>
<td>NIFTY FIN SERVICE</td>
<td style="text-align: right;">-2.04%</td>
<td style="text-align: right;">-1.20%</td>
</tr>
<tr>
<td>NIFTY FMCG</td>
<td style="text-align: right;">-3.10%</td>
<td style="text-align: right;">-2.28%</td>
</tr>
<tr>
<td>NIFTY PSU BANK</td>
<td style="text-align: right;">-5.82%</td>
<td style="text-align: right;">-5.02%</td>
</tr>
</tbody></table>

Indian indices were the least performing among the select global indices with S&amp;P BSE Sensex and Nifty 50 generating returns of negative 1.65% and negative 0.81% in domestic terms respectively. In Dollar terms, they fell by 0.81% and 0.09% respectively. Indian Rupee witnessed an appreciation of 0.85% during the period and has risen from 71.44 USD/ INR to 70.84 USD/ INR. Among the select indices, Dow Jones was the best performer with dollar returns of 3.4%.
Performance of Select Indices during Feb'19

Index
Returns in Domestic Currency 
Returns in USD


S&amp;P BSE SENSEX
-1.65%
-0.81%


NIFTY 50
-0.93%
-0.09%


Nikkei 225
2.87%
1.17%


Dow Jones Industrial Average
3.40%
3.40%


HANG SENG
2.51%
2.49%


FTSE 100
0.78%
2.22%

Among the sectoral indices, Nifty Media was the highest gainer with a 17.56% return in domestic terms and 18.56% in USD terms. The worst performer has been Nifty PSU Banks with a decrease of 5.82% in domestic terms and 5.02% in USD terms.

Performance of Indian Sectoral Indices in USD 
INR Returns
USD Returns


NIFTY MEDIA
17.56%
18.56%


NIFTY METAL
1.99%
2.85%


NIFTY IT
0.05%
0.90%


NIFTY REALTY
-0.50%
0.35%


NIFTY PVT BANK
-0.59%
0.26%


NIFTY PHARMA
-0.94%
-0.10%


NIFTY AUTO
-1.02%
-0.18%


NIFTY BANK
-1.09%
-0.25%


NIFTY FIN SERVICE
-2.04%
-1.20%


NIFTY FMCG
-3.10%
-2.28%


NIFTY PSU BANK
-5.82%
-5.02%



India Monthly Report Feb'19 - Mar'19