What moved my market? (Issue #1: MyWay Weekly Updates)

Starting this month, we are starting a series called Weekly Updates on MyWay blog. This would be a brief summary of what happened in the past week in Indian financial markets (with a special emphasis on Mutual Funds). If you would like to hear about any specific topic from our Mutual Funds

Indian equities sighed relief as it broke out of a long losing streak and ended the week with an uptick. While RBI maintained status quo on interest rates, its decision to percolate liquidity to the tune of 12-thousand crore rupees resonated positively with the markets. With RBI asserting that the economy is well on track to maintain inflation within target ranges, intermittent softening of crude prices supported the view.

While global events may have caused an outflow of hot foreign money domestic investors displayed faith in the form of incremental buying even in the face of such high volatility. Interestingly, retail money participation in Indian equities through mutual funds have been consistently incremental in the past week.

Mutual fund-categorized sectors that gained the most in the past week included Banking & Financial Services-oriented funds followed by automobile and infrastructure. Contra and MNC funds as a theme also performed well.

This week, within the NIFTY50 basket of stocks, HPCL shares have gained the most this week.

Here’s another interesting insight.

MyWay “Build Wealth” investors outperformed Nifty by 0.4% in the past volatile week.

Weekly fund news

DHFL Pramerica AMC has decided to appoint Ajit Menon as CEO in place of Rajesh Iyer with effect from October 06, 2018.

Ajit Menon is an industry veteran, with over two decades of leadership experience in business strategy, distribution, sales, and marketing. He had joined DHFL Pramerica in July 2017 as the CBO after being the Head of Strategy at Tata MF.

That’s it for this week folks! See you again same time next week.

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