What moved my market? (Issue #3: MyWay Weekly Updates)
Investing is not about beating others at their game; it is about controlling yourself at your own game.
— Benjamin Graham
The recent Credit Suisse publication – Global Wealth Report 2018 reflects the improving individual wealth situation in India. The report suggested that India grew wealthier by 2.5% in 2017-18 as against Asia-Pacific as a region which grew its wealth by only 1.7%. Interestingly, wealth per Indian adult also went up by 0.7% in the same period.
The marginal dip in wealth concentration along with the increase in adult wealth (per capita) in India reflects India’s movement towards income redistribution through increasingly conducive business, employment and investment environment.
Here’s the week at a glance:
- Every sub-category under equities ended the week in red. However, Banking & Financial Services Fund & FMCG were less affected. Both these sectors fell by 1.10% & 1.60% respectively.
- Global funds & Technology Funds performed the worst and went down by 4.92% & 4.87% respectively.
Meanwhile, shares of Bajaj Finance have gained the most this week by as much as 9.27% during this week. Banking oriented funds have emerged as the biggest beneficiaries of the uptick.
Rajesh Iyer has stepped down as the CEO of DHFL Pramerica Mutual Fund. Ajit Menon, who was the Chief Business Officer, has been appointed as the new CEO for the fund house.