MONEY WEEKLY

Our markets ended flat for the week. The markets lost its gains made in the earlier part of the week as investor sentiment was affected by (1) continued concerns over tapering of the quantitative easing program of the US Fed and its impact on global liquidity, (2) continued declines in the Japanese equity markets and (3) further depreciation of the rupee. The realty sector continued to suffer big declines, with its index falling 6.3% for the week, on top of a 11.5% fall the previous week. Banks also saw some selling, with its index falling 2.3%.

While concerns over the Fed tapering its bond-buying program might continue for a while, we feel that global central banks are unlikely to upset the liquidity applecart, given that unemployment in developed markets is far from comfortable and growth uncertainty is still prevalent. The global liquidity environment is likely to be strong over the medium term which would support our markets. Short term weakness in the market should be used as an opportunity by investors to accumulate quality stocks in (1) sectors with visibility on growth – consumption and pharma, (2) interest rate sensitives like banking and auto, and (3) reform led sectors like oil& gas and media.

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