Monthly Presentation Oct 2018

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Key Events – September <strong>2018</strong> • Indian equities saw a weak month in September (-6.4%) in the backdrop of worries around liquidity tightness in the credit markets, negative news flow in the financials space, construction ban early in the month, continued macro pressures and rupee depreciation. • The fiscal deficit for the five-month period between April and August stood at Rs 5.91 lakh crore reaching 94.7 % of the FY 19 target. Fiscal deficit had hit 96.1% of the budgeted target till August for FY18. • July IIP grew at 6.6% vs 7% contraction in June. Manufacturing output recorded 7% growth in July vs 0.1% contraction in June as Consumer Durables saw impressive growth of 14.4% while Capital Goods production expanded by 3%. 22 out of 23 industry groups in the manufacturing sector were in the positive • Aug trade deficit moderated to $17.4bn with export growth improving 19.2% YoY led by engg goods, gems, jewellery, petroleum and pharma. Imports growth decelerated marginally in Aug especially on non-oil non-gold. • U.S. imposed 10% tariffs on about $200 billion worth of Chinese imports. The rate will increase to 25% from next year. • The U.S. Federal Reserve raised the target range for the federal funds rate by 25bps to 2 % to 2.25 % during its September <strong>2018</strong> meeting. • IMD had forecasted normal monsoon at start of the year which has fallen short by 9% with uneven geographical distribution. Out of 36 meteorological sub-divisions, 11 witnessed a shortfall of 20%. 84
Sensex P/E Sensex ‘EPS’ Earnings Growth Visibility Is Key FY93-97 FY98-03 FY05-09 FY10-17 FY18-20e Source : Internal Calculation, Past performance is not a reliable indicator of expected future performance 85
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Market Outlook October- 2018
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STILL TIME TO BE CAUTIOUS BUT OPPOR
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Play Them On 5th Day Pitch? 5
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Per barrel Dec-15 Jan-16 Feb-16 Mar
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Brazil South Africa Russia India Ca
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Reserves Cushion $ Billion 450 400
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Tariff War
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Credit Squeeze 11 out of 21 PSU Ban
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Deposit With PCA Banks Is Fast Emer
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Increased Dependency Of NBFC/HFC Fo
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India - FII Net Buying Now At % Of
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ON THE OTHER HAND 23
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Capacity Utilization Inched Modestl
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INDIA VS CHINA 27
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India Has Started Outperforming S&P
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MARKET PERFORMANCE 31
Page 33 and 34: Jan-18 Feb-18 Mar-18 Apr-18 May-18
Page 35 and 36: Small & Mid Cap - Back to the Past
Page 37 and 38: VALUATIONS 37
Page 39 and 40: Sep-11 Mar-12 Sep-12 Mar-13 Sep-13
Page 41 and 42: Indian Markets Higher Than Most Pee
Page 43 and 44: Sep-15 Oct-15 Nov-15 Dec-15 Jan-16
Page 45 and 46: While Valuations Not Cheap, Patienc
Page 47 and 48: Avoid Self Destructive Investor Beh
Page 49 and 50: Kotak Balanced Advantage Fund - An
Page 51 and 52: Debt Market Outlook October - 2018
Page 53 and 54: % 3-Sep 4-Sep 5-Sep 6-Sep 7-Sep 8-S
Page 55 and 56: FACTORS IMPACTING THE MARKETS 55
Page 57 and 58: Widening Of The Gap Between Long Te
Page 59 and 60: Aug-12 Oct-12 Dec-12 Feb-13 Apr-13
Page 61 and 62: Credit Event : ILFS and Other NBFC
Page 63 and 64: % Global Bond Yields 3.5 3 2.5 US F
Page 65 and 66: Positive Real Interest Rates to Sti
Page 67 and 68: Key Variables & Their Impact On Int
Page 69 and 70: Debt Outlook - Short End • The sh
Page 71 and 72: Key Recommendations Segment Scheme
Page 73 and 74: Story in Accruals • The Fund Mana
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Page 77 and 78: Process For ProStart Video Learning
Page 79 and 80: WHATS MORE !! AVAILABLE IN 2 LANGUA
Page 81 and 82: Go Digital - Make your Digital Foot
Page 83: Performance of Sensex and Nifty Ind
Page 87 and 88: Disclaimers & Risk Factors The info
Page 89 and 90: Product Labeling * Investors should
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Monthly Presentation Oct 2018

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