Monthly Market Update (India) - Fundsupermart M3...Monthly Market Update (India) – October 2017...

Monthly Market Update (India) – October 2017 |iFAST Research


2017 2017 2016 P/E P/E P/E Earnings Growth

Earnings Growth

MTD YTD Return (%) Yr 2017 Yr 2018 Yr 2019 2017 (%) 2018 (%)

Asia ex Japan (MSCI Asia ex Japan) -0.27% 28.51% 2.90% 14.1 12.0 10.9 26.30% 17.50%

Emerging Markets (MSCI EM) -0.55% 25.45% 8.60% 13.6 11.6 10.4 25.50% 17.40%

Europe (Stoxx 600) 3.82% 7.40% -1.20% 15.9 14.6 13.5 10.20% 9.00%

Japan (Nikkei 225) 3.61% 6.50% 0.40% 17.5 15.8 14.3 10.70% 10.60%

USA (S&P 500) 1.93% 12.53% 9.50% 19.1 17.2 15.6 10.20% 11.00%

Brazil (IBOV) 4.88% 23.36% 38.90% 14.4 12.9 10.7 29.70% 11.60%

China (HS Mainland 100) -0.15% 28.30% -1.30% 10.6 9.5 8.4 19.30% 11.90%

Hong Kong (HSI) -1.49% 25.24% 0.40% 12.6 11.5 10.5 20.50% 8.80%

India (SENSEX) -1.41% 17.49% 1.90% 20.4 16.3 14.7 8.40% 24.70%

Indonesia (JCI) 0.63% 11.41% 15.30% 17.5 15.5 13.7 11.10% 12.90%

Malaysia (KLCI) -0.99% 6.93% -3.00% 16.5 15.6 15.7 6.80% 6.00%

Russia (RTSI$) 3.73% -1.35% 52.20% 7.2 6.4 6.0 4.30% 11.80%

Singapore (STI) -1.75% 11.77% -0.10% 14.7 13.6 12.7 4.70% 8.30%

South Korea (KOSPI) 1.32% 18.16% 3.30% 10.3 9.2 8.6 30.20% 11.50%

Taiwan (Taiwan Weighted) -1.91% 12.22% 11.00% 14.5 13.5 12.5 15.20% 7.70%

Thailand (SET Index) 3.53% 8.44% 19.80% 16.6 15.0 13.6 4.40% 10.50%

*Returns are as at 29 September 2017. Source: Bloomberg, iFAST Compilations All returns are in respective local currency terms and MSCI Index returns are in USD

MARKETS ACROSS THE GLOBE


Trade (Aug’17)

India’s exports during August 2017 have shown growth of

10.29 per cent in dollar terms valued at USD 23.81 billion

as compared to USD 21.59 billion during August, 2016.

Imports during August 2017 were valued at USD 35.46

billion which was 21.02 per cent higher in Dollar terms

over the level of imports valued at USD 29.30 billion in

August, 2016.

Taking merchandise and services together, overall trade

deficit for April-August 2017-18 is estimated at USD 39.87

billion as compared to USD 12.72 billion during April-

August 2016-17.

Industrial Production (July‘17)

After a contraction of -0.1% in June’17 the Index of

Industrial Production (IIP) recovered to 1.2% in July’17.

In terms of industries, eight out of twenty three industries

have shown positive growth in the month of July’17.

On a use base classification, manufacture of primary

goods increased by 2.3% while capital goods production

declined by 1% and Intermediate goods production

declined by 1.8%. Infrastructure/construction goods

manufacture increased by 3.7%.

Production of consumer durables declined by 1.3% while

consumer non-durables production increased by 3.4%.

Markets & Valuations

(As on September 29, 2017)

The benchmark Index (Sensex) was at 31,283.72

Estimated PE & earnings growth for BSE Sensex

Inflation (Aug’17)

Consumer price Index (CPI)

India’s Consumer Price Index (CPI) for August 2017 rose to

3.36% year on year against estimates of 3.24% year on

year and 2.36% year on year in July.

The rise in CPI was led by rise in prices of food and

beverages (1.96%), housing (5.58%), fuel and light (4.94%)

and miscellaneous goods and services (3.85%).

Within the food and beverages segment which has a

weightage of 45% in the CPI basket, Vegetable prices rose

by 6.16%, Fruits 5.29%, Milk Products 3.58% and Cereals

3.87% thus driving food inflation higher.

Factors like HRA benefits to central government

employees and farm loan wavers by state governments

pose upside risks to CPI.

Wholesale price Index (WPI)

India’s Wholesale Price Index (WPI) rose to 3.24% in

August’17 from 1.88% in July’17.

The index for manufactured products rose by 0.20%. WPI

Food Index increased from 2.12% in July, 2017 to 4.41% in

August, 2017. The index for primary articles rose by 1.9%.

The index for fuel and power rose by 0.90%.

2017-18 2018-19 2019-20

Price/Earnings 20.53 16.44 14.35

Earnings Growth 13.25% 24.88% 14.60%

ECONOMIC INDICATORS


BSE Sensex - Top & bottom performers in September 2017. (As on September 29, 2017)

Top Performers MTD Bottom Performers MTD

Dr Reddy's Laboratories Ltd 15% Bharti Airtel Ltd -9%

Coal India Ltd 14% State Bank of India -9%

Bajaj Auto Ltd 11% ITC Ltd -8%

Earnings growth estimates of top weighted stocks:

Stock FY-18 FY-19 FY-20

HDFC Bank Ltd. 18.90% 20.94% 19.79%

Housing Development Finance Corp Ltd 14.19% 16.09% 13.81%

Our view

The S&P BSE Sensex declined by 1.41 percent in the month of September after a decline of 2.41

percent during August. Weak macro data weighed on sentiments of market participants during

September. The GDP growth rate slowed down to 5.7 percent during the first quarter of the

financial year which was the lowest level reported in 3 years. Rise in headline inflation from 2.36

percent in July to 3.36 percent in August with a modest recovery in industrial production reduced

the possibility of a rate cut by the Reserve Bank in the October monetary policy review. India’s

Current Account Deficit (CAD) expanded to 2.43 percent of the GDP during Q1 FY18 from 0.6

percent during the previous quarter due to larger increase in imports relative to exports.

Geo-political tensions between the United States and North Korea continued to impact the

domestic equity market. The announcement by the U.S Fed about shrinking its balance sheet from

the month of October also had a negative impact on the market. On the 27th of September 2017,

the market was impacted by the Indian army surgical strike on terrorist locations around the Indo-

Myanmar border which led to sharp corrections in the indices. The slow pace of economic

recovery and global concerns have led to FII outflows from Indian equity markets during

September.

In the month ahead, the market will be closely watching the second quarter earning numbers of

India Inc and also macro-economic data for signs of recovery. We continue to believe that India is

a Stock Pickers market and hence have gone ahead and recommended funds which play on

themes based on the pure conviction of fund management teams.

Source: Bloomberg, iFAST Compilations. All returns are in respective local currency terms

-1.41

-1.30

-0.67

0.76

-2 -1 0 1

BSE Sensex

Nifty Index

BSE MID CAP

BSE SMALL CAP

Broader Indices (Performance % in September 2017)*

-3.95 -3.38

-2.44 -2.21

-1.78 -1.51

-1.16 -0.92 -0.83

2.07 2.11

2.57

-6.00 -4.00 -2.00 0.00 2.00 4.00

BSE FMCG BSE Realty BSE Power

BSE Oil & Gas BSE TECK

BSE Bankex BSE IT

BSE CG BSE CD

BSE AUTO BSE METAL

BSE-HC

Sectoral Indices (Performance % in September 2017)*

EQUITY MARKET


Our view

During the month of September 2017, the 10 year G-sec yield moved north by rising from 6.48% at

the beginning of the month to 6.66% by the end of September thus rising by 18 basis points during

the month.

Headline inflation increased from 2.36% YoY in July to 3.36% YoY in August driven higher by rising

food prices. Upside risks to CPI in the form of farm loan waivers by state governments, HRA

benefits to central government employees and rise in international crude prices reduced the

possibility of a rate cut by the Reserve Bank during the fourth bi monthly monetary policy review

in October.

During the September FOMC meet, the U.S Fed kept rates unchanged but indicated the likelihood

of a rate hike by the end of 2017 and three more rate hikes in 2018. The U.S Fed also announced

its decision to commence its bond selling program to the tune of 6 billion U.S Dollars per month

from October. Post the U.S Fed announcement on 20th September, the benchmark 10 year bond

yield rose sharply to 6.68% from 6.58%.

Our Take

We maintain status quo on our recommendations in the fixed income space and continue to

recommend short term funds to our Investors who have a time horizon of 1-3 years. On the other

hand, our moderately aggressive and aggressive investors can still take exposure into dynamic

bond funds.

6.350

6.400

6.450

6.500

6.550

6.600

6.650

6.700

1-S

ep-1

7

3-S

ep-1

7

5-S

ep-1

7

7-S

ep-1

7

9-S

ep-1

7

11

-Sep

-…

13

-Sep

-…

15

-Sep

-…

17

-Sep

-…

19

-Sep

-…

21

-Sep

-…

23

-Sep

-…

25

-Sep

-…

27

-Sep

-…

29

-Sep

-…

10 Year G-sec Yield Curve

DEBT MARKET OUTLOOK


*Source: Bloomberg, iFAST Compilations. All returns are in respective local currency terms

Our View

US ISM Manufacturing PMI came in at 58.8 in August, up from a prior 56.3 and beating

consensus estimates of 56.5. In terms of employment numbers, August’s nonfarm

payrolls print came in at 156,000, down from July’s downward-revised 189,000 and

falling short of consensus estimates (180,000). Manufacturing payrolls continue to

surprise on the upside, while construction rose the most since February. Wages, as

represented by average hourly earnings, rose 0.1% month-on-month, down from a

prior 0.3% gain (wages rose 2.5% year-on-year in August). The US labour remains

robust, and we expect the pace of job creation to gradually moderate lower moving

forward as the business cycle matures in the US. The potential upside of the US market

is now the lowest among the markets that we cover, and as such, we maintain our

rating of 2.0 Stars “Unattractive” for the US.

Composite PMIs of Germany and France continued to remain firmly in expansionary territory, pointing

to expansion and growth on the continent. Consumer confidence has also continued to improve,

lending support to the outlook for domestic consumption. In their latest monetary policy update, the

European Central Bank (ECB) announced that no changes would be made to benchmark policy rates

and its asset purchases at this juncture, but that it will soon decide on the extent of its stimulus

programme for 2018. European companies are projected to see their earnings grow by 9.9% this year

and by 8.5% in 2018, which is achievable and reasonable given that various indicators and data points

suggest that the ongoing recovery is increasingly entrenched (barring any unforeseen adverse political

developments).We maintain a 2.5 Stars “Neutral” rating for Europe, and advocate investors to

remain an underweight exposure to European equities in their portfolios.

Japanese macroeconomic data points to a favourable earnings environment, as exports grew further

by 18.1% year-on-year, highest since November 2013, while manufacturing PMI stayed at satisfactory

level, with firms signal healthy expansion in both output in new orders. Valuations remain rather

attractive compared with other equity markets under our coverage. Thus, we maintain our star

ratings of the Japanese at an “Attractive” rating of 3.5 stars.

USA

ISM Manufacturing PMI came in at 58.8 in Aug 17, down from 56.3 in Jul 17

Nonfarm payrolls rose by 156,000 in Aug 17, after a downward-revised 189,000 gain in Jul 17

Unemployment rate at 4.4% in Aug 17 from 4.3% in Jul 17

EUROPE

Advance Consumer Confidence at -1.2 in Sep 17, up from a finalised -1.5 reading in Aug 17

Germany- Advance composite PMI at 57.8 in Sep 17, up from a finalised 55.8 in Aug 17

France- Preliminary PMI composite at 57.2 in Sep 17, up from a finalised 55.2 in Aug 17

JAPAN

Sep Manufacturing PMI’s preliminary figure rose to 52.6, up from 52.2 in Aug

Exports rose 18.1% y-o-y in Aug, up from 13.4% in Jul

-0.78%

1.93%

2.91%

3.61%

4.74%

4.80%

6.41%

-2% 0% 2% 4% 6% 8%

UK (FTSE 100)

USA (S&P 500)

Canada (S&P/TSX)

Japan (Nikkei 225)

Italy (FTSE MIB)

France (CAC-40)

Germany (DAX)

G7 Countries - Performance in September 2017*

GLOBAL MARKET UPDATE – GROUP 7 COUNTRIES



Our View

Singapore’s non-oil domestic exports (NODX) growth maintained its momentum in

August, with total exports rising 17.0% year-on-year, faster than the downward-revised

7.6% growth rate in July and surpassed market expectations for a 11.8% increase.

Singapore’s industrial production grew 19.1% year-on-year, down from the prior

month’s 21.0% expansion but continued to exceed expectations (expected 16.0% year-

on-year in August). All manufacturing clusters, with the exception of the general

manufacturing cluster which contracted a slight -0.6%, had expanded. The electronics

and biomedical manufacturing clusters had led expansion over the month with strong

growth rates of 38.7% and 25.1% year-on-year respectively. Headline inflation rose

0.4% year-on-year in August, down slightly from a prior 0.6% year-on-year increase in

July. The earnings growth of Singaporean corporations are likely to improve from last

year in view of ameliorating global and domestic economic conditions as well as a

possible bottoming out of the private residential real estate sector. We think a 4.0 Stars

“Very Attractive” rating on the Singapore equity market continues to be warranted at

this juncture.

Malaysia’s manufacturing sector returned to expansion territory with Purchasing Managers’ Index

surging to 50.4 points from the previous month’s 48.3 points. August’s data portrayed a strong picture

for the Malaysia manufacturing sector with overall operating conditions improving for the first time

since April 2017. The growth was supported by stronger external demand with improving new demand

orders particularly from China, South East Asia and Middle East. Malaysia's July industrial production

surprised market participants by accelerating 6.1% year-on-year. Local industrial production expanded

at the fastest rate in eight months, underpinned by a broad-based expansion where all three sub-

sectors, namely manufacturing (+8.0%), electricity (+7.9%) and mining (+0.2%) sectors, posted positive

growth rates. With the current fair valuation, the local stock market is expected to deliver a rather

reasonable return for investment horizon over the next 3 years on a relative basis. As such, we

maintained our star ratings for Malaysia at 3.0 stars “Attractive”.

Data from South Korea points to a still favourable earnings environment, especially for semi-conductor

manufacturers and banks, as export stays in high growth territory and market interest rate rises

further. Under our base case assumption that US-North Korean tension will eventually subside with

negotiations taking over, South Korean equities remain to be one of our favoured markets. Valuations

remain rather attractive compared with other equity markets under our coverage. Thus, we maintain

our star ratings of the South Korean markets at a “Very Attractive” rating of 4.5 stars respectively.

SINGAPORE

Non-oil domestic exports surged 17.0% y-o-y in Aug 17, after rising 7.6% y-o-y in Jul 17 CPI rose 0.4% y-o-y in Aug 17, down from a 0.6% y-o-y increase in Jul 17 Industrial production rose 19.10% y-o-y in Aug 17, up from a 21.2% y-o-y increase in Jul 17

Malaysia

Industrial Production grew by 6.1% y-o-y in Jul 17 Nikkei Malaysia PMI improved to 50.4 from previous reading of 48.3

South Korea

Exports rose by 17.4% y-o-y in Aug, compared to 19.5% in Jul

-1.91%

-1.75%

-1.49%

-0.99%

-0.58%

0.63%

1.32%

3.53%

-4% -2% 0% 2% 4%

Taiwan (Taiwan Weighted)

Singapore (STI)

Hong Kong (HSI)

Malaysia (KLCI)

Australia (S&P/ASX 200)

Indonesia (JCI)

South Korea (KOSPI)

Thailand (SET Index)

Asia Pacific (Ex Japan) - Performance in September 2017*

GLOBAL MARKET UPDATE – ASIA PACIFIC (Ex-JAPAN)


GLOBAL MARKET UPDATE – BRIC (Ex-India)


Our View

Brazil’s GDP exited contractionary territory and grew 0.3% year-on-year in 2Q 2017, up from 1Q 2017’s -0.4% growth. In addition to GDP growth, other economic data releases over the course of September also reflected good progress in the country’s road to economic recovery. Brazil’s industrial production expanded for the third consecutive month in July 2017 and business sentiment (as revealed by a survey released by the National Confederation of Industry Brazil) in the sector has remained generally positive since the beginning of the year, while manufacturing PMIs remained above the 50.0 reading since April 2017. While we retain Brazil’s star rating at 3.5 Stars “Attractive”, we are keeping an eye on overall valuations which currently trades at a notable premium to its fair.

Russia’s GDP numbers had followed an exponential upward trend, with growth coming in at 0.3%, 0.5% and 2.5% year-on-year in 4Q 2016, 1Q 2017 and 2Q 2017 respectively. In September, the central bank of Russia made the decision to cut rates further by -50 basis points to 8.50%, with a mention that the bank deems it “possible to cut the key rate further” over the “next two quarters”, boding well for economic growth in the near term. While Russia’s good progress to economic recovery would likely continue to provide support to the aggregate earnings of Russian companies, structural headwinds facing oil prices coupled with the country’s continued low oil production in the near term (in view of the ongoing oil production cut agreement with OPEC) presents risks to the earnings of oil companies. At this juncture, we believe that a star rating of 3.5 Stars “Attractive” remains warranted for the market.

China’s Industrial production growth declined to 6.0% year-on-year in August from 6.4% in July.

The lower industrial production growth in August may be attributable to the ongoing environmental policy tightening that depressed the output growth of heavy industries and the construction activities, most of which are polluting industries. CPI picked up notably in August. CPI rose 1.8% year-on-year from 1.4% year-on-year in July, partially driven by the lower base but also pushed up by rising food prices. On the other hand, export growth slowed to 5.5% year-on-year, but the exports under ordinary trade and processing trade grew steadily. We maintain our 4.5 Stars “Very Attractive” rating for the offshore Chinese equity market.

BRAZIL

Brazil’s GDP grew 0.3% y-o-y in 2Q 17,up from -0.4% y-o-y in 1Q 17

Manufacturing PMI stood at 50.9 in Aug 17, up from 50.0 in Jul 17

Industrial production rose 2.5% y-o-y in Jul 17 after a 0.5% y-o-y increase in Jun 17

RUSSIA

Russia’s GDP grew 2.5% y-o-y in 2Q 17 (preliminary estimates), up from 0.5% y-o-y in 1Q 17

CBR rate at 8.50% as of 25 September 2017

CHINA

Exports growth slowed to 5.5% y-o-y in August, compared with 7.2% in July 17

CPI came at 1.8% y-o-y in August, higher than 1.4% in July 17

Industrial production growth slowed 6.0% y-o-y in August, down from 6.4% in July 17

-0.15%

3.73%

4.88%

-2% 0% 2% 4% 6%

China (HS Mainland 100)

Russia (RTSI$)

Brazil (IBOV)

BRIC (Ex-India) - Performance in September 2017*


2,100,194

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Average Assets Under Management (AAUM) in INR Crores

Source: AMFI, iFAST Compilations

Top and Bottom Five AMCs - By Absolute Change in Assets (Q-o-Q), July- Sep 2017

Scheme Name Q-o-Q Absolute Change in Assets (INR in Crores)

% Change in Assets

Top 5 AMCs

SBI Mutual Fund 19,197.97 11.34%

ICICI Prudential Mutual Fund 18,955.71 7.28%

Aditya Birla Sun Life Mutual Fund 18,937.30 9.19%

HDFC Mutual Fund 16,727.05 6.60%

Kotak Mahindra Mutual Fund 9,417.88 9.29%

Bottom 5 AMCs

IIFCL Mutual Fund (IDF) -1,225.02 -65.92%

DHFL Pramerica Mutual Fund -529.11 -2.06%

IIFL Mutual Fund -65.94 -8.04%

Escorts Mutual Fund -11.08 -4.29%

Taurus Mutual Fund -7.77 -1.33%

Source: AMFI, iFAST Compilations

INDIAN MUTUAL FUND INDUSTRY - ASSET TRENDS


Fund Category Returns (As on September 2017 end)

1 Month 1 Year

Equity: Large Cap -1.09 14.92

Equity: Multi Cap -0.50 17.27

Equity: Mid Cap & Small Cap 0.36 19.32

Equity: ELSS -0.38 17.27

Equity: Index -1.41 14.19

Equity: Global 3.17 12.22

Hybrid: Balanced Funds -0.18 10.90

Hybrid: MIP 0.01 7.99

Debt: Gilt Long Term -0.33 7.12

Debt: Gilt Short Term 0.02 8.09

Debt: Income 0.07 7.10

Debt: Short Term 0.28 7.27

Debt: Ultra Short Term 0.40 6.89

Debt: Liquid 0.50 6.38

Debt: Floating Rate 0.41 7.24

Source: NAV India, iFAST Compilations

FUND CATEGORY RETURNS


Top and Bottom Performing Equity Funds on our Platform as on 30th September 2017

Large Cap Funds

Scheme 1 Month 1 Year Scheme 1 Month 1 Year

UTI-Bluechip Flexicap Fund (G) 1.17 16.48 Reliance Regular Savings Fund - Equity (G) 2.56 19.27

Tata Retirement Savings Fund - Progressive (G) 0.86 25.68 Escorts Leading Sectors Fund (G) 2.30 17.89

NSE Nifty 50 Index (Benchmark) -1.30 13.71 NSE Nifty 500 Index (Benchmark) -1.09 16.35

IIFL India Growth Fund (G) -2.90 11.68 Motilal Oswal Most Focused Multicap 35 Fund (G) -2.38 25.84

SBI Magnum Equity Fund (G) -2.71 7.15 HDFC Premier Multi-Cap Fund (G) -2.18 14.41

Mid and Small Cap Funds


SBI Small & Midcap Fund (G) 5.64 33.02 Aditya Birla SL Tax Plan (G) 2.65 19.03

Parag Parikh Long Term Value Fund (G) 2.79 20.22 Aditya Birla SL Tax Relief '96 (G) 2.60 19.31

Nifty Free Float Midcap 100 Index (Benchmark) -0.93 17.54 NSE Nifty 500 Index (Benchmark) -1.09 16.35

Sahara Star Value Fund (G) -1.37 19.94 Sahara Tax Gain Fund (G) -2.49 15.47

LIC MF Mid Cap Fund - Regular (G) -1.20 17.72 SBI Magnum Tax Gain Scheme (G) -2.18 11.19

Global Funds

Scheme 1 Month 1 Year

DSP BR World Energy Fund (G) 11.14 1.94

DSP BR World Agriculture Fund (G) 8.56 11.56

MSCI World Index (in INR) (Benchmark) 4.22 13.70

Kotak World Gold Fund - Standard Plan (G) -5.87 -19.26

DSP BR World Gold Fund (G) -2.11 -16.95


TOP & BOTTOM EQUITY FUNDS


Top and Bottom Performing Debt and Hybrid Funds on our Platform as on 30th September 2017

Balanced Funds


SBI Magnum Children Benefit Plan 1.77 17.42 SBI Magnum MIP Floater (G) 0.91 7.87

Principal Balanced Fund - (G) 0.89 21.15 Indiabulls Monthly Income Plan (G) 0.72 7.02

CRISIL Balanced Fund - Aggressive Index -0.83 11.80 Crisil MIP Blended Index -0.16 8.87

SBI Dynamic Asset Allocation Fund (G) -2.28 9.53 HDFC Monthly Income Plan - LTP (G) -0.70 8.63

HDFC Prudence Fund - (G) -1.52 15.05 L&T Monthly Income Plan (G) -0.63 6.78

Income Funds


Franklin India Income Opportunities Fund (G) 0.49 9.80 Edelweiss Govt Securities Fund (G) 0.31 5.52

Franklin India Corporate Bond Opportunities (G) 0.48 9.43 BNP Paribas Govt Securities Fund (G) 0.13 8.39

Crisil Composite Bond Fund Index 0.04 7.94 Crisil Composite Bond Fund Index 0.04 7.94

Escorts Income Plan - (G) -0.88 5.49 Invesco India Gilt Fund (G) -0.77 7.54

Kotak Bond - Regular (G) -0.54 4.29 Kotak Gilt Invest - PF & Trust Plan (G) -0.64 5.92

Short Term Funds

Scheme 1 Month 1 Year

L&T Short Term Income Fund (G) 0.50 9.13

Escorts Short Term Debt Fund (G) 0.49 7.11

Crisil Short-Term Bond Fund Index 0.32 7.60

ICICI Pru Banking & PSU Debt Fund - Regular (G) 0.03 8.25

ICICI Pru Short Term Plan (G) 0.11 7.97


TOP & BOTTOM DEBT and HYBRID FUNDS


DISCLAIMER: THIS REPORT IS NOT TO BE CONSTRUED AS AN OFFER OR SOLICITATION FOR THE SUBSCRIPTION, PURCHASE OR SALE OF ANY MUTUAL FUND. ANY ADVICE HEREIN IS MADE

ON A GENERAL BASIS AND DOES NOT TAKE INTO ACCOUNT THE SPECIFIC INVESTMENT OBJECTIVE OF THE SPECIFIC PERSON OR GROUP OF PERSONS. PAST PERFORMANCE AND ANY

FORECAST IS NOT NECESSARILY INDICATIVE OF THE FUTURE OR LIKE PERFORMANCE OF THE MUTUAL FUND. THE VALUE OF UNITS AND THE INCOME FROM THEM MAY FALL AS WELL AS

RISE. OPINIONS EXPRESSED HEREIN ARE SUBJECT TO CHANGE WITHOUT NOTICE.

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

Monthly Market Update (India) - Fundsupermart M3...Monthly Market Update (India) – October 2017...

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Transcript of Monthly Market Update (India) - Fundsupermart M3...Monthly Market Update (India) – October 2017...