Equities
| MINTs | |
|---|---|
| JCI(IDN) | +0.43% |
| INMEX(MEX) | +0.69% |
| NGSEINDX(NGA) | +13.60% |
| XU030(TUR) | +1.50% |
| BRICS | |
|---|---|
| IBOV(BRA) | +2.47% |
| SHCOMP(CHN) | +1.58% |
| NIFTY(IND) | -0.30% |
| INDEXCF(RUS) | -2.16% |
| TOP40(ZAF) | +0.21% |
Commodities
| Energy | |
|---|---|
| Brent Crude Oil | -1.56% |
| Heating Oil | -2.21% |
| RBOB Gasoline | -2.52% |
| Ethanol | +0.80% |
| Natural Gas | -13.76% |
| WTI Crude Oil | -1.88% |
| Metals | |
|---|---|
| Copper | -2.06% |
| Palladium | +1.23% |
| Gold 100oz | -0.23% |
| Platinum | +1.37% |
| Silver 5000oz | +1.26% |
Currencies
| MINTs | |
|---|---|
| USDIDR(IDN) | -0.70% |
| USDMXN(MEX) | +0.35% |
| USDNGN(NGA) | +1.11% |
| USDTRY(TUR) | +0.27% |
| BRICS | |
|---|---|
| USDBRL(BRA) | +0.75% |
| USDCNY(CHN) | -0.13% |
| USDINR(IND) | +0.42% |
| USDRUB(RUS) | -9.38% |
| USDZAR(ZAF) | +0.03% |
| Agricultural | |
|---|---|
| Cattle | +1.66% |
| Cotton | +1.63% |
| Feeder Cattle | -3.89% |
| Lumber | -0.24% |
| Orange Juice | -0.87% |
| White Sugar | +0.23% |
| Coffee (Robusta) | -1.84% |
| Corn | +1.35% |
| Wheat | -2.81% |
| Cocoa | +0.00% |
| Lean Hogs | -1.17% |
| Soybean Meal | +3.90% |
| Sugar #11 | -1.41% |
| Coffee (Arabica) | -4.22% |
| Soybeans | +2.05% |
Credit Indices
| Index | Change |
|---|---|
| Markit CDX EM | +1.37% |
| Markit CDX NA HY | +0.34% |
| Markit CDX NA IG | -0.81% |
| Markit iTraxx Asia ex-Japan IG | -4.39% |
| Markit iTraxx Australia | -4.03% |
| Markit iTraxx Europe | -4.00% |
| Markit iTraxx Europe Crossover | -20.00% |
| Markit iTraxx Japan | -1.28% |
| Markit iTraxx SovX Western Europe | -2.25% |
| Markit LCDX (Loan CDS) | +0.00% |
| Markit MCDX (Municipal CDS) | +1.08% |
It was one heckuva week with the upside surprise in US GDP, thin holiday trading and a volatile expiry.
Nifty Heatmap
Index Returns
Sector Performance
Advance Decline
Market Cap Decile Performance
| Decile | Mkt. Cap. | Adv/Decl |
|---|---|---|
| 1 (micro) | -3.05% | 66/70 |
| 2 | -0.47% | 63/72 |
| 3 | -0.82% | 64/72 |
| 4 | -0.50% | 65/69 |
| 5 | -1.73% | 64/72 |
| 6 | -0.27% | 67/68 |
| 7 | +1.35% | 75/61 |
| 8 | +0.02% | 69/66 |
| 9 | +1.19% | 62/74 |
| 10 (mega) | -0.43% | 72/64 |
One big nothingburger.
Top Winners and Losers
| BANKINDIA | +5.00% |
| JINDALSTEL | +8.98% |
| UNIONBANK | +9.00% |
| HINDPETRO | -5.26% |
| INFRATEL | -4.89% |
| HINDALCO | -3.68% |
No bombs feel, computers did not take control…
ETF Performance
| PSUBNKBEES | +2.35% |
| BANKBEES | +0.85% |
| INFRABEES | +0.80% |
| JUNIORBEES | +0.53% |
| GOLDBEES | -0.01% |
| CPSEETF | -0.36% |
| NIFTYBEES | -0.71% |
… and PSU banks outperformed.
Yield Curve
Bond Indices
| Sub Index | Change in YTM | Total Return(%) |
|---|---|---|
| GSEC TB | -0.42 | +0.27% |
| GSEC SUB 1-3 | -0.15 | +0.60% |
| GSEC SUB 3-8 | +0.02 | +0.22% |
| GSEC SUB 8 | +0.07 | -0.40% |
The long bond gave up some ground (FIIs selling?)
Investment Theme Performance
| Market Fliers | +2.46% |
| Growth with Moat | +2.31% |
| Magic Formula Investing | +1.95% |
| Refract: PPFAS Long Term Value Fund | +1.63% |
| Efficient Growth | +1.19% |
| The Other Value | +0.99% |
| Piotroski ROC Small Caps | +0.91% |
| Old Economy Value | +0.75% |
| Balance-sheet Strength | +0.31% |
| Enterprise Yield | +0.30% |
| ADAG Mania | +0.03% |
| Industrial Value | +0.01% |
| Momentum Long-Short | +0.00% |
| CNX 100 50-Day Tactical | -0.09% |
| Financial Strength Value | -0.38% |
| Market Elephants | -0.41% |
| Quality to Price | -0.58% |
| Momentum 200 | -0.61% |
| IT 3rd Benchers | -0.67% |
| Auto | -1.46% |
A mixed week for investment strategies…
Thought for the weekend
The most important thing to understand is that both bear markets and volatility are inevitable. In fact, they are the true source of the equity risk premium, and why it has historically been so large.
Stocks are riskier than bonds. Thus, investors demand a premium, in the form of a higher expected return, as compensation for taking the greater risk stocks entail. The key word is “expected.” If stocks always outperformed, there would be no risk in purchasing them. It’s the risk of the unexpected happening that leads to the equity risk premium.
Source: How To Think About Bear Markets