So, that is why some of these things have been surprising because what essentially has been happening is that people have been investing in the winners. The US markets have been the best performing markets in the world, but the Indian sectors like technology which are linked to the US economy have done pretty badly. But on the stock side, the sectors which actually gained from a strong dollar have not done well with the exception of pharma. S Naren: Our belief has been that dollar is going to be an asset class which is going to do extremely well and frankly, that part of it has paid out if you see the way dollar has moved against most currencies. What we have been telling people to do is invest systematically through this period, but as you know, the industry has not got big inflows.ĮT Now: You do not own consumers, you have a little exposure to autos, you have underweight stance on financials as well. Unfortunately I would be very worried if in the near term the market goes above 6300 because the locals who have all redeemed and that too not small sums of money over the last six years, they unfortunately may come back violating asset allocations.
![use zoho outlook amc use zoho outlook amc](https://www.zohowebstatic.com/sites/default/files/outlook-sales-context.png)
![use zoho outlook amc use zoho outlook amc](https://m.foolcdn.com/media/the-blueprint/images/zoho_crm_marketplace_extension.width-800.png)
Otherwise what they have been doing over the last three years is that as the market comes above 20000, they keep redeeming and if the market goes down, they invest a fraction of what they redeem.
![use zoho outlook amc use zoho outlook amc](https://i.pcmag.com/imagery/reviews/04nSgmGoCEQ5Ixgcq2BwmYq-9.fit_scale.size_760x427.v1569477738.jpg)
S Naren: The unfortunate thing is that Indian investors are massively underinvested in Indian equities at this point of time and if the market were to cross 6300, unfortunately we believe that the Indian investors will be back because they are massively underinvested. So either there has to be a rebalancing of the price to earnings or you want to see a market actually go down because you cannot have this continue endlessly.ĮT Now: Do you think there is a ceiling that the market has at, say, 6300 levels or could it go higher than that in the latter part of this year? It is impossible for all the 30 to 40 PE trading stocks to keep going up when another set of the market keeps on going down. It is very clear that I have had this view now for almost six months and it has not worked at all. So it is very difficult to say what the market will do. Trading at all single digit PEs, those stocks keep going down everyday. You have a set of stocks which are all with price to earnings, trading PEs of above 30 which keep going up everyday and on the other hand, you have a set of stocks which have dividend yields which are more than 4%. That seems to be totally in operation in India. Adrian Mowat of JPMorgan coined a term recently, called ‘Growth at Unlimited Price’ or GULP as he calls it. S Naren: Actually the markets are volatile and we have a wide GULP. The election is also coming up in the next one year and both these events are certainly something which are going to keep the market confused and volatile in the next one year.ĮT Now: Do you think the best part of the summer rally is now behind us because in the near term, there are no big triggers and markets are completely dependent on global cues?
#Use zoho outlook amc how to#
The only issue is that from hereon where do we go because we are in a situation where the FED appears to be tightening, but they do not know how to tighten because the ramifications of tightening are not clear to the global markets.
![use zoho outlook amc use zoho outlook amc](https://www.zohowebstatic.com/sites/default/files/outlookpop3.png)
So, I am of the belief that actually returns have been very good.