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Dear VAIBHAV D SHUKLA,

Domestic macro trends have been very resilient despite global uncertainty. Capex
has been holding up well, government led manufacturing push has remained robust
and there are signs of increasing participation by the private sector. We are
witnessing early signs of recovery in rural demand as well as private sector
capex revival. These are the areas which may provide support to domestic growth.

As a house we are overweight on domestic demand related sectors as growth and
earnings certainties may be higher in related segments. Volatility may continue
to remain elevated in the short term till global uncertainty abates. We suggest
investors should have a long-term orientation for equity investments and should
consider products based on their investment goals and risk appetite.
 

for Equity Market Outlook


While domestic growth-inflation-external balance has improved sharply, global
dynamics are not giving RBI comfort to change its stance or indicate rate cut
cycle in near future. Over the next 6 months to 1 year period, we expect clarity
on same, which in turn might nudge RBI to normalize the policy rate. We believe
RBI's rate cut cycle to start in 4Q FY24 or in 1Q FY25.

Rate easing outlook (over next 12 months) and improved system liquidity likely
to result in curve steepening. In such backdrop, Low duration, Intermediate
duration funds (1 to 3 years) like Short term fund, Corporate bond fund and
Banking & PSU fund seem attractive from investment perspective. Selective credit
allocation within this space could provide further cushion.
 

for Fixed Income Market Outlook Regards,
Nippon India Mutual Fund
 

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purposes and the views being expressed only constitute opinions and therefore
cannot be considered as guidelines, recommendations or as a professional guide
for the readers. The document has been prepared on the basis of publicly
available information, internally developed data and other sources believed to
be reliable. The sponsors, the Investment Manager, the Trustee or any of their
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material, shall not be liable in any way for any direct, indirect, special,
incidental, consequential, punitive or exemplary damages, including on account
of lost profits arising from the information contained in this material.
Recipient alone shall be fully responsible for any decision taken on the basis
of this document.

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