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Banking funds will deliver superior returns: Reliance MF
"Investors would benefit significantly if they can invest with a longer time horizon of three to five years," says Shrey Loonker, Fund Manager, Reliance Nippon Life MF, in a conversation with ET Mutual Funds on the prospects of banking sector funds.

Demand for Indian equity is far more than the supply: Nilesh Shah, Kotak AMC
This time it is clearly matured money chasing hope rather than greed, says Nilesh Shah, MD, Kotak AMC, talking to ET Now.

DSP BlackRock stops fresh inflows into DSPBR Micro Cap Fund
DSP BlackRock has decided to temporarily suspend all fresh transactions in DSP BlackRock Micro Cap Fund with effect from February 20, 2017, as there is a possibility that large inflows into the Scheme may prove detrimental to the interest of the existing unit holders. These transactions include all subscription/switch-in application(s) and/or registration of new Systematic Investment Plan (‘SIP’), Systematic Transfer Plan (‘STP’), Dividend Transfer Plan (‘DTP’) in the Scheme. The Scheme will continue to allot units for subscription transactions pertaining to SIP, STP, DTP, Super SIP facilities registered before February 20, 2017. Any subscriptions/switch-in/SIP/STP/DTP applications received post the cut-off timing of February 17, 2017 would not be accepted. The aforesaid suspension will continue till further notice. DSP BlackRock Micro Cap Fund’s AUM as on January 31, 2017 was close to INR 4780 crore. Vinit Sambre, Senior Vice President and Fund Manager, DSP BlackRock said, “While we continue to find interesting investment opportunities for the fund to invest in, its current size poses the bigger challenge of liquidity. It is challenging to incrementally build positions, i.e. to increase stock weightage of companies to a meaningful size in the portfolio.” Aditi Kothari Desai, EVP and Head - Sales, Marketing & E-Business, DSP BlackRock said, “Having less than desired weightage in stocks that the fund invests in, can limit the fund’s ability to generate returns in the future. Hence, in the interest of existing investors, we have taken a decision to stop accepting fresh investments - both via lumpsum and SIPs.”
WF News

Fixed income attractive again: S Naren, ICICI Pru
The recently held Reserve Bank of India (RBI)’s monetary policy delivered a sharp surprise to the fixed income market, not only by maintaining a status quo on rates (while the market expected at least a 25 basis points cut from 6.25 per cent), but also by changing its two-year stance of being ‘accommodative’ to ‘neutral’, potentially implying the end of the current easing cycle.

3% fiscal deficit would have spurred RBI rate cut: Nilesh Shah, Kotak MF
In a chat with ET Now, Nilesh Shah, MD, Kotak AMC, says the MPC has taken note of improvement in fiscal deficit but have not considered it good enough for rate cut.

Affordable housing sector best placed for growth: Axis MF
Jinesh Gopani, senior fund manager, Axis Mutual Fund in a chat said financials and affordable housing are best placed for growth and returns currently.

HDFC Market Review : Equity Market Update - January 2017

Selective on pharma, positive on IT: Swati Kulkarni, UTI AMC
In a chat with ET Now, Swati Kulkarni, UTI Asset Management Company, says IT may see it as more defensive because the sector has come to a valuation band of about 15 to 18 times which compared to the market, is really at a lower level.

Budget comment: Navneet Munot, SBI MF
The Union Budget 2017-18 quelled all market speculation and encouragingly stuck to a broader fiscal consolidation roadmap with fiscal deficit at 3.2% of GDP. This is a more responsible step to take in light of 7.9% net household financial savings and increased pressure on state finances next fiscal year. The RBI is likely to perceive the budget as a positive event. Prudent budget combined with contained inflation increases scope of monetary easing at the margin. Prima facie, we think that the overall fiscal arithmetic is credible. The size of the budget is pegged Rs. 24.5 trillion, thus leading to 6.6% growth in total expenditure. As the central government is largely done with financial burden of VII pay commission implementation, it could once again restore its focus on increasing capital expenditure (budgeted to increase by 10.7% in FY18). The thrust of capital spending remains on infrastructure needs while affordable housing joined the pack of government’s focus in this budget. Lack of higher bank recapitalization allocation (Rs. 100 billion allocated for FY18) can be called as a slight disappointment. Apart from this, the budget also sought to increase and incentivize the digital access of the economy. On the taxation front, three strong positives came in the form of reduction of corporate tax to 25% for small business, no service tax hike and no increase in holding period for availing long-term capital gain tax in shares. On the contrary, the budget reduced the holding period of long-term capital gains tax on immovable property to 2 years compared to 3 years practiced presently. The budget responsibly refrained from any significant changes in indirect taxes as it prepares for GST implementation in the middle of the year. With digitalisation and simplification of tax administration, the government is expecting a significant jump in personal tax collection. Central budget managed to curtail the net market borrowing to Rs. 3.6 trillion as it increasingly resorts to small savings funds to finance the fiscal deficit. However, bond market may remain largely un-impacted by the budget given the overhang of SDLs and supply of UDAY discom bonds and GoI serviced bonds. With the event now behind us, the focus will shift back to the execution, corporate earnings and global cues.
WF News

Budget comment: Tata MF
The key feature of the Budget is focus on stability and continuity. Fiscal discipline remains the focus and there are no major changes in tax policies, particularly related to capital gains. The budget does not contain any populist measures as was feared in some quarters. Measures to improve transparency in political party funding is a bold reform. Higher spending on rural and infrastructure and focus on affordable housing, without compromising on fiscal deficit, are welcome steps. Overall, a positive budget for the economy and markets
WF News

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