STANDING TALL AMID TURBULENCE
was turbulent for capital markets. It saw many significant developments, including general elections, escalation (and then partial retraction) of a global trade war, rise in big corporate defaults, NBFC crisis, one of the sharpest falls in India’s GDP growth in years and significant reduction in the corporate tax rate. The Nifty and the Sensex hit record highs. Midcap and small-cap stocks continued to lag. The weakness in broader markets meant only a few investors with right stocks did well. Portfolio managers were no exceptions. Yet, some proved their mettle by delivering high risk-adjusted returns and keeping investor faith in equities intact during a
