All Things Markets

The government's fiscal policy since the pandemic began has prioritised growth and fiscal transparency over fiscal consolidation. The Budget 2022 presented by finance minister Nirmala Sitharaman just did that. However, macro risks of executing the budget proposals remain a key concern among investors. The Union Budget 2022 indicated not only is the government likely to miss the FY22 fiscal deficit target but the target for FY23 is also pegged at a relatively high 6.4% of GDP. The difference is largely on account of a massive capex push and divestment estimates. This underlines the government's resolve to aid a cycle of investment with public capex taking the lead and crowding in private investment. But will finance minister's budget proposals fall short of enough Philip to drive a pandemic-induced slump in economy. Will it take markets into a tailspin? And does it increase risk of a sovereign downgrade of India? To discuss those, Mint's Nasrin Sultana is joined by Arvind Chari, CIO, Quantum Advisors.

While 2021 was all about growth and recovery, the focus of central bankers across the world has shifted towards inflation and monetary policy normalization given the context of US Fed Tapering and potential hardening of interest rates in 2022. So, will these worries amid rising Omicron variant of covid cases derail equities rally going ahead. To discuss that I am in conversation with Unmesh Kulkarni – Managing Director Senior Advisor, Julius Baer India.

Indian equities are ending 2021 with over 20% gains outperforming other peers in emerging markets. Despite the brutal second wave of covid and rising inflation, markets hit record highs multiple times during the year led by factors such as decline in covid cases in the second half of the year, a significant pickup in the pace of vaccination, and the consequent sharp recovery in economic activity. But now, as we head into 2022, the world's major central banks have started prioritizing inflation control over growth acceleration. So, will liquidity tapering by global central banks in 2022 puncture the super rally in markets? What are the big market trends to watch out in 2022? What are the key risks? To discuss that, Mint's Nasrin Sultana is joined by Dhananjay Sinha, MD & Chief – Strategist, JM Financial Institutional Securities Ltd

The real estate sector made a smart recovery despite the pandemic in 2021 with segments like residential outperforming. After facing a series of structural reforms like demonetisation, GST and RERA during the last decade, the pandemic was another blow for the real estate sector. But the sector is gradually emerging. The disruption caused by the pandemic is slowing settling. So, what will be the big trends in the real estate sector in 2022? Will home prices correct in 2022? To discuss that I am in conversation with Rajani Sinha, Chief Economist, Knight Frank India

Markets have entered into an extremely volatile phase. The Nifty ended its six-month winning streak in November, ending 4% lower, pulling back 8% from the record highs of October. Much of the market anxiety is led by global factors but a big fundraise in the primary market also had put some pressure on liquidity. While economic activities are gradually picking up, the threat of a new covid 19 variant Omicron has emerged. So amid these mixed signals and volatility, which way will markets swing. To discuss that and more, I am in conversation with Jitendra Arora, Equity Fund Manager, ICICI Prudential Life Insurance.

As Indian markets have seen a robust increase in trading volume with equities hitting record high multiple times post-pandemic, brokerage firms have made great business. Bank-brokerages reported a strong uptick in earnings in the last fiscal but The retail broking segment has seen a significant disruption in the last few years due to the growing prominence of discount brokerages. So, how have competitively priced offerings of discount brokers and the no-frill basic accounts and services resulted in the realignment of the pricing strategy across the industry. To discuss that I am in conversation with Samriddhi Chowdhary, Vice President & Sector Head, ICRA.

Do you know modern technology and mathematical computations can make trading decision for profit by breaking down very complex data and eliminating the emotional decision-making that can occur during trading. That's called Quantitative trading or quant strategy of trading. Quantitative traders take a trading technique and create a model of it using mathematics, and then they develop a computer program that applies the model to historical market data. The model is then backtested and optimized. Quantitative trading algorithms are customized to evaluate different parameters related to a stock. Typically, financial institutions and hedge funds use quant strategies. As retail investors are rising in Indian markets, quantitative trading is also catching up. But it's not all that simple, isn't it. To simplify quantitative strategies, Mint's Nasrin Sultana speaks to Rishi Kohli, MD and CIO for Quant Strategies at Avendus Capital Public Markets Alternate strategies.

Post pandemic, re-rating of real estate stocks has surprised markets as Nifty Realty index has outperformed the midcaps by more than 60% in the past year. The pandemic played a catalyst in accelerating market share gains into the hands of organised real estate players. Boosted by economic recovery and robust stock market wealth creation, the top eight cities in India are seeing a strong growth momentum in real estate sector. So, how did the festive season pane out for real estate companies? What are the big investment trends in the sector? Tune in now!

Mint and HT Smartcast wish all our listeners a happy Diwali and a prosperous New Year. Markets have ended the year Samvat 2077 with best gains in 13 years despite covid led lockdowns and uncertainties which had deterred economic growth. Riding on abundant liquidity, investors made nearly 40% profit in equities this year, the best returns compared to other asset classes. In comparison, mid and smallcaps have done exceedingly well in Samvat 2077. BSE Midcap surged 61% while BSE SmallCap jumped 79% in the year. So, how does Samvat 2078 look for markets? Which themes are likely to play out in the year? To discuss that Mint's Nasrin Sultana is joined by Yogesh Patil, head of equities, LIC Mutual Funds.

Global analysts are raising red flags on India's equity performance. They are gradually becoming uncomfortable about steep valuations and hence are cautious about the allocation of funds despite India outperforming global peers in 2021 so far. Recently, a BofA survey showed global fund managers are no longer bullish on emerging markets and want to cut exposure in EMs in the next 12 months as China fears weighed on sentiment. So, are Indian markets ahead of fundamentals? How will it impact liquidity? Will earnings justify the steep valuations? To discuss that Mint's Nasrin Sultana is in conversation with Unmesh  Sharma, head of institutional equities, HDFC Securities

Investors are eagerly watching company results to see whether earnings growth justifies share-price gains during the sizzling stock-market rally this year. Companies are facing rising investor expectations going into the second-quarter earnings season as the Indian markets have outperformed global peers, with valuations near historic highs. However, the market faces possible headwinds from rising commodity and energy prices, global supply-side disruption, and potentially unfavourable bond-equity yield dynamics. So, how critical are Q2 earnings for markets as liquidity normalisation both by the US Fed and RBI may start to set in soon. To understand that, Mint's Nasrin Sultana is in conversation with Ajay Tyagi, Head of Equity, UTI AMC.

In what is being perceived as a tapering signal, the RBI suspended the bond purchase programme, G-Sec Acquisition Program (G-SAP), after Rs 2.37 trillion purchases in first half of FY22. The monetary policy committee (MPC) kept its policy rates and accommodative stance unchanged but did not announce any new set of liquidity-enhancing measures for the first time since the onset of the covid-19 pandemic. With surplus liquidity of above $120bn sloshing around in the system, the RBI also announced a roadmap to expand and extend the VRRR operations. So, how will these measures by RBI impact bond markets and equities? To understand that, Mint's Nasrin Sultana is in conversation with Arvind Chari, CIO, Quantum Advisors.

Riding widespread optimism, Indian markets have been scaling fresh record highs as the Sensex hit 60000. Indian markets have been rising in most days of September despite periodic nervousness around China's Evergrande debt defaults cascading to a global crisis and US Federal Reserve rate tapering decision. However, investors are concerned. Rising inflation risk and withdrawal of ultra-easy monetary policy by global central banks, mainly by the US Federal Reserve, may trigger a sharp rise in bond yields which can cause risk assets to correct sharply. Steep valuation concerns have also been looming large. So, how long will this super rally in Indian markets last? To understand that, Mint's Nasrin Sultana is joined by Vinit Sambre, head-equities, DSP Investment Managers.

What if I tell you: Shell companies with no commercial operations are formed to raise capital through an IPO for acquiring an existing company. What if I also tell you that even retail investors can invest in these blank cheque companies. Well, I am talking about Special Purpose Acquisition Company shortly called as SPAC. SPACs have been around in the US for a very long time but SPAC deals in India are still at a nascent stage becoming popular recently mostly due to abundant dry powder post covid. However, it does sound risky isn't it? The complexity of SPAC deals has challenges. To understand more about these blank cheque companies and regulatory framework around it, Mint's Nasrin Sultana is joined by Vikas Bagaria, partner Deloitte India.

As stock markets beat the pandemic blues, investor wealth ballooned in a period when most businesses were struggling due to challenges posed by lockdowns amid loss of income. With limited options to spend due to no travel and stay-at-home guidelines, a gush of fresh money found its way to stock markets in the last one and half years. Many rode on the tailcoats of investors who were established and known for making a fortune by investing in stock markets. High net-worth individuals (HNIs) held a combined Rs 4.7 trillion in NSE firms as of June-end, a jump of 19.5% in a quarter. So, what are the big trends in HNIs and ultra-HNI investment in India post-pandemic? To discuss that Mint's Nasrin Sultana speak to Rajesh Cheruvu, CIO, Validus Wealth.

Corporate earnings in first-quarter showed skewed growth in select sectors. Companies benefited from low base, posting better earnings in Q1 compared to last year but sequentially earnings showed contraction as margin pressure intensified with high input prices and reversal of cost rationalisation measures. So, will earnings momentum continue in FY22. To understand that Mint's Nasrin Sultana is in conversation with SP Prabhu, CIO, Ageas Federal Life Insurance.

Despite the stock markets hitting record highs this year, some investors have turned cautious on equities. In fact, BofA Securities have warned that a correction is likely in the near term. Analysis of past bull and bear phases of Indian stock markets show after a rally of about 75 weeks with an average 106% return, markets typically correct about 30% over a four-month period. Considering that the current rally in Indian equities yielded 118% returns over 73 weeks, BofA Securities sees limited further runway in light of emerging risks in near term. So, I am in conversation with Amish Shah, India equity strategist, BofA Securities to understand what are the big concerns?

Although 2021 showed a promising start, new variants are leading to renewed covid19 waves and lockdowns in many Asian countries. Still, equity markets continue to surge, while in India, markets have been hitting record highs. As stock consistently makes new life highs defying elevated valuations, net inflows into equity mutual fund schemes galloped to record high in July, rising almost six times in a month. Net Rs 20,742.77 crore was pumped into equity schemes in July, a 350% jump from the previous month.

While fresh slippage has spiked across banks, sluggish disbursements have further resulted in muted trends in loan growth, particularly in Retail showed an analysis of June quarter results. Although, deposit growth remains healthy, NII growth has been subdued. Banks are carrying additional provision buffers post June quarter. Adding to that, two big-ticket lendings Future Group and Vodafone Idea are threatening to put the banking eco system in jeopardy. So, now what is the outlook for banks and financial services companies ? To understand that Mint's Nasrin Sultana is in conversation with Avneesh Sukhija, analyst, BNP Paribas.

1QFY22 has been one of the best quarterly performances by Indian IT services companies, with sequential revenue growth of 4.5% in dollar terms. Mid-tier IT companies have reported the highest ever growth during the quarter. There were strong deal wins, with one of the highest ever pipelines while there has been an increase in guidance from some of the IT companies. However, increasing supply pressures remained elevated in the June quarter. So, how will it pan out for IT in the fiscal ahead? Will IT companies manage to see earnings momentum in the rest of FY22? To understand that Mint's Nasrin Sultana is in conversation with Sanjeev Hota, Research head, Sharekhan by BNP Paribas.

Indian companies raised over Rs 27000 crore through initial public offerings (IPOs) this year, the highest in at least a decade compared to six months of previous years, driven by gushing liquidity in capital markets and investor euphoria. Favourable market conditions have made it attractive for companies to raise equity capital at relatively higher valuations, and many companies have taken advantage of the situation. The question is how long will this euphoria last? And will the IPOs suck liquidity out and derail themarkets rally? To discuss that, Mint's Nasrin Sultana is in conversation with Niraj Kumar, CIO, Future Generali India Life Insurance.

Oil prices climbed to $77.16 a barrel last week, its highest in nearly three years, as a result of a deadlock over the United Arab Emirates' (UAE's) production quota. Even as the spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, crude oil prices remain critical for many importing countries like India. So, how does rise in crude prices impact Indian markets and economy? And overall, will rise in crude prices shrink margins of Indian companies? To understand that, Mint's Nasrin Sultana is joined by Naveen Kulkarni, CIO, Axis Securities.

Indian companies are racing to adopt environmental, social, and governance norms on rising pressure from investors and regulators. Wave of ESG focussed funds have hit India too. Domestic ESG funds AUM was at Rs 9800 crore in FY2021 with seven of 10 such funds launching post-June last year. Are companies that have missed opportunities due to lack of ESG norms now catching up quickly. Has the pandemic also added urgency for companies to become ESG complaint to attract investors. To discuss that I am joined by Sambitosh Mohapatra, Leader – ESG, Energy Utilities & Resources, PwC India.

The pandemic crisis deteriorating in India especially in the last few months and delayed economic recovery due to localised lockdowns had very little impact on equities. Investors continued to pump money into equities, making it the best performing asset class in the first six months of 2021. However, with the V-shaped recovery in global economy, inflation fears as reflected in surging commodity prices have resurfaced. Will the Federal Reserve take its foot off the pedal and taper its stimulus policies? If so, would the bullish sentiment reverse its course? To understand that I am joined by Shibani Kurian, senior EVP, Head of Equity Research, Kotak Mahindra AMC.

The US Federal Reserve's hint at raising interest rates by 2023 is feared to derail Indian markets rally with foreign flow getting drained out of emerging markets. The US central bank's hawkish comments last week send markets worldwide in a sell-off mode. Federal Reserve officials held interest rates near zero but stunned investors by signaling it might raise interest rates at a much faster pace than assumed, sending yields and the dollar sharply higher. So, what are the implications of the Fed's hawkish stance on India? To answer that Mint's Nasrin Sultana is joined by Mihir Vora, Senior Director and CIO, Max Life Insurance

Domestic mutual funds are increasing their holdings in banks despite fears of bad loans amid the turbulence caused by pandemic. However, March quarter earnings of banks suggest that concerns over asset quality are less worrisome and second covid wave impact is likely to be manageable. As the corporate cycle seems to be clearly turning which banks are expected to benefit from it. Are banks a safe bet now? To discuss that Mint's Nasrin Sultana is joined by Amit Premchandani, Fund Manager (Equity) at UTI AMC Ltd.

In the last monetary policy review, the Reserve Bank of India left key interest rates unchanged as widely expected. The monetary policy stance remains accommodative, and the tone is explicitly dovish. It is quite evident that growth remains the policy priority for the central bank. The RBI has also reiterated its stance of keeping liquidity ample and borrowing costs low. The question is in order to ensure a faster recovery do we require more support from fiscal authorities? RBI has ensured that systemic liquidity conditions will remain ample, but what about distribution? To discuss that Mint's Nasrin Sultana is in conversation with Rupa Rege Nitsure, Group Chief Economist at L&T Financial Services.

The economy contracted by 7.3% in FY21, its first contraction in four decades. India's real GDP grew 1.6% in March quarter. Private consumption, which accounts for more than half of GDP, improved to 5-quarter high in March quarter. GDP for FY21 and fourth quarter indicated that unlocking of business operations drove economic growth for two quarters, confirming growth momentum had started to build in since July. Also, India's fiscal deficit for FY21 was lower than the revised estimate by government. How will investors interpret the macro data, does the economic glide path look shaky in FY22. To understand that Mint's Nasrin Sultana is joined by Arvind Chari, Chief Investment Officer (CIO), Quantum Advisors India.

Market valuation of all listed firms on the BSE touched $3 trillion for the first time, led by gains in smaller stocks. With small and midcap stocks outperforming benchmarks, investors seem to be shifting to the riskier segment. How risky is this bet and how long are these stocks likely to rally. To understand that Mint’s Nasrin Sultana is joined by Nimesh Chandan, Head of Investment (Equities), Canara Robeco.

Despite the challenges due to covid, biggest rich Indians have seen an increase in wealth. A stock markets boom, driven partly by quantitative easing, and flurry of new listings have created wealth for some, much more than perhaps could have been expected in a year so badly disrupted by covid. To understand, where is the hot money flowing? And what are the newfound assets by emerging rich Indians post covid, Mint's Nasrin Sultana is in conversation with Satheesh Krishnamurthy, EVP, Head-Private Banking & Third Party Products, Axis Bank.

Stricter restrictions imposed by states to check the spread of covid-19 has hurt mobility in the country, and various assessments indicate, that could deepen the economic impact in the coming weeks. Mobility indicators such as Google retail & recreation and Apple driving index have dropped significantly in the past weeks after the second wave intensified in the country. So, the question is what will be its economic and India's sovereign rating implication? And will the 2021 budget proposal targets be pushed further due to second wave? To discuss Mint's Nasrin Sultana is in conversation with Aurodeep Nandi, economist, Nomura.

With the grim covid situation India’s sensitivity to global liquidity is a risk for market condition. The pandemic and a slowdown of foreign institutional investors or FII to India is exposing markets vulnerability. In April, FII outflows from Indian equities were at $1.5b after six consecutive months of inflows. DIIs, however, were net buyers for second straight month. So, the question is how long domestic liquidity will support markets amid health crisis. To understand that Mint’s Nasrin Sultana is in conversation with Rohit Singhania, Fund Manager, DSP India.

Pandemic stress and subsequent regional lockdown have not yet curbed the markets’ optimism for FY22 earnings. However, localized restrictions are expected to lead to some downward revisions in earnings, but that could be limited as large corporates are better prepared this time. A large economic damage like last year is unlikely to happen. The question is will second wave of covid delay earnings recovery in FY22? To discuss that Mint's Nasrin Sultana is joined by Hiren Ved, Director, CIO and CEO, Alchemy Capital Management.

As more states are imposing stricter restrictions to control covid, mobility in the country is impacted. Even as ramp up in vaccination programme amid the brutal second wave in India may see a limited economic impact, there is a fear that lockdowns will slow down business activities and will lower spending and income. Many economists have already downgraded their GDP target for FY22. What is the economic assessment of covid second wave and consequent regional lockdowns in India? To discuss that Mint's Nasrin Sultana is joined by Madan Sabnavis, Chief Economist, Care Ratings.

There is a growing concern about the rise of covid cases and the second wave engulfing the country. Markets have lost around 8-9% from record highs touched in February while foreign institutional investors (FIIs) have turned net sellers of Indian equities first time in seven months. As more states have joined the worst-affected state of Maharashtra in entering quasi-lockdown possibly hitting consumer demand and overall economic revival. So, where are the markets headed now? Will corporate earnings revival reverse now? To discuss that Mint's Nasrin Sultana is joined by Pankaj Murarka, Founder, Renaissance Investment Managers.

From lows hit in March last year after lockdown, small and midcap stocks outpaced Sensex which has gained over 70% in the period. Earlier in 2017, small stocks had a robust rally leading to losses in following year as stocks with no fundamental support lost steam while valuations peak. But the tide has clearly peaked in FY21. The latest data showed that 9 out of 10 stocks sold by mutual funds in February were index heavyweights or large caps. So, to understand how are midcaps poised for in FY22 Mint's Nasrin Sultana is in conversation with Ankit Agarwal, Fund Manager, UTI Mutual Fund.

The Insurance Amendment Bill 2021 is passed by parliament to increase FDI limit in the insurance sector to 74% from the current cap of 49%. Besides, country’s biggest insurance company LIC is gearing up to launch its IPO soon. LIC is also the biggest DII which invest directly into equities. So, to understand how these factors will change the landscape of the insurance industry in India, Mint's Nasrin Sultana in conversation with Shyamsunder Bhat, CIO, Exide Life Insurance.

Market regulator Sebi has asked mutual fund houses to restrict the exposure to additional Tier I and II (AT1 and AT2) bonds. This directive comes after write-offs in such bonds issued by two banks in the past year had hit investors. The Department of Financial Services had written to Sebi to withdraw the guidelines related to the change in valuation norms. While industry body Association of Mutual Funds in India (AMFI) had said that it is in discussion with Sebi to further smoothen the process of implementation of the circular. So, what exactly are these AT1 or perpetual bonds? Why are they risky? And why are there conflicting views about such bonds? To understand everything about the Sebi norm and possible consequences, Mint's Nasrin Sultana is in conversation with Piyush Gupta, Director, Crisil Funds Research.

Sustainable funds showed resilience during the covid pandemic market sell-off. Driven by growing investor interest in environmental, social, and governance issues, the global sustainable fund universe pulled in around $45.6 billion in the first quarter of 2020. The last three years have seen a steady increase in assets in sustainable funds. Assets remain dominated by Europe, accounting for over 80% of the global sustainable fund universe. Currently, with many funds now formally considering ESG factors in a non-constraining way to mitigate risk and/or find opportunities, Europe is by far the most developed and diverse ESG market. But what is the ESG investing scenario in India? Can you make money by ESG investing? To understand that Mint's Nasrin Sultana is joined by Abhay Laijawala, Managing Director and Fund Manager, Avendus Capital Private Markets Alternate Strategies.

In the budget for FY22, the government has made around 34% higher allocation to infrastructure development. The government has expanded its ‘National Infrastructure Pipeline’ to cover more projects, while also setting up a new development finance institution. The government is looking to monetize brownfield projects, track asset monetization, set up investment trusts to attract global funds, and provide enhanced funding to states and autonomous bodies. It is also considering another rescue scheme for power distribution companies. So what does all the Budget proposals for infrastructure mean for the sector? Will there be any implementation hurdles? To discuss that Mint's Nasrin Sultana is joined by Harsh Shah, CEO of IndiGrid

After a blockbuster rally following the budget, markets is losing sheen. Most recently, there are fresh concerns over rising number of covid cases leading to fears of a deeper impact on economy. Adding to those uncertainties is the fear of rising global inflationary risks as crude prices have been on the surge. The sell-off in equities worldwide is also following a sudden rise in 10-year bond yields across the globe.  So, now as we are approaching FY22, the question is what are the top sectors to bet on in the new fiscal?To discuss that, Mint's Nasrin Sultana is joined by Satish Ramanathan, MD & Chief Investment Officer – Equity, JM Financial Asset Management.

Corporate earnings grew at a robust pace in the December quarter even as the overall economy has not yet completely recovered from the brutal covid blow. Now that q3 earnings session is almost over and the Union budget for FY22 is behind us, the key question is what are stock markets focusing on as benchmark indices are hitting record highs day after day. To discuss that Mint's Nasrin Sultana is joined by Santosh Singh, head of research, Motilal Oswal Asset Management Company.

The Indian Budget for FY22 marks a clear change in the government stance from being fiscal conservative to growth focussed. Higher expenditure is geared towards capex while the govt seems committed to reforms like strategic disinvestment including PSU Banks, higher FDI in insurance, and most importantly new asset reconstruction company for bad-loan cleanup. Now the question is will the recovery get a further push by these provisions in the budget? What does the budget hold for banks and the financial sector? To understand that Mint's Nasrin Sultana is joined by Avneesh Sukhija, Senior Financial analyst, BNP Paribas.

With the Indian economy set to contract in FY21 and fiscal deficit to rise due to covid induced pain what are the big announcements markets are expecting from the FM this year. Analysts say that the key focus of government in this budget would remain on growth with a clear focus on capex revival and manufacturing, boosting healthcare and sanitisation. Would this set the tone for bigger directional change for inclusive growth? How will the markets react if there are negative surprise in the budget? To discuss that Mint’s Nasrin Sultana is joined by Pankaj Pandey, Retail Research Head, ICICI Direct.

The fiscal trend during FY21 turned a corner in the October-December quarter with sequential improvement in revenues, particularly in GST and income tax collection, alongside already-elevated excise duty collections helped by higher petroleum taxes. With pandemic risks largely capped for now, India has experienced a faster-than-expected pace of economic normalization. However, at the end of November the government’s fiscal deficit soared to 135.1% of FY21 Budget Estimates (BE). So, the crucial question is how will the FM tackle the pesky issue of fiscal deficit in the budget. Will the budget lean towards fiscal prudence? To discuss that Mint's Nasrin Sultana is joined by Aditi Nayar, Principal Economist, Icra. 

India Inc. is expected to stay on the earnings growth path supported by the festive season and a revival in economic activity from the sluggishness when the country faced tighter pandemic-related curbs. The profit bounce in most companies is also likely to be driven by aggressive cost cuts and the lag effect of lower input prices. So, are corporate earnings which have been depressed for many years showing reasonably strong growth? Or, are we entering into an earnings upgrade cycle which will drive markets going forward. To discuss that I am joined by Mahesh Patil, Co-Chief Investment Officer, Aditya Birla Sun Life AMC.

The year 2021 is expected to be a better one for markets with likely strong recovery in both economy and earnings compared to a covid-hit 2020. Markets have not only recovered from over a 20% slump in March last year but also hit record highs multiple times in 2020.  Both the BSE Sensex and Nifty gained 15-16% in the year, the best yearly performance of the Indian markets since 2017 when benchmarks surged 28%. So, what will be the big trends to watch out for in stock markets in 2021? To discuss that, Mint's Nasrin Sultana is in conversation with Vinit Sambre, Head of Equities, DSP Investment Managers.

The year 2020 has been historically a tough year as the pandemic struck economies in an unprecedented way. The volatility and uncertainty sparked by COVID-19 pushed Indian rupee to hit a record high of 76.90 against the dollar, but the infusion of excess liquidity by both government and central bank across the globe supported the risk appetite and reversed the uptrend. The Indian rupee weakened 3% against the dollar in 2020, making it the worst-performing currency among Asian peers. So, what’s the way forward for Indian currency in 2021. To discuss that, Mint’s Nasrin Sultana is in conversation with Rahul Gupta, head of research- currency, Emkay Global Financial Services.

Despite the serious impact of the covid-19 pandemic on the Indian and global economy, the year 2020 is ending on a positive note for stock markets investors. Markets are at a new high as we are set to enter 2021. However, it is a foreign liquidity-driven rally and how long will this rally last in Indian markets in 2021. To discuss that, Mint's Nasrin Sultana is joined by Saion Mukherjee, head of India equity research, Nomura.

As overall markets gained massively from the March lows, mid and smallcap stocks saw a blockbuster rally in the last nine months after covid outbreak. After the markets crashed in March, BSE Smallcap index rallied 97% and BSE Midcap jumped 81% outpacing both Sensex and Nifty which have gained around 75% in the period. Earnings revival in these smaller stocks is also picking up. So, is the euphoria around mid and smallcap stocks a mere irrational exuberance or do these stocks have any fundamental support? How will mid and smallcap stocks perform in 2021? To understand that Mint's Nasrin Sultana is in conversation with Amit Khurana, Head of Equities, Dolat Capital.

 So what is in store for markets in 2021? Of course, much will depend on progress toward a vaccine and other efforts to mitigate the health crisis but what are markets staring at in the year ahead. As Indian markets rallied over 70% from March lows riding on foreign money, the question is are we out of the woods yet. To discuss the big trends and key risks of markets in 2021, Mint's Nasrin Sultana is in conversation with Prasun Gajri, CIO, HDFC Life.