Market analysis
The SIP Flywheel: What Happens to Nifty Multiples When Inflows Reverse
Monthly SIPs have become the steadiest buyer in Indian equities. That support works like a flywheel, and flywheels can spin both ways.
·5 min read
Market analysis
Indices, flows, and valuations across the market as a whole.
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Market analysis
Small-Cap Premiums Are a Liquidity Illusion
A small-cap stock's market value is based on the last small trade. When large funds try to sell at the same time, that price may not exist. This is an opinion piece on why part of the small-cap premium is not real.
·5 min read
Market analysis
IPOs do not create money, they only move it
IPOs do not add new money to the market, they move it. The arithmetic behind why a heavy IPO year quietly pulls value out of everything already listed.
·6 min read
Market analysis
When Do High P/E Ratios Make Sense?
India's market often trades at a higher P/E than other emerging markets. That can be justified, but only by a specific mix of interest rates, growth and returns on equity. Here is how to check.
·5 min read
Market analysis
FII and DII Flows: What the Data Can and Cannot Tell Investors
"FIIs sold ₹3,000 crore, so the market fell." The sentence sounds like an explanation, but every share sold was also bought. Here is what flow data can and cannot tell you.
·5 min read
Market analysis
IPO Valuation vs. Listing Performance: What Should Investors Examine?
Listing-day gains tell you how scarce the shares were, not what the company is worth. The offer document tells you far more, if you know where to look.
·5 min read
Market analysis
Why a Rising Stock Market Doesn't Always Mean Better Business Performance
An index can rise 15% in a year while company profits barely move. Splitting a market return into earnings growth and a change in valuation shows what actually happened.
·5 min read