Reflections 2004

Stock markets: It's shining!
What should be the investment strategy for retail investors in 2005 after a volatile 2004? We believe that it is not going to be a smooth ride as in 2004.
Stock Market strategy | What we had recommended for 2004

Review 2004. Preview 2005.

Auto: Is there 'value'? Is there enough gas to go full distance from here?		Telecom: It’s ringing! 2004 has been a momentous year for the Indian telecom sector. But, what next?

Software: Watch out! 2003 was good. 2004 was better. But, 2005 might bring in some challenges. Watch out!		Metals: ‘Steel’y 2004 After two consecutive strong years for the metals sector, will the tide turn in 2005?

Testing year for the "assured return" investor 2004 will be remembered as the year when the risk-averse investor’s resolve was tested.		Home loans: Touching base with reality! After the successive rate cuts witnessed over the last few years, 2004 saw a trend reversal.

Banks in 2004: ‘Credit’ worthy Revived credit offtake and cleaner assets set stage for anticipated reforms.		Pharma: Opportunity looms large Industry preparing for the structural change.But lets see who will deliver?

FMCG: Underdog, but for how long? After underperformance in 2003 and 2004, the view is sedate for 2005.		Equity Funds: Good to Great If Year 2003 was Good, Year 2004 was Great. Where from here?

Insurance 2004: The year that was Individuals continued to ignore their risk profiles to opt for high risk ULIPs		Debt Funds: Bad to Worse Debt fund returns took a knock from rising crude prices and inflation.

Subscriber Arena

Research Reports Top 100 Indian companies. Financial analysis with buy/sell price limits
StockSelect Stock recommendation every week in your mailbox
FundSelect Mutual Fund advisory service with downloadable database

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Best of Face to Face

Mr. Mahesh Vyas, Executive Director, CMIE
Mr. Akshaya Bhargava, CEO, Progeon
Mr. Hugh Peyman, Head, Research-Works
Mr. Ajit Dayal, Co-founder and Chrmn., QISL
Mr. Subir Gokarn, Chief Economist, CRISIL
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Mr. Shyam Bhat, AVP-Inv., Principal AMC
Mr. Nilesh Shah, CIO, PruICICI Mutual Fund
Mr. Anup M, Head - Equities, DSP ML
Mr. Satish Mehta, Managing Director, CIBIL
Mr. Sanjay Dongre, Vice President, UTI MF
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Your call...

In 2005, I will give a higher allocation to...
Equity Shares / Funds
Debt Instruments
GoldVote!

The Markets

INDEX YoY CHANGE

BSE SENSEX 6,603 13.1%

NSE NIFTY 2,081 10.7%

S&P 500 1,213 9.1%

DOW 10,800 3.3%

NASDAQ 2,178 8.8%

FTSE 4,820 7.7%

HANG SENG 14,164 12.6%

NIKKEI 11,489 6.1%

*Latest indices as on Dec. 30, 2004

Fixed Deposit Rate Trends

JAN-04 DEC-04*

State Bank of India

1-YEAR 5.00% 5.50%

2-YEAR 5.25% 5.50%

3-YEAR 5.50% 5.75%

HDFC Ltd.

1-YEAR 5.75% 5.75%

2-YEAR 6.00% 6.00%

3-YEAR 6.25% 6.25%

*As on December 2004