Sixth Monetary Policy Committee Meeting

The sixth meeting of the Monetary Policy Committee (MPC), will be held on August 2 and 3, 2017 at the Reserve Bank of India. The MPC shall review the surveys conducted by the Reserve Bank to gauge consumer confidence, households‟ inflation expectations, corporate sector performance, credit conditions, the outlook for the industrial, services and infrastructure sectors, and the projections of professional forecasters. The Committee shall also review in detail staff‟s macroeconomic projections, and alternative scenarios around various risks to the outlook. The decision of the MPC shall be in accordance with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth. In this blog, I shall focus on the above mentioned parameters to access the likely policy action to be taken by the RBI in their monetary policy review scheduled next week.

The current scenario of the policy rates is as follows:

  1. Repo Rate – 6.25%
  2. Reverse Repo – 6%
  3. Marginal Standing Facility – 6.50 % (Being pegged at 25 bps to the repo rate from the last policy review since the volatility of the call rates has significantly reduced)


The global economic activity has been growing at a modest pace, catalyzed by the emerging economies and some of the advanced economies. US markets have benefited from the wage gain and the industrial production has been steadily improving. However, US continues to face ebbed sales figures at home. The Euro zone continues to struggle in their movement towards growth. The political risk continues. Japan seems to be struggling with the subdued domestic demand and the political instability concerning the removal of Abby. Among the emerging economies, China has shown significant signs of stability, Russia has been witnessing improved recovery in their macro fundamentals while South Africa continues to face the depressing economic conditions. This clearly indicates that the global economic activity has been fairly slowed down and is expected to stay so for the coming 2 quarters as most of the emerging and advanced economies struggle to provide growth impetus.

The air freight and the container throughput have shown increasing trends indicative of strengthening global demand. Crude prices fell to a five month low in early May on higher output from Canada and the US, and remain soft, undermining the OPEC‟s recent efforts to tighten the market by trimming supply. These developments suggest that the inflation outlook is still relatively benign for AEs and EMEs alike.


Since late June central banks of developed markets have suddenly started echoing calls for a sooner-than-anticipated normalization of policy on the back of solid growth despite sluggish inflation.

After Fed’s 25bps of rate hike in June, Bank of Canada has already followed by hiking the policy rate by 25bps, the first hike in 7 years. Meanwhile ECB and BoE, although for different reasons, have also been sounding hawkish. The coordinated policy statements led to a sharp reversal in sentiments, resulting in bear steepening of the yield curves across US and Europe. Japan remains the odd one out, given BoJ’s recent fixed rate bond intervention in order to reinforce its commitment towards massive monetary accommodation. However, lately we have witnessed some reversal in earlier tight rhetoric from Fed members, lack of hawkishness in Fed Chair Janet Yellen’s testimony and some ECB members playing down earlier hawkish comments by ECB’s Mario Draghi.


On the domestic front, the recent CPI inflation print of 1.54 per cent is significantly lower than RBI’s already downward revised range of 2-3.5 per cent for first half of FY2018. With another print expected to be a tad below 2 per cent (despite inclusion of 7CPC HRA component), and the sustenance of low food inflation in the pre-monsoon summer months is expected to provide comfort to RBI that at least part of the food disinflation is structural in nature.

The forecast of a favourable monsoon further bodes well for food inflation. Also, the refined core index – core excluding petrol, diesel, gold and silver – a metrics of real underlying price pressures, continues to inch lower, suggesting a slower narrowing of output gap than probably anticipated by RBI.  Overall, given the not-so-adverse global environment and benign inflation trajectory, it will be very difficult for RBI to provide a rationale for not easing in the upcoming policy. The headline inflation is likely to stay at sub-4 per cent till November 2017. Undoubtedly, the June inflation reading marks the trough and we thereafter expect a gradual uptrend through rest of the year. In 2HFY18, inflation may largely range between 3.3-4.5 percentage, mostly in line with MPC’s projections.


On the growth front, Index of Industrial Production has shown clear signs of stagnancy so far at 1.7% and the central bank has forecasted that the IIP index may further slow down in the next 2 quarters. Also, the Q1 earnings of most companies have not been satisfactory as compared to the inflated valuations of the markets lately. With IIP slowing down, it might act as a key parameter in deciding the policy actions this time.


The banking sector has been facing turmoil because of the rising NPA’s and reduction in the overall increase in the exposures. The public sector banks have seen a sluggish credit growth of 7.26% whereas the private sector banks are clocking a fairly good credit growth rate of 17%. This trend is not new for India although, the public sector lenders have been defensive lately due to increasing bad loans. However, RBI might take some new actions in terms of forcing the public sector lenders to create sophisticated systems in order to perform an efficient credit and risk management and simultaneously clean up the balance sheets. With the probability to reduce interest rates in August 2017, the lingering fear of banks shifting their focus to credit growth from balance sheet clean ups shall continue to persist.

With the average inflation almost close to the comfortable levels of 3%, sluggish demand and higher industrial growth, RBI and the MPC would would closely watch the inflation trends in the near future. However, certain additional structural reforms in order to help banks clean up their NPA loaded balance sheets can be expected.  

I predict, that the RBI will cut the repo rates by 25 bps to 6% from the current rate of 6.25% in order to foster growth, IIP and the sentiments. CRR and SLR will be untouched due to the ample amount of liquidity and money supply in the system. The RBI would also like to ensure that the economy’s ERI  of 1% at least which is currently higher at 1.75%.

However, the forward guidance of the policy will continue to be fairly dovish, reform-driven and a certain push towards a more efficient monetary policy transformation. Although, the MPC will have to ensure that the rate cut does not impact negatively on the ongoing balance sheet clean ups and insolvency declarations with an expansionary policy action this month.

Counters are welcome. Thank you 🙂

Third Bi-Monthly Monetary Policy – R3’s Final Move

The Reserve Bank of India, will announce its third bi monthly monetary policy for the year on Aug 9,2016. This policy review shall be the final move from Dr. Rajan (R3 – RaghuRam Rajan) – the man in the hot seat for the past 3 wonderful years. Will it be a rate cut, a status quo or a rate hike in anticipation to the current economic and global conditions? Lets take a glimpse at the domestic conditions and the global economic conditions as well to assess the probable outcome of the monetary policy on the coming Tuesday. We will discuss the current scheme of things with the monetary policy, various domestic parameters, monetary policy transmissions – improvements and finally what would be the outcome of the monetary policy this time.

A quick background of the current stance in terms of the rates – CRR at 4%, SLR at 21%, Repo Rate at 6.5% (stagnant at that stage for quiet a while now) and the rupee has been hovering in the range of 65-67. On the global front, the Federal Reserves have kept their rates unchanged as well for a significant time span. The Bank of England was witness cutting the lending rates from 0.5% to 0.25% last week. Generally, when the interest rates are near zero levels, if a central bank chooses to cut it further, it essentially signals that the growth is stunted and the central bank wishes to spur the same to the extent possible without using any unconventional monetary measures.

A lot has happened since the past 3-4 months – the Brexit and its global effects, the gradually syncing fear of another global meltdown with most of the advances economies unable to exit the recession ill effects. India, although has been stable so far, cannot afford to think yet another time that we are decoupled from the global turmoil. Being emerging nations, we will be affected by the global downturn if the right measures are not in place. The global conditions are signaling a more accommodative and stable monetary stance (which essentially means a status quo).

On the domestic front, the headline inflation has been inching northwards from the past 3 months. This aspect would definitely get Dr. Rajan worried since the inflation targeting regime would be breached in case the inflation keeps increasing with the persistent rates. The CPI inflation has been hovering around 5.5-5.7% levels lately, however the same going anywhere beyond 6% would have an impact on the consumption and demand growth in the near future. With the target of maintaining the average inflation at 4% by Jan 2017, this monetary policy stance should be a status quo. Food inflation, although increasing at a decreasing rate, should essentially provide some relief for the central bank. The rainfall also has been fairly above the average levels compared to the previous 3 years.

With the auto-regressive integrated moving average predicted forward curve shows a probably uptick in the inflation rates as shown below. RBI would want to wait and watch for the inflation numbers to be published on the 12th of August before they create a case for a rate cut.

Fullscreen capture 862016 65938 PM.bmpFullscreen capture 862016 65900 PM.bmp

Wholesale price index which was showing deflationary trends in the previous quarter has now started to head northwards sharply in the past 3 months. As far as the inflation metrics are concerned, it certainly reemphasizes a status quo in this monetary policy review.

On the growth front, Index of Industrial Production has shown clear signs of stagnancy so far, but the central bank seems to be hopeful about the revival in the next two quarters since the rate cuts will kick in with a lag. However, the Q2 earnings of most companies have been satisfactory amidst such global turmoil in the rest of the advanced economies. With IIP slowing down, it might act as a key parameter in deciding the policy actions this time. The downward trend however indicates a case for a 25bps rate cut sometime before the end of 2016. Here’s a quick look at the IIP and the forecast so far:

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The currency markets being in turmoil, the rupee has managed to perform significantly better than the rest of the emerging economies, especially against the dollar. I feel, the RBI has create significant foreign currency reserves in order to deal with the turmoil in a much robust way that ever before. With no requirement to stabilize the currency from policy actions, it indicates a status quo as well.

Banking sector, however, has been still struggling with the asset quality. The loan growth still is unable to surpass the barrier of 12% levels, whereas the deposit growth stands at 11%. However, we must appreciate the fact that the inflation targeting regime has been managed efficiently and the loan growth rate has been taken care of simultaneously as well. Although, the loan growth seems subdued, RBI still has room to take hits on the same for a few more months and wait for the global unrest to stabilize. A quick glimpse at the loan growth will indicate the improvements and the forecasts as well:

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The call money markets and the inter bank lending rates have shown a fairly stable nature. The indication of stability of these rates is when they do not break the 200 bps window created by the RBI by setting the repo rates. For the readers: Repo rate is at 6.5%, in order to conclude that the call money rates are stable, they need to be between the 6% (Current Reverse Repo Rate) and 7.0% (Current MSF rates/ Bank Rate) corridor. This corridor usually used to be 200 bps when the liquidity conditions were tight. In case, they break either levels, it calls for a interest rate action to accommodate the change. The current scenario indicates that there is absolutely enough liquidity in the system and no action whatsoever is required by the central bank via the monetary policy tools. A quick glance at the IBLR and its forecast:

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Inefficient monetary policy transmission has been creating hindrances for RBI from a year now in terms of passing on the benefit to the customers. The RBI has reduced the repo rate by over 125bps yet the banks seem to have passed on the rate cuts only to the tune of 60-70 bps. The reason being, the stressed assets and the intense pressure on profitability due to increasing costs and provisions. In order to address this, the RBI asked the banks recently this year to shift their calculations of cost of funds to a efficient method called as the marginal cost of funding. Since then, the banks have implemented the same and a few of them have managed to pass on the benefit of another 5-10 bps recently. Although, the results have been evident, the transmission is going to be a key concern for the RBI in the coming period as well.

Considering the average CPI at 6% and the repo rates at 6.5%, ERI is hovering around 0.25-0.5%  which might affect the growth in the coming future. Although, the ERI is much lower than the RBI comfort zone of 1-1.5%, this might not act as a trigger for a rate cut since taming inflation shall hold priority. However, it does call for a rate cut sometime this year to increase that ERI window to 1% at least.

To sum up, the domestic conditions for growth are improving gradually, mainly driven by consumption demand, which is expected to strengthen with a above average monsoon and the implementation of the Seventh Pay Commission award. Higher public sector capital expenditure, led by roads and railways, should crowd in private investment, offsetting somewhat the subdued requirement for fresh private investment due to financial stress. Yet, business confidence will be restrained to an extent on account of uncertain global factors for the next 6 months at least.

What does all of this mean for the upcoming monetary policy?

It is needless to say that the global economy is under significant pressure. Certainly, the solution does not seem to lie in the monetary sphere at the current moment. I predict, that the RBI might hold the repo rates at the current levels of 6.5%. CRR and SLR might also be untouched due to the ample amount of liquidity and money supply in the system. But witnessing the current conditions and the forecast, RBI might have to step on the gas in the next review with a rate cut of 25 bps. However, the tone of the policy would continue to be fairly dovish and reform driven. However, RBI shall continue to keep its inflation targeting focused until it is tamed to a consistent 4% levels by 2017.

Thank you. 🙂

Wrong Move?

The US Fed, in its last policy meet for the year, held on 15th and 16th of Dec, decided to break it’s near zero interest rate trends. The US Federal Reserve on 16th Dec, 2015 decided to raise its interest rates for the first time after the sub-prime crisis era. Although, the hike was anticipated much earlier in the year, lack of strong data in terms of unemployment rates and inflation was a hindrance. Ultimately, on the basis of fairly strong data, the Fed has decided to step on the gas. The question is” was this a wrong move”? In this blog, I will focus on the data considered by thr Feds for a policy action, inflation targeting, rationale behind the rate hike decision, why is the hike unconventional and the history of the impact of such unconventional measures. To conclude, I would provide an insight on the policy modes of the major economies, the likely impacts on the US economy, global growth and the financial markets worldwide.

The Federal Reserve, in its final policy for the year, increased the interest rates by 25 bps from 0%-0.25% to 0.25%-0.50%. Fed was focusing on the data from the past 5 years to understand the feasibility of a rate hike. For the readers, it is important to know that a rate hike will start taming inflation and choke the growth in the medium term. Feds have been closely tracking two critical indicators namely, unemployment rate and the retail inflation numbers. Feds had their targets for unemployment rate to drop below the 5% levels while inflation rates to touch 2% trending northwards. The growth rate so far has been on the lower side, but as every other developing and developed economy, the US is has a focused inflation targeting.

Here’s a graph to explain the readers briefly the interest rates and inflation trend:

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Interest Rate Trend 2005-2015
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Inflation Trend 2005-2015
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Feds Target Line Not Crossed

The rationale of the US Fed behind the rate hike was a fairly upward trending inflation and lower unemployment rates. The above images show that, despite not achieving the inflation target and the unemployment rate benchmarks, the Fed increased its interest rates in a non conventional manner. The tone of the policy statement indicated that they are expecting the inflation figures to rise further and the unemployment rate to continue its downward trend as shown in the graph. Inflation is rising but the average figures for the year 2015 is 0.5%. It is unlikely that the figures will rise up to the 2% levels  in the near future due to lack of domestic demand in the US.  On the other hand, a rate hike will choke the growth as well as tame inflation, which will beat the purpose of the rate hike  in the first place. Secondly, the Fed said they expect the unemployment rate to inch downwards from here on. But here’s what has happened from 1971 till date to the unemployment rates whenever the interest rates have been change. Unemployment is directly related to the movement of the interest rates. The below graph and the movements suggest that even the intent of bringing the unemployment rate down is not achieved with a rate hike. Its a challenge from here on how the Feds are going to contain the effects or if I may say the ill-effects of the decision.

Whenever interest rate has increased, the Un-employment rate has increased as well and vice versa

Lets take a look at the history of the effects of unconventional policy actions. European central bank raised the rates twice in 2011, killing a nascent recovery and plunging the euro zone into a double-dip recession that it is still struggling to overcome. In between the years 2004-06, Feds steady quarter point increase in the rates (which was an attempt to avoid the bubble creation), was not enough to stop the implosion of the housing bubble in 2008. In the above mentioned scenarios, the problem was either the central banks acted too slow or too fast, whereas it would have been prudent to take appropriate actions. 

With growth still sputtering in Europe, the ECB has been embracing the tools used by the Feds years ago to revive the economy i.e Quantitative Easing. ECB has kept its rates to near zero levels to try and revive the economic conditions with QE, although the revival might take a little more time than expected. Whereas in Asia, PBOC (People’s Bank of China) is also on a easing mode. Similarly Japan is keeping its interest rates at rock bottom levels to encourage growth. India as well has joined them by reducing its interest rates by almost 125 bps from Jan 2015. With the globe on easing mode, it is going to difficult for the US to justify its tightening with the global growth being already quiet subdued. The growth rates for the US in the first half of 2017 are expected to be on the lower side because of the tightening. US also has been a reasonable contributor to the global growth, and with this tightening we can expect a much lower share from the US and consequently lower global growth. The USD as well is expected to harden against the rest of the currencies hurting the exports and thus undermining the trade balance. Markets all over the globe are expected to reap fairly low returns as compared to last year in the medium term. To sum up, with its unconventional policy actions of a hike when the rest of the economies easing to spur growth, the Fed has increased the probability of a further slowdown in the US. If there is no inflation, the growth cannot happen or if I may say if there is no growth, there might not be any rise in the inflation. Currently, US does not have either in place (Insufficient growth to drive inflation and insufficient inflation to drive growth). But, on the brighter side, with US, China, Europe and Japan on a slow lane, India might be the star performer in the coming year with highest growth rate in the emerging economies as well as the world. But, with winter session wiping out without the GST passage, the path on the fast lane does not seem to be easy. However, the prospects for India are significantly good from here on with an expectation of the reforms rolling out in the budget session.

Thank you.



Fourth Bi-Monthly Monetary Policy – Expectations v/s Reality

The Reserve Bank of India will be rolling out its fourth monetary policy review for the year on 29th Sept,2015. The opinions so far are mixed in nature about whether RBI will choose to maintain status quo or cut rates for the fourth time in a year. Although, the markets seem to expect a rate cut of 25 bps, Dr. Rajan will have his own judgement of the situation. Let us understand what the various domestic macroeconomic indicators and the global events suggest. We will also briefly discuss about the FOMC meeting held on 16th and 17th Sept and its outcome. We will evaluate the domestic factors such as CPI, WPI, IIP, Credit Growth, Deposit growth, call money rates for liquidity, stability of rupee, global data, and finally ERI (Equilibrium Real Interest being the factor that decides the quantum of a rate cut, if at all there will be one).

For the readers ready reference, the following link will give you an idea as to what we predicted in the third bi-monthly monetary policy:

Third Bi Monthly Policy

The overall signals from the global events indicate that the global growth is slowing down. China being the predominant contributor in the same. Euro zone, is still struggling with the deflationary scenario. ECB, in its recent monetary policy review, kept its rates unchanged at 0.05% and decided to continue with the ongoing monetary stimulus in the form of Quantitative Easing. Federal Reserve, on the other hand, also decided to maintain status quo in their policy review. US Fed briefly decided based on two important factors, namely, unemployment data and retail inflation. The unemployment data was below the 5% target levels of Fed but inflation still showed persistence at near 0% levels. The FOMC implements its policies based on FIT( Flexible Inflation Targeting). With such disappointing data, Fed hence decided not to hike the rates and maintained a status quo at 0-0.25% rates, which indirectly has given a room for a repo cut.

IIP data, published for the month of August, showed a sharp rise to 4.2%, which clearly suggests that a rate cut might not be required when the manufacturing sector has expanded well. IIP was majorly driven by manufacturing, electricity and surprisingly agriculture as well. WPI, on the other hand, continued its downward deflationary trend and stood at -4.95% as compared to near -4% levels last month. Looking at WPI as a stand alone data, its does indicate the required room for a 25bps rate cut. CPI, the retail inflation indicator, which is an indicator that RBI monitors closely before a monetary policy review also eased to 3.66% from 3.69% (july) in August. Although, the CPI seems to be eased, it is suggested by the RBI that the fall was largely due to the base effect, excluding which it would be around 5.5%. Overall, CPI numbers are suggesting a rate cut, but my take is that the base effect will play a major role in deciding the actual values. The trajectory of CPI in the future seems to have upside and if not tamed, RBI might miss its sub 6% inflation targets by Jan 2016.

CPI Inflation Trajectory so far...
                                                            CPI Inflation Trajectory so far…

The banking sector seems to be struggling in its growing NPA numbers and higher cost of funds. Credit growth (9.8%) is still being outpaced by deposit growth (11.56%) which is a cause of worry for the banking business. RBI, with its draft guidelines on moving to Marginal Cost of Funding from the old system of Average Cost of Funding, has suggested the banks to not rely solely on rate cuts for reducing the costs. RBI has also rolled out a few reforms for efficient lending and management of NPAs in the past few months. Recently, to facilitate the corporates, it also liberalized the External Commercial Borrowings norms.

We have to expand the sustainable growth potential. That means continuing to implement reforms that the government and the regulators have announce. That is the only way to get sustainable growth potential up – Dr. Raghuram Rajan

With the call money rates at 7.28%, which are well within the repo window of 6.25% and 8.25%, the liquidity condition seems to be quiet comfortable and certainly rules out any chances for further monetary easing. Rupee in the past two months has depreciated by about 3% amidst yuan devaluation. Maintaining the stability of rupee is a challenge for the RBI and any further easing might lead the rupee to depreciate further. Although, India has fared well against the other countries in the emerging economies group, its is unlikely that the RBI would be comfortable allowing the rupee to depreciate further. On a quantitative note, as I mentioned in previous blogs, RBI is comfortable with an Effective Real Interest rate of 1.75% over and above the average inflation. The average inflation in India for 2015 is at 5.96%. Adding the ERI to the inflation, it is unlikely that there is any room for rate cuts.

While fellow BRICS (Brazil, Russia, China and South Africa) were in distress, India has seemed to be an “Island of Tranquility” – Dr. Rajan

Summarized Parameters
  Summarized Parameter Indications

The parameters, which are predominantly domestic, as mentioned in the above given image suggest that the RBI should probably wait a little longer on their decision to cut rates. Although, the ‘FED’ maintained a status quo, it is likely that they might raise the rates by Dec 2015 if the data is supportive enough. The RBI is likely to maintain a status quo and pass on the next set of triggers on to the Government reforms, since the RBI has indicated that they will focus on long-term inflation targeting rather than quick impatient fixes for the economy. RBI would be happy if the growth path hereon can be spearheaded by the reforms with respect to the GST and its smooth functioning in ease of doing business. However, after analyzing the relevant factors, in terms of magnitude and direction, I predict that the RBI might choose to maintain the status quo at 7.25% in the Fourth Bi-monthly monetary policy. CRR and SLR ratios are also likely to be untouched as the liquidity conditions are surplus. 

Thank you 🙂   

Gold’s Bleak Outlook

Gold. The word itself brings a lot of joy in the minds of Indians (especially the ladies out there :P). But, is gold a great investment in the current economic conditions ?? Would it be wise to buy gold right now or later in the coming years?? The answer is doubtlessly later in the coming years. Here’s why.

The equity markets have been doing very well from the past 15 months, since the NDA came into power. Global economies are as well picking up and are expected to revive in the coming years. This clearly indicates that, the global equity markets are also expected to do well in the near future which will probably put downward pressure on commodity prices. Indian gold prices anyways are in disparity because of the duty structure, and if these are reduced then the gold prices will decrease further. The import duty has already been curtailed.

Gold is the last investment you can make right now. Reason being very simple and completely market related. First and foremost being the returns, especially long-term returns, have always been lower than the overall equity returns. Returns on gold and gold funds have been negative as compared to equities in short-term, while in long-term they have generated returns of 8-9% levels against 15-16% of that of the equity markets.

Many would be of the opinion that ” Gold is a hedge against inflation“. But today we are looking at consistent inflation levels of 5-6% for the past 8 months and RBI with its FIT(Flexible Inflation Targeting) Policy intends to keep it at a level beneficial to the economy ( As it is said a certain level of inflation is good for the economy to grow). Gold as a hedge as well fails in this situation since there is hardly any inflation persisting.

Right from olden times, there is a lot of opacity that exists in gold trading. This causes a lot of loss for an investor or a buyer if he is not well-informed about the scheme and its loop holes. But never the less, the sellers make sure they make amazing profits from the same( thanks to ever-increasing Indians’ love for gold)

“Buy gold and keep them as gold deposits if you want returns is another myth”. Now when we say returns, always remember it should be more than the current inflation figures. If those are not exceeding inflation, you are not getting returns, but rather losing your value. And gold deposit schemes ?? Really ?? Interest rates of 0.75% for three years is hardly any return. A return of 0.25% per year, which if compared to current inflation of 6% would get you a return of -5.75%. Thank god, gold has appreciation of its value else with gold deposit schemes investors would have been in depression.

Invest in gold only for reducing risk on your overall investment portfolio, because they truly are a hedge against the highly unpredictable downside of the equities. To all those who already bought gold at the high rates of 27000-28000 levels, it will definitely help you in reducing the downside if at all you have invested in equities. Others, wait for a while, this bull run might not last for more than a year or two ( the Modi effect is already showing sign of fading away). The best use of your money as of now would be investing into equity directly or through a mutual fund route. Avoid investing into gold, until next year, unless you can put it to use immediately (consumption like in a marriage or to make ornaments. If you are a first time investor of gold, one should prefer coins over physical gold because of the lesser transaction costs of coins. Always remember this one guru mantra : When you equities are doing well commodities(gold) will always lose value and vice versa. No need to buy additional physical gold looking at the current levels of holdings of the Indian families  😉

Happy investing. Thank you.