Monthly Market Summary: January 2019

Monday, February 4th, 2019

We look at returns of various asset classes such as equity, debt, gold, crude oil and the Indian rupee in our latest monthly market summary.

We use data for these charts from

Global Equities

The Sensex was flat for the month but has underperformed its peers in both emerging and developed markets. Broader markets rallied sharply in January whilst the Sensex remained flat. However, barring the Sensex, most equity markets have given negative returns in the last one year. Longer term return have been positive across the board

Fixed Income

Indian bond yields gradually moved back up to 7.6 in January, reversing the previous correction in December.


Gold moved higher, continuing its rally over the last few months. If the commodity moves strongly away from 1200-1400 dollars per barrel, it would give a better indication of the long term trend.


Oil rallied in January, closing near the 60 dollars per barrel mark. This is still much lower than the value of 86 seen in October which is a positive development for the Indian economy because of our large dependance on oil imports. It is important to keep an eye on this figure as it can have a destabilising effect on our macros.

Indian Rupee

The Rupee depreciated broadly against most currencies, but especially against the pound. This is probably a reflection of Brexit related issues as well as foreign investor concerns on fiscal slippage on the part of the Indian government in the run up to elections this year.

About the author

Rishad is the founder of Kairos Capital. He started his career with Standard Chartered Wealth Management and has extensive experience in markets, particularly in terms of mutual funds and stocks.

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