Mark2Market
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The Index Is Flat. The Market Isn’t.
Markets rarely behave the way we expect them to. From a Covid low of <26k in March 2020, the Sensex crossed 70k in December 2023, and peaked around 86k in September 2024. Many believed the party would never end. But since then, the index has stayed in a range of 73-86k for almost two years.… Continue reading
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Fully Charged. Fully Priced?
In the last few years, India has significantly ramped up Capex in the power sector, be it solar, grid connectivity, transmission and distribution infra, and more. Total power generation capacity more than doubled from 248 GW in 2014 to 520 GW today. Within this, solar has jumped from 2.8 GW to 110 GW. The transmission… Continue reading
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Indian of the Year 2025
Awards or titles are usually controversial. Only one wins, while all the others are unhappy. Take Donald Trump, still upset about not getting the Nobel prize despite “stopping” several wars. So much so, that he abducted a President. But this article is not about Mr. Trump, despite his best efforts. This is about a strong,… Continue reading
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Investor or speculator: Know thyself
At dinner tables and WhatsApp groups in India, everyone is suddenly an investor. It doesn’t matter whether they’re flipping IPOs, or day-trading, or punting on F&O, or buying and holding. If you ask them what they do, the answer will be, “I am investing”. Nobody says “I’m speculating”, just like nobody says “I’m on a… Continue reading
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Are IPO investors really that irrational?
In recent weeks, much has been written about the great IPO frenzy of 2025, with analysts and fund managers warning retail investors not to take undue risk. The latest trigger has been the Lenskart IPO, which many wise men have termed as being excessively overvalued. Yet, when I read most of the doomsayers and experts,… Continue reading
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Market Cap Muddle
Do large-cap or mid-cap definitions make any sense? Before 2017, there was no “official” definition of mid-cap or large-cap stocks. Different analysts, brokers and fund managers used their own definitions, leading to considerable confusion. Non-standard definitions meant that similar mutual fund schemes, e.g., large-cap funds, used different norms. This not only made it difficult to… Continue reading
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Why do we need Algos?
Thoughts on high frequency trading after SEBI took on Jane Street In recent days, the ban on Jane Street has re-ignited discussions on scams and the much-scammed retail trader. Much of this follows a familiar script – either blame SEBI, or the foreign manipulator, or inadequate regulation. And as usual, everyone, including politicians of all… Continue reading
