India Office Mkt Snapshot I A mild change in strategy I Brace for Impact

Tariff Tantrums - A Quick Guide

• Showdown between Modi and Trump clouds the short-term texture of Indian markets heavily.

• If over the next 10-15 days a reconciliation isn’t arrived, markets could move down by another 20% potentially.

• Gold continued to climb to all-time highs as tariff threats globally took center stage.

• A small change in outlook - nibble all the way until 23k Nifty and invest bigger slices below 23k of the Nifty with an aim to get fully invested by 22k.

• We have continued to maintain that incremental exposures to be taken through balanced funds and structured products - below 23.5k/24k we will move to 100% eq funds, and below 23k more aggressive fund.

Recalibration is needed only if overall thematic funds are > 25%

• US Tariffs Explained

• Modi defies Trump

• China's solar meltdown

• Exponential growth in Indian Reit's expected

• ED arrests Axis fund manager in front running case

• India Electricity reforms