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NIFTY and Sector Outlook 2019

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After having relished a near-uninterrupted bull run through the year 2017, the bulls had a hard time staying on course for a large part of the year 2018. The calendar year 2018 was loaded with twists and turns, as some of the major events on the domestic front played party poopers and pushed the ball into the bears' court during the year. To start with, the introduction of long term capital gains tax (LTCG) in the budget, categorisation of mutual fund schemes, Additional Surveillance Measure (ASM), IL&FS debt disaster, and lastly, the results of assembly elections in five states, which were seen as a semi-final of the general elections in 2019, threw up a negative surprises. On the global front, the trade war between the world’s two biggest economies, the US and China spooked the markets and the tapering off of the balance sheets by major central bankers led to the choking of liquidity.

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