Bofa-ml
Further valuation expansion unlikely: BofA Securities' Amish Shah
Broader markets represented by small and midcap stocks are trading at even higher valuations or close to two standard deviations over long-term averages, Shah said
 "Further valuation expansion unlikely: BofA Securities' Amish Shah")
How corporation tax cut has made rupee carry trade more lucrative
Going long on the rupee with borrowed dollars offered the best returns in the past month in Asia
 "How corporation tax cut has made rupee carry trade more lucrative")
Dwindling forex pile may limit India's rupee defence, says BofAML
Eight months of import cover critical to rupee stability
 "Dwindling forex pile may limit India's rupee defence, says BofAML")
With demonetisation woes over, BofA-ML sees credit growing 15% this year
Credit growth had slipped to lowest level since Independence in FY17, falling to paltry 5.1 per cent, RBI
 "With demonetisation woes over, BofA-ML sees credit growing 15% this year")
Strong flows not enough reason to buy equities: BofA-ML
The sharp inflow into equity mutual funds (MFs) isn't sufficient reason for investors to buy equities. For, the valuations remain elevated, says Bank of America Merrill Lynch (BoA-ML), advising investors to "stay cautious in the near term".In May, equity schemes got inflow exceeding Rs 10,000 crore for a second month. In general, since May 2014, inflow has consistently been strong."As the markets run out of bottom-up arguments (such as earnings, valuations), investors increasingly point to the strength of domestic equity flows as justification for further upside," say Sanjay Mookim and Nafeesa Gupta, analysts at BoA-ML. Their note says "flows are a weak argument". Very few stocks are cheap on an absolute basis and evaluations remain elevated, they add.According to BoA-ML, part of the reason for high investor flow is rising markets and relatively unattractive returns in debt and real estate. However, these arguments could be reversing. "Real rates have already turned positive with ...
 "Strong flows not enough reason to buy equities: BofA-ML")
Govt likely to meet next year's 3% fiscal deficit goal: BofA-ML
The government has proposed a penal tax rate of 50% to incentivise black money hoarders to switch to formal economy
Cash levels with global investors at 15-year high: BofA
Given this backdrop, the cash holdings by investors in June in their portfolio rose to 5.7 per cent, highest since November 2001
 "Cash levels with global investors at 15-year high: BofA")
European equity funds on worst run since Feb 2008 as Brexit vote looms: BofA-ML
A wave of caution swept over markets ahead of Britain's EU referendum
Consumption up, investment down in Asia: BofA-ML
In India, disbursal of 7th Pay Commission hikes, softer lending rates and lower oil prices are expected to support discretionary spending
