People walk by statues of oxen ahead of Diwali. India's Nifty and Sensex indexes are in a broad bull phase after recently hitting all-time highs. AFP
People walk by statues of oxen ahead of Diwali. India's Nifty and Sensex indexes are in a broad bull phase after recently hitting all-time highs. AFP
People walk by statues of oxen ahead of Diwali. India's Nifty and Sensex indexes are in a broad bull phase after recently hitting all-time highs. AFP
People walk by statues of oxen ahead of Diwali. India's Nifty and Sensex indexes are in a broad bull phase after recently hitting all-time highs. AFP

How to make your investment portfolio shine this Diwali


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When the cooler weather arrives, Indians begin to think about Diwali purchases. For investors, cultural tradition holds that the country’s biggest festival is an opportune time to start new ventures and acquire new investments.

“Starting a new investment during Diwali is considered auspicious and great for long-term prosperity,” says investment adviser Jagdish Golani, a senior executive consultant with Nexus Insurance Brokers in the UAE.

This year, the festival falls on November 12. As is customary, the main Indian stock exchanges usually open on the day for an hour outside scheduled trading hours. This session, referred to as Muhurat (auspicious) trading, takes place from 6.15pm to 7.15pm this year.

Total volumes remain low during these sessions, with traders often only making a token purchase.

But exchanges generally close in the green, partly because even occasional investors make a point of taking new positions during the session.

The BSE Sensex and the national Nifty50 both added about 0.9 per cent in the 2022 Muhurat trading session. Over the previous three years, they posted increases of about half a percentage point.

“Short-term traders should stay informed and be ready to change their plans at a moment’s notice,” Mr Golani says.

He highlights several financial themes for non-resident Indians this Diwali, from life insurance to real estate and stocks in banking, finance and technology companies.

“Life insurance is important because it can provide financial security for investors and their families in case of unforeseen events. For real estate, look for developers with special Diwali offers and study their track record,” he says.

“When it comes to the stock market, especially in India, banking and finance are common investment themes this Diwali, because the sectors are likely to benefit from a growing Indian economy."

The same goes for technology-related sectors, such as FinTech, e-commerce and artificial intelligence, which Mr Golani likens to investing in the future.

He suggests investing in an exchange-traded fund (ETF) that is focused on tech stocks.

Mr Golani advises all investors – regardless of risk appetite – to diversify their holdings across various instruments and asset classes.

Indian markets have broadly told a growth story since the pandemic, even as more mature jurisdictions have faltered.

Both the Nifty and Sensex indexes are in a broad bull phase after recently hitting all-time highs of 20,222 and 67,838, respectively.

Vijay Valecha, chief investment officer at Century Financial, calls it a “Goldilocks” effect.

“Currently, the market is reasonably valued, with the Nifty’s future price-to-earnings ratio close to its historical average. Historical data suggests that the Nifty tends to perform well at the conclusion of US recessions and during specific phases of Fed rate adjustments,” he adds.

The US economy went into a Covid-19 pandemic-linked recession in early 2020, but has since returned to growth. It clocked a better-than-expected 4.9 per cent expansion in the September quarter.

Mr Valecha believes there is cause for optimism going forward.

“The Indian stock market is expected to maintain its positive momentum in the latter half of 2023. While it’s not advisable to initiate new investments at this point, keep an eye out for potential market downturns [that] could present entry opportunities,” he says.

Watch: Diwali celebrations around the world

Brokerages from Morgan Stanley and Goldman Sachs to Nomura and CLSA are all currently overweight on Indian stocks.

Last month, Morgan Stanley said India was its most preferred emerging market, upgrading the economy to “standout overweight” and citing improving economic and earnings growth.

India’s economic outlook remains strong, says Charu Chanana, market strategist at online trading and investment specialist Saxo Bank, and the country could be a safe haven, with most major economies facing recessionary threats.

“Structural tailwinds from demography to urbanisation to a ramp-up of manufacturing and digitalisation have paved a path for India’s outperformance despite global headwinds,” she says.

Although inflation has been a concern in India, as it has been elsewhere, it is predicted to ease over the coming months, Mr Chanana says. That will provide room for the country’s equity markets to continue to outperform global indexes.

Interest will also come from foreign investors facing a slowing Chinese economy. Foreign funds pulling out of China markets have raised interest in Indian equities, a situation likely to continue in the face of the many geopolitical risks facing the global economy.

“Given India being a broad growth story, many sectors remain interesting, such as those that are consumption-linked like banking, travel or discretionary, or those that are development-linked like utilities or telecom,” Ms Chanana says.

“However, risks could emerge if oil prices rise again or the global economy enters a deep recession.”

Structural tailwinds from demography to urbanisation to a ramp-up of manufacturing and digitalisation have paved a path for India’s outperformance despite global headwinds
Charu Chanana,
market strategist at Saxo Bank

Mr Valecha has also pointed to near-term challenges, driven by factors including fluctuating oil prices and inflation.

He believes the renewable energy sector is poised for rapid growth and feels India’s IT sector remains attractive.

Another major macro consideration this Diwali is India's general election, likely to be held next May.

Markets tend to be volatile in the months running up to national elections, because of uncertainty over outcomes and potential policy shifts.

Over the past five cycles, however, results have generally been positive. The average return over the year before an Indian general election has been 29.1 per cent.

Despite the recent pullback – markets corrected by more than 5 per cent in September and October – the outlook remains stable, given predictions of voters’ continuing faith in the government led by Prime Minister Narendra Modi.

“India has benefited from a politically stable environment for the past 10 years,” says Cherian Mathew, an instructor in forex, futures and stocks at the Online Trading Academy, a California-based financial education company with a branch in Dubai’s Knowledge Park.

“I wouldn’t expect too much volatility around the general elections next year. The broad market uptrend is likely to continue with the possibility of new all-time highs in 2024 and beyond."

He advises investors to follow a tried-and-tested investment strategy.

“Buying during auspicious occasions has served well for Indians in the long run, as India was and remains in a development phase. Then again, which stocks should one pick? That remains the biggest question of all,” Mr Mathew says.

Dr Shobha Deepak and her husband Dr Deepak Kaltari created a joint investment plan after their daughter was born 10 years ago. Photo: Dr Shobha Deepak and Dr Deepak Kaltari
Dr Shobha Deepak and her husband Dr Deepak Kaltari created a joint investment plan after their daughter was born 10 years ago. Photo: Dr Shobha Deepak and Dr Deepak Kaltari

It is something that resonates with Dr Shobha Deepak and her husband, Dr Deepak Kaltari. The Abu Dhabi physicians created a joint investment plan after their daughter was born 10 years ago. They also have a son aged seven.

After experimenting with real estate and stocks, the couple now keep things simple with mutual funds and ETFs domiciled in India, the US and other global markets. They have also set aside emergency funds and taken out health and term insurance plans.

“Our strategy is to keep finances extremely simple and easy to manage. Tomorrow, if I’m no longer there, even my seven-year-old kid should be able to manage the funds,” she says.

“And whether it’s Diwali or not, the investment philosophy doesn’t change. The 26th of the month is salary day, and that’s when I fund the mutual funds and ETFs.”

The couple capitalise on other traditions around the festival to declutter their finances and get rid of high-cost investments during an annual personal finance review.

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

ALRAWABI%20SCHOOL%20FOR%20GIRLS
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The years Ramadan fell in May

1987

1954

1921

1888

UAE SQUAD

 

Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani

Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas

Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah

Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue

Results

5.30pm: Maiden Dh165,000 (Turf) 1,600m; Winner: Al Battar, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer).

6.05pm: Maiden Dh165,000 (Dirt) 1,200m; Winner: Good Fighter, Richard Mullen, Satish Seemar.

6.40pm: Handicap Dh185,000 (T) 1,200m; Winner: Way Of Wisdom, Tadhg O’Shea, Satish Seemar.

7.15pm: Handicap Dh170,000 (D) 2,200m; Winner: Immortalised, Tadhg O’Shea, Satish Seemar.

7.50pm: Handicap Dh185,000 (T) 2,000m; Winner: Franz Kafka, James Doyle, Simon Crisford.

8.25pm: Handicap Dh185,000 (D) 1,200m; Winner: Mayadeen, Connor Beasley, Doug Watson.

9pm: Handicap Dh185,000 (T) 1,600m; Winner: Chiefdom, Mickael Barzalona, Salem bin Ghadayer

UAE currency: the story behind the money in your pockets
MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

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The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

Sinopharm vaccine explained

The Sinopharm vaccine was created using techniques that have been around for decades. 

“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.

"What is left is a skeleton of the virus so it looks like a virus, but it is not live."

This is then injected into the body.

"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.

"You have to be exposed more than one time to what we call the antigen."

The vaccine should offer protection for at least months, but no one knows how long beyond that.

Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.

“Since it is inactivated, it will not last forever," she said.

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

T20 World Cup Qualifier A, Muscat

Friday, February 18: 10am - Oman v Nepal, Canada v Philippines; 2pm - Ireland v UAE, Germany v Bahrain

Saturday, February 19: 10am - Oman v Canada, Nepal v Philippines; 2pm - UAE v Germany, Ireland v Bahrain

Monday, February 21: 10am - Ireland v Germany, UAE v Bahrain; 2pm - Nepal v Canada, Oman v Philippines

Tuesday, February 22: 2pm – semi-finals

Thursday, February 24: 2pm – final

UAE squad: Ahmed Raza (captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

All matches to be streamed live on icc.tv

Dubai World Cup prize money

Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic - $750,000
Group 2 1,600m(Dirt) Godolphin Mile - $750,000
Group 2 3,200m (Turf) Dubai Gold Cup – $750,000
Group 1 1,200m (Turf) Al Quoz Sprint – $1,000,000
Group 2 1,900m(Dirt) UAE Derby – $750,000
Group 1 1,200m (Dirt) Dubai Golden Shaheen – $1,500,000
Group 1 1,800m (Turf) Dubai Turf –  $4,000,000
Group 1 2,410m (Turf) Dubai Sheema Classic – $5,000,000
Group 1 2,000m (Dirt) Dubai World Cup– $12,000,000

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Prop idols

Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.

Sophie Shams (Dubai Exiles mini, England sevens international)

An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.

----

Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)

Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.

----

Erin King (Dubai Hurricanes mini, Ireland sevens international)

Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

The biog

Name: Dr Lalia Al Helaly 

Education: PhD in Sociology from Cairo

Favourite authors: Elif Shafaq and Nizar Qabbani.

Favourite music: classical Arabic music such as Um Khalthoum and Abdul Wahab,

She loves the beach and advises her clients to go for meditation.

FIXTURES

Nov 04-05: v Western Australia XI, Perth
Nov 08-11: v Cricket Australia XI, Adelaide
Nov 15-18 v Cricket Australia XI, Townsville (d/n)
Nov 23-27: 1ST TEST v AUSTRALIA, Brisbane
Dec 02-06: 2ND TEST v AUSTRALIA, Adelaide (d/n)
Dec 09-10: v Cricket Australia XI, Perth
Dec 14-18: 3RD TEST v AUSTRALIA, Perth
Dec 26-30 4TH TEST v AUSTRALIA, Melbourne
Jan 04-08: 5TH TEST v AUSTRALIA, Sydney

Note: d/n = day/night

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SPECS
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Updated: November 10, 2023, 6:02 PM`