'New High Hai Kahi, Portfolio Kahin...': Vijay Kedia Hums On Current Market Dynamics

Ace investor Vijay Kedia in his latest song reflected on the latest market trends. “New High Hai Kahi, Portfolio Kahin..” he said that while markets are reaching new highs while one's own portfolio may not have kept pace. It’s a pithy, almost poetic take that resonates broadly among investors when markets climb fast but not all holdings gain equally.

Kedia’s post underlines a recurring theme he has emphasised: stock-picking matters more than riding general market euphoria.

The Indian equity market is at a crossroads: the Nifty hit its all-time high earlier this week, but the rupee’s plunge to a lifetime low near 90.42 has disrupted the bullish rhythm. As foreign investors turned net sellers and forex volatility spiked, the coming sessions will test whether the rally can withstand currency-driven headwinds.

The Indian currency has declined against the US dollar for session in a row.

The Reserve Bank of India has sold the greenback in the market to restrict runaway depreciation in the domestic unit, Bloomberg reported.

"Right now, the Indian rupee is under pressure because the 90 was an important psychological level, which was broken in the previous session. The Reserve Bank of India has been intervening, but not as aggressively as seen in the past. Till the outcome of the Monetary Policy Committee, the weakness will likely continue. The next crucial level is 90.50," said Anindya Banerjee, head, commodity and currency, Kotak Securities.