Uncertainty defined 2018 for most asset classes. Global factors such as oil prices, geopolitical tensions put downward pressure from outside while inflation fears, fiscal slippages and systemic liquidity concerns were internal factors that capped appreciation in equity and debt markets. Postive news on economic growth and good corporate earnings accompanied by softening inflation towards the end of the year were bright spots that provided support for the markets. Gold reverted to its role as a safe heaven in the midst of volatility in 2018 and posted good rupee returns.
