PUNJI RESEARCH
Research for intelligent capital allocation
Institutional-grade analysis of Indian markets - mutual funds and stocks - covering fund structures, index evolution, sector rotation, and portfolio construction.
For informational purposes only. Not investment advice.
Latest Research
6 PAPERSThe Smart Money Myth: Foreign Investors Chase the Nifty. They Don't Lead It.
Every evening, India waits for the foreign-investment number as if it were a forecast for tomorrow's market. It is closer to a report on yesterday's. Twenty-one years of data show foreign money arrives after the market has moved and follows the price, not the profit forecast. The chasing has cost foreigners once. Not since.
Six Times the Selling, a Quarter of the Fall
In 2008, foreign investors pulled ₹52,987 crore out of Indian shares and the Nifty lost 52%. This year they have pulled out ₹3.09 lakh crore, about six times as much, and the Nifty is down 13%. The sellers are the same kind of investors. What changed is the market they are selling into.
The People Cost Problem: Indian IT's AI-Era Structural Reckoning
AI didn't create the people-cost problem in Indian software services. It just made the structural fault line impossible to ignore. The data going back to 2008 tells the real story.
The Two Machines Killing Alpha: SIP Flows & F&O Expansion in Indian Equity Markets
Confirmation between institutional buying and price momentum climbed from 24% in 2016 to 76% in 2026, while contrarian positioning collapsed from 41% to 16%. The fingerprint of a market where independent institutional thinking has been quietly displaced.
When the Edge Gets Crowded: Why the Smarter the Market Gets, the Harder It Is to Beat
A disciplined momentum strategy that earned ~20pp of annual excess return in the early 2010s now earns roughly half that. Same rules, harder market - and the compression is structural, not cyclical.
The Great Equity Pivot: How Capital Markets Mapped the Modernisation of India
From state-led resource dependency to a high-velocity, consumption-driven engine - reading the structural DNA of a transforming economy through fifteen years of Nifty 50 and Nifty 100 index evolution.