By Research desk
July 2025 Market Performance Recap:
The Indian stock market faced a turbulent July 2025, with both the Nifty 50 and Sensex ending the month in the red, declining by 2.93% and 2.90% respectively. This marked the fifth consecutive week of losses for the benchmark indices— their longest losing streak since August 2023. While the month began with a brief rally, sustained selling pressure took hold as concerns mounted over global trade developments and weak domestic earnings. The broader market too showed signs of stress, with a steep decline in cash market turnover, the sharpest since October 2023. Sector-wise, defensives such as Pharma, Healthcare, and FMCG remained relatively resilient, but cyclical sectors like Auto and Consumer Durables saw significant underperformance.
The sharp reversal in market sentiment was largely driven by external headwinds. The announcement of a 25% US tariff on Indian exports triggered fears about India’s trade competitiveness, while additional concerns around potential penalties related to Russian oil and arms imports further weighed on investor confidence. This was compounded by heavy selling from Foreign Institutional Investors (FIIs), who turned net sellers after months of steady inflows, offloading over ₹42,000 crore worth of equities during the month. Their exit, particularly in the last nine sessions of July, exerted sustained downward pressure on the market. Adding to the negativity were underwhelming Q1 FY26 corporate earnings, especially in the IT sector, where major firms like Infosys posted disappointing results. Globally, weakness in Asian and European markets and mixed economic data also contributed to the risk-off sentiment.
Despite the overall decline, some positive developments helped contain the damage. Domestic Institutional Investors (DIIs) remained consistent buyers, supporting the market with 19 consecutive sessions of net inflows. On the macroeconomic front, India signed a historic Free Trade Agreement with the UK, and the manufacturing sector showed strength, with the HSBC India Manufacturing PMI reaching a 16-month high. Additionally, retail inflation for June hit a six-year low, raising hopes of a rate cut, although the RBI eventually kept the repo rate unchanged. Overall, July was marked by a convergence of global shocks, FII pullout, and earnings disappointments, but selective sector resilience and DII support offered some cushion amid the volatility.
Sectoral performance
July 2025 witnessed a clear divergence in sectoral performance, reflecting a pronounced shift in investor preference toward defensives amid heightened market volatility and global uncertainty. While most sectors ended in the red, a few pockets of resilience stood out.
Defensive sectors led the gains, with Nifty Pharma rising 3.63%, buoyed by its safe-haven appeal, stable domestic demand, and optimism around new drug launches. Nifty Healthcare followed closely with a 3.14% gain, supported by increased hospital activity and positive earnings from diagnostic and hospital chains. The Nifty FMCG index also posted a 1.76% gain, as investors favoured essential consumption plays amid inflation easing and rate cut expectations.
On the flip side, cyclical and export-oriented sectors bore the brunt of the sell-off. Nifty IT was the worst performer, down 9.07%, hit by weak earnings, tepid global demand, and aggressive FII selling. Nifty Realty declined 7.34%, as high interest rates and subdued buyer sentiment hurt the sector. Nifty Media also slumped 7.25%, impacted by reduced ad spending in a cautious economic climate.
Among financials, both Nifty PSU Bank and Nifty Private Bank saw sharp declines of 4.87% and 4.03%, respectively, dragged down by concerns over credit growth and persistent foreign investor outflows. Nifty Oil & Gas and Nifty Energy fell 4.37% and 3.91%, respectively, as geopolitical tensions and volatile crude prices weighed on sentiment. The Nifty Metal index declined 2.57%, affected by fears of a global slowdown and weaker commodity demand.
Overall, July’s performance underscored a “risk-off” environment, with investors retreating from growth and rate-sensitive sectors, and instead rotating into more stable, defensive plays in anticipation of continued global headwinds and domestic challenges.
In the following sections, we provide a more comprehensive examination, outlook and detailed insights of some major sectors:
Auto:
The Indian auto sector witnessed a mixed performance in July 2025, with segment-wise divergence becoming increasingly evident. Overall, two-wheelers (2W) and three-wheelers (3W) led the growth momentum, while passenger vehicles (PV) remained largely flat and commercial vehicles (CV) and tractors saw modest gains. Despite near-term challenges, the sector maintains a cautiously optimistic outlook for the second half of FY26, supported by upcoming festive demand, rural recovery, and new model launches.
In the 2W segment, domestic volumes were flat sequentially but rose 9% year-on-year (YoY), with exports showing strong recovery, rising 33% YoY and 13% month-on-month (MoM), indicating renewed demand from key international markets such as Africa and Latin America. While domestic sales for the April–July FY26 period declined 3% YoY, this was offset by a 25% surge in exports over the same timeframe. Key drivers going forward include improved rural sentiment, government consumption incentives, and an expected boost from the festive season.
The 3W segment continued to show strong traction, with July volumes rising 18% YoY and 11% MoM. On a year-to-date (YTD) basis, domestic 3W sales were up 12% YoY, signaling sustained demand for last-mile connectivity and urban mobility solutions.
In contrast, the PV segment showed signs of sluggishness, with July domestic sales declining 3% YoY but improving 7% MoM—indicating early signs of festive season stocking. On a YTD basis, PV volumes were down 2–3% YoY, as urban demand faced some headwinds. The segment is expected to see low to mid-single digit growth in FY26, aided by the festive season and continued interest in new launches, though elevated base and high inventory levels may temper gains.
The CV segment recorded a 6% YoY rise in July dispatches, reflecting slow but steady demand, particularly in the bus segment. However, on a cumulative basis for April–July FY26, volumes remained largely flat YoY. Going ahead, the segment may witness flat to low-single digit growth, driven by moderate freight activity and infrastructure-related demand.
The tractor segment posted 5% YoY growth in July but witnessed a sharp 43% MoM decline due to seasonal factors and uneven monsoon progress in some regions. On a YTD basis, domestic sales rose 9% YoY, supported by stable rural demand and adequate liquidity. The outlook remains positive, with expectations of an above-normal monsoon, improved reservoir levels, and healthy kharif sowing likely to support demand in the coming months.
In summary, while growth in the auto sector remains uneven across sub-segments, the overall outlook for H2 FY26 is cautiously optimistic. The festive season, rural recovery, and supportive policy environment are expected to drive demand, though factors like monsoon performance and macroeconomic sentiment will remain key variables.
Hospitality:
The Indian hospitality sector showed signs of steady recovery in July 2025, with encouraging trends in pricing and room additions despite broader global uncertainties. After a seasonal dip in previous months, Average Daily Rates (ADR) witnessed a clear upward trend both on a month-on-month (MoM) and year-on-year (YoY) basis across key urban markets. This improvement aligns with expectations and is likely to gain further strength in the coming months, driven by upcoming festive holidays, long weekends, and increased corporate travel.
Data from 171 hotels covering around 33,000 rooms across eight major cities indicates a 7.3% YoY increase in ADR at the lower price band and a 6.4% YoY rise at the higher band. On a MoM basis, ADRs increased by 2% and 4% at the lower and higher price bands respectively, indicating a broad-based pricing rebound. Cities like Mumbai and Kolkata outperformed slightly, bucking the trend with stronger ADR growth compared to July last year. The RevPAR (Revenue per Available Room) outlook remains positive, supported by a sustained demand-supply imbalance, recovery in foreign tourist arrivals (FTAs), and growing MICE (Meetings, Incentives, Conferences, Exhibitions) and corporate travel activity.
Hotel supply expansion also continued at a healthy pace. New additions were primarily through management contracts and licensing agreements, allowing operators to expand without straining balance sheets. The focus remains on asset-light models to navigate the high borrowing cost environment. Notably, players added several properties in July, reflecting confidence in long-term demand recovery and an intent to capture market share without excessive capital expenditure.
However, the hospitality deal environment remained cautious, with a sharp 85% drop in private equity-sponsored deals in the first half of 2025. Rising interest rates, trade tensions—including evolving US tariff policies—and weak global travel sentiment led to a slowdown in M&A activity. In this environment, domestically focused, service-oriented operators with strong balance sheets and disciplined capital allocation are better positioned to navigate the macro headwinds and seize selective growth opportunities.
In summary, the domestic hospitality sector enters the second half of FY26 on a strong footing, backed by favourable pricing trends, upcoming festive demand, and strategic asset-light expansions. While the global deal environment remains challenging, India’s domestic-focused hotel operators are expected to outperform, aided by sustained urban travel demand and operating leverage.
Metals:
The Indian metal sector witnessed mixed trends in July 2025, with ferrous metals seeing moderate support from rising input costs and global cues, while non-ferrous metals faced pressure due to global trade tensions and weak macroeconomic indicators. The sector’s near-term outlook remains cautious, with ferrous pricing stability offering some support, but non-ferrous metals continuing to reel under subdued demand and tariff-related headwinds.
Within ferrous metals, domestic Hot Rolled Coil (HRC) prices rose 2.5% week-on-week (WoW) to ₹49,700/tonne. This uptick was largely driven by higher raw material costs, a firm global steel price trend, and expectations of supply tightening due to scheduled maintenance shutdowns at several mills. However, billet prices remained flat at ₹37,800/tonne, reflecting sluggish demand from downstream steel-consuming sectors. Globally, Chinese HRC prices also increased 2.5% WoW, backed by sentiment around production cuts, although the price gains were not volume-supported, pointing to lingering market volatility. Iron ore prices in Odisha remained flat at ₹7,450/tonne amid a slowdown in trade activity, caused by monsoon-related supply disruptions. Coking coal prices rose 0.7% WoW to $148/tonne, driven by logistical challenges in Australia due to rough seas and heavy rains.
On the non-ferrous side, pricing weakness dominated across the board, driven by demand concerns and fresh trade barriers. Aluminium prices dropped 2.8% WoW to $2,563/tonne, following the US’s new tariff hikes, which impacted exports from major producers including India. Copper fell 1.4% WoW to $9,581/tonne amid the imposition of 50% tariffs on semi-finished copper imports into the US, heightening uncertainty in the industrial metals market. Other base metals followed suit: Zinc fell 3.7%, Lead by 3.0%, Tin by 2.2%, and Nickel by 2.1%, reflecting a broadly risk-off sentiment triggered by weak US labour data and a deteriorating global economic outlook.
In summary, the ferrous segment remains supported by rising costs and potential supply-side constraints, offering some near-term stability. However, the non-ferrous segment is under pressure, primarily due to trade policy disruptions, weak demand, and macro uncertainty. The metal sector’s performance going forward will largely hinge on global economic recovery, resolution of trade tensions, and domestic demand revival, especially from infrastructure and construction sectors.
Banking/Finance:
The Indian Banking, Financial Services, and Insurance (BFSI) sector remains on a strong growth path as of August 2025, supported by improving asset quality, resilient credit growth, and rapid digitalisation across financial services. Despite mixed Q1 FY2025-26 earnings among banks, macro fundamentals remain favourable.
In the banking segment, public sector banks such as Bank of India and Central Bank of India reported strong YoY net profit growth of 32% and 33%, respectively, while Punjab National Bank (PNB) saw a sharp 48% decline. ICICI Bank reported a healthy Net Interest Margin (NIM) of 4.34% in Q1. System-wide bank credit growth rebounded to 9.8% YoY as of July 11, 2025. The Reserve Bank of India (RBI) forecasts scheduled commercial banks’ credit growth to touch 12.4% in FY2026. Asset quality is steadily improving, with the Gross NPA ratio declining to 2.3% as of March 2025, reflecting stronger underwriting and recoveries.
In the NBFC segment, growth is moderating after a high-growth phase. NBFCs’ Assets Under Management (AUM) are projected to grow 18% in FY26, down from 24% in FY25. In value terms, AUM is estimated to cross ₹65–70 lakh crore by FY26. The NBFC-MFI sector continues to face asset quality stress carried over from FY25, likely to persist through H1 FY26. However, AUM growth is projected to revive to 10–15%, translating to a ₹2.5–3.5 lakh crore increase. The RBI’s new Co-Lending Arrangements Directions, 2025, coming into effect from January 2026, now mandate a minimum 10% funding contribution from each co-lending partner, ensuring better capital alignment and risk-sharing.
In the insurance sector, India’s market size stood at approximately ₹25.3 lakh crore (USD 303.3 billion) in 2024 and is projected to reach ₹67.3 lakh crore (USD 807.9 billion) by 2033, growing at a CAGR of 11.5%. For calendar year 2025, life insurance Gross Written Premiums (GWP) are expected to touch ₹10.1 lakh crore, registering 9.9% growth. Policy reforms such as the 100% FDI proposal in Budget 2025 are expected to attract international players and deepen market penetration. Additionally, the IRDAI’s Regulatory Sandbox Regulations, 2025 aim to foster innovation and product experimentation in a controlled environment.
The FinTech space continues to expand rapidly, with India’s adoption rate at 87%—among the highest globally. The market size is projected to touch ₹6.2 lakh crore (US$83.5 billion) by 2025. The Unified Payments Interface (UPI) saw volumes of ₹24.03 lakh crore across 18.39 billion transactions in June 2025, up 32% YoY, and now makes up 85% of India’s digital transactions. However, with this growth comes vulnerability—bank frauds in FY2024-25 surged to ₹36,014 crore, underscoring growing cybersecurity risks.
In the wealth management and capital markets space, the mutual fund industry continued to expand rapidly. Assets Under Management (AUM) crossed ₹74 lakh crore in June 2025, marking a 21.9% YoY rise. Strong domestic participation, especially via SIPs and direct equity investing, has helped Indian capital markets remain resilient amid global volatility.
Looking ahead, the BFSI sector is expected to maintain its growth momentum, aided by strong domestic fundamentals, proactive regulatory measures, and sustained digital adoption. Continued focus on risk management, compliance, and innovation will be essential as the sector navigates both opportunities and emerging risks.
Important events & updates
A few important events of the last month and upcoming ones are as below:
- The RBI kept the repo rate unchanged at 5.50%, maintaining a neutral stance after a 50 bps cut in June. This rate remains the lowest since August 2022. SDF and MSF were also held at 5.25% and 5.75%, respectively.
- India’s manufacturing PMI rose to 59.1 in July 2025, the highest since March 2024, reflecting strong demand and effective market strategies. New orders grew at the fastest pace in nearly five years.
- India’s Composite PMI held steady at 61.0 in July 2025, the highest since April 2024, supported by strong services activity and near 18-month high manufacturing growth.
- India’s Services PMI rose to 60.5 in July 2025, the highest since August 2024, driven by strong growth in new orders, foreign sales, and output.
- Inflation projection was lowered to 3.1% (from 3.7%), well within the 2–6% target band. GDP growth forecasts were retained at 6.5% for FY2025–26 and 6.6% for FY2026–27.
- A 100 bps CRR cut (from 4% to 3%) announced in June will be implemented in four tranches of 25 bps each starting September 2025, aimed at boosting liquidity amid global headwinds like new US tariffs.
Fundamental outlook:
India’s economic fundamentals continue to offer a solid base for market optimism in August 2025. The country reported a strong 7.4% GDP growth in the final quarter of FY2024–25, bringing the full-year expansion to 6.5%. For FY2025–26, both the Reserve Bank of India (RBI) and Deloitte maintain their growth outlook at 6.5%, even as Fitch has revised its estimate marginally lower to 6.3%, citing external factors like the imposition of US tariffs. Despite these global headwinds, the impact on Indian corporates is expected to be relatively contained.
Inflationary pressures are easing. The RBI now forecasts CPI inflation at 3.1% for FY26, a notable revision from the earlier 3.7%. CRISIL also expects inflation to soften to around 4%. The RBI has kept the repo rate unchanged at 5.5% in its August policy, following a cumulative 100 basis points cut earlier this year—demonstrating continued support for economic activity. System liquidity, previously in surplus, is being realigned through Variable Rate Reverse Repo (VRRR) auctions initiated since June 2025. Meanwhile, the credit-to-deposit ratio has risen to 79%, indicating healthy credit demand.
India’s fiscal position has shown considerable improvement, with the fiscal deficit narrowing to 4.8% of GDP in FY2024–25. The current account deficit too remained low at -0.6% of GDP—the best figure since FY2016–17, excluding the pandemic period. Merchandise exports saw 6.3% growth during the fiscal. However, trade faces fresh challenges with the US levying a 25% tariff on Indian goods from August 7, with another 25% penalty from August 27. Sectors like textiles, gems and jewellery, and auto components could be impacted. Still, robust domestic investor participation has helped markets remain resilient, offsetting foreign outflows.
Technical outlook.
Indian equity markets are currently experiencing a phase of short-term consolidation within a strong longer-term uptrend. The Volatility Index (India VIX) hovered at 11.69 as of August 7, 2025, moving within a day’s range of 11.56 to 12.31. While these levels don’t indicate panic, they suggest a cautious sentiment. A fall in VIX below 13 could support a low-volatility upside breakout, whereas a spike beyond 17 might trigger increased market choppiness or corrections.
Data from the Futures and Options (F&O) segment further confirms the consolidation. For the 07-August expiry, significant call writing was seen at the 24,800–24,900 zone, signaling stiff resistance. On the downside, put writing around the 24,600–24,700 band suggests a solid support base. The Put-Call Ratio (PCR) based on open interest stands at 0.59—indicating mildly bearish undertones—whereas the PCR based on volume is 1.10, suggesting a neutral-to-positive sentiment. Nifty Futures showed signs of short covering, with open interest falling by nearly 2% as Nifty rose 0.64% (as of August 5). FPIs were net buyers of Rs 204 crore in index futures on the same day, with a slight increase in their open interest.
Recent price action reflects a range-bound structure with a bullish tilt. Nifty rebounded from a low of 24,535 on August 1 to close at 24,722.75 by August 4—rising over 157 points in a single session. The 24,600 zone is being strongly defended by buyers. Despite this, July 2025 saw significant FPI equity outflows amounting to Rs 31,988 crore. The total FPI outflow for the year up to August 1 stood at Rs 1,31,876 crore.
High-frequency indicators also point towards sustained momentum. Manufacturing PMI climbed to 59.1 in July—its highest in 16 months—while Services PMI touched an 11-month high of 60.5. GST collections grew 7.5% YoY to ₹1.96 lakh crore. Power consumption rose by 2.6% YoY to 153.6 billion units. Railway freight loading in the Ferozepur division grew 32% to 0.69 million tonnes in July. The unemployment rate stayed stable at 5.6% in June, and the Index of Industrial Production (IIP) for June showed 1.5% YoY growth, with manufacturing growing 3.9%.
Outlook for the Global Market
US Market:
The US economic landscape in August 2025 presents a cautious yet nuanced picture, where headline data masks emerging vulnerabilities. While real GDP rebounded strongly by 3.0% in Q2 CY25 following a contraction in Q1, the recovery was largely statistical—driven by a reduction in imports rather than a meaningful uptick in domestic demand. Core private sector activity, as measured by final sales to private domestic purchasers, actually decelerated to 1.2%, pointing to a slowdown in organic growth. Consumer spending remains uneven—services like healthcare and financial advisory showed strength, but investment and export activity contracted, and private inventories were drawn down as firms adjusted to a potentially softer demand outlook.
Inflationary pressures continue to complicate the macro environment. Headline CPI rose to 2.7% YoY in June, but core CPI, which excludes food and energy, held steady at a stubborn 2.9%. Shelter costs and food inflation remain firm, and while fuel prices have cooled, energy services such as electricity and gas have surged. Tariff-related cost pressures are gradually filtering through input prices, with surveys like the ISM Services Prices Paid Index jumping to multi-year highs. The inflation outlook remains tricky, especially as services inflation and sticky wage costs challenge the Federal Reserve’s policy flexibility.
The labour market, while showing a steady unemployment rate of 4.2%, is subtly cooling. Job additions have slowed to just 73,000 in July, and both the participation rate (62.2%) and employment-population ratio are declining. Long-term unemployment is rising, suggesting a tightening labour supply. Despite softer hiring, wage pressures persist due to structural supply constraints—partly linked to immigration policy—adding to inflationary concerns and creating a policy dilemma for the Fed.
Monetary policy remains in a holding pattern, with the Fed maintaining its benchmark rate at 4.25%–4.5% for the fifth straight meeting. Divergence within the FOMC reflects conflicting signals—while some members are wary of inflationary effects from tariffs, others flag slowing growth and softening labour conditions. Markets, however, are pricing in one to two rate cuts by year-end, possibly beginning in September. Credit conditions, meanwhile, have tightened materially. Total household debt hit $18.4 trillion in Q2, with rising delinquency rates in student loans and tighter bank lending across business and consumer categories. The disconnect between looser corporate bond spreads and tighter bank lending indicates a shift toward market-based funding, especially by larger firms, while households face rising financial stress and reduced credit access.
Equity markets, on the surface, appear strong—the S&P 500 has rallied over 25% since April and continues to hit fresh highs. However, this strength is deceptive, as gains remain highly concentrated in a few mega-cap technology and AI-linked stocks. Market breadth is narrow, with the median S&P 500 stock still more than 10% below its 52-week high. This leaves indices vulnerable to a sharp correction if leadership stocks falter. Investor sentiment has turned more neutral, with the VIX dropping to 16.77 and options-based indicators like the put/call ratio suggesting reduced bearishness—but not outright exuberance.
Corporate earnings were robust in Q1 and Q2, with S&P 500 earnings growth reaching 13.4%—beating expectations. However, forward guidance has turned cautious amid trade uncertainties. Over 90% of S&P companies discussed tariffs on recent earnings calls, and mentions of “recession” spiked notably. Full-year EPS forecasts have been revised down by ~4% to $264, reflecting growing concerns about input cost pressures and global demand. Still, some strategists, including Goldman Sachs, maintain a 7% EPS growth outlook for both 2025 and 2026, citing lower-than-expected tariff pass-through and adaptive cost strategies by firms.
Trade and geopolitical risks are the wildcards. The US has escalated its tariff regime, notably against India, imposing a 50% total tariff on several import categories. These measures, while aimed at geopolitical leverage, function as indirect taxes on US consumers and businesses, further adding to input cost inflation and weighing on global trade sentiment. Broader tensions, including energy market volatility and supply-chain frictions, add to the policy unpredictability and investor caution.
Outlook for Gold
Gold prices surged to fresh record highs in early August, with MCX Gold touching ₹1,02,155 and international spot prices climbing to $3,397/oz — the highest since July 23. The rally has been underpinned by a mix of macroeconomic and geopolitical triggers. The immediate catalyst was the implementation of new US tariffs, which increased the average tariff rate to 15.2% — the highest since World War II. While countries like Switzerland, the EU, and Japan signalled willingness to negotiate, India called the 50% tariff rate unjustified. This trade tension has added to global uncertainty, benefiting safe-haven assets like gold.
A weaker-than-expected US job report, along with tepid demand at the 30-year US Treasury auction, also contributed to bullish sentiment. Meanwhile, the US Dollar Index rebounded modestly but remains below its early July highs, while bond yields remain elevated yet stable. In terms of monetary policy, despite elevated inflation, the Bank of England surprisingly cut its benchmark rate by 25 bps, flagging downside labour market risks — a move that mirrors dovish signals from several Fed officials calling for rate cuts. These rate cut expectations have further supported gold, especially in an environment of persistent inflation.
On the investment front, gold ETFs have seen strong inflows, with global holdings rising to a near two-year high at 91.69 million ounces — a 10.66% increase year-to-date. Central banks continue to back the yellow metal as well, with China’s central bank increasing its reserves for the ninth consecutive month, now holding 73.96 million ounces.
Despite short-term volatility, gold remains structurally supported by resilient investor demand, dovish central bank commentary, and continued global policy and trade uncertainties. Additionally, upcoming inflation data from the US and China could shape future interest rate expectations, reinforcing gold’s role as a hedge in a shifting macroeconomic landscape.
What should Investors do?
We expect Indian equities to stage a gradual recovery from the recent pullback, once clarity emerges around the US tariff developments. Although near-term volatility is likely to persist—especially with Q1FY26 earnings season still underway—the broader market continues to display underlying resilience, supported by strong domestic flows, stable macro indicators, and a patient RBI stance.
The imposition of US tariffs on sectors like textiles, chemicals, and gems & jewellery has understandably triggered caution. However, domestic participation from DIIs and retail investors remains strong, helping buffer the impact of continued FPI outflows. With the RBI maintaining the repo rate at 5.5% and inflation expectations easing (CPI seen at 3.1% for FY26), the policy environment remains supportive for equities.
VIX remains below 12, indicating no panic, and open interest trends suggest short-covering, pointing to potential upside if global jitters settle. High-frequency indicators such as GST collections, PMI prints, and power demand remain robust—suggesting that domestic demand continues to hold firm.
In the near term, we maintain a selectively positive stance, with a focus on sectors insulated from global risks—such as domestic consumption, select financials, auto, and capital goods. Investors should remain cautious of export-heavy sectors until more clarity emerges on tariff implications. The rest of August is likely to remain event-driven and volatile, but we believe the market will find stability and rebound once trade concerns abate and earnings visibility improves.
Disclaimer:
This article should not be construed as investment advice, please consult your Investment Adviser before making any sound investment decision.
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