2018 was an year of consolidation. On one hand the large cap index touched record highs. On the other, mid and small cap corrected significantly. It was an year when the rupee depreciated to its lowest value. We saw crude prices rising substantially throughout the year before crashing in the last two months. 2018 was also an year of regulatory changes. The substantial changes in the mutual fund industry were the re-categorization of the mutual funds and the introduction of 10% tax on long term capital gains. This resulted in a deep correction in the mid and small cap space.