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The note makes an argument that the current phase of selloff has entered an oversold territory and foreign investors should start to look at Indian equities as an attractive bet.
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BFSI valuations are certainly more attractive. Banks are in a robust balance sheet and credit growth cycle.
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New-age tech stocks have specific challenges which vary from one tech company to another. However, with the correction in prices over the last year, these stocks have become relatively attractive.
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Budget 2023: Government’s capex spending and borrowing calendar will be the critical areas to focus on, according to market experts and fund managers
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Banking is in a sweet spot with good credit growth and lower NPAs (non-performing assets). Thus, with some challenges that will appear in the second half of the year, banking will continue to remain in a sweet spot.
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The Q1FY22 results have been a mixed bag with good results from the IT and Cement sector while it has been a mixed bag for other sectors like Pharma, says Kulkarni.
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This dip could be a good opportunity to accumulate, says Kulkarni
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The demand scenario will remain uncertain during the year. This could mean negative surprises in the growth rate while inflation continues to rise. Thus, there are real macro risks for the equity markets in the near to medium term, said Kulkarni
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Mid and small-caps have started outperforming and we can expect this trend to continue. So, buying growth at a reasonable price that combines both growth and value themes will perform very well in FY22, said Kulkarni.
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Commodities should continue to perform even though there are near-term challenges. The cycle has turned after a long time and seems more likely to sustain, says Kulkarni.
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SIP in stocks is a good way forward for a lot of investors but investors will need to devote some time to watch the portfolios, says Kulkarni. Another simple way is the MF route to participate in the equity markets.
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Kulkarni, who has over 10 years of experience in the capital market, says he would prefer mid and small-caps in 2021.
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October will be an interesting month marked by market volatility on account of upcoming US Presidential elections, earnings especially for the BFSI sector, and local political events like the Bihar elections.
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If the US markets see a sell-off then it is very likely that even Indian markets would correct as the correlation with the US markets has increased significantly in recent times.
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The biggest risk to equity markets is still the economic recovery and the hurdles to it, and the US presidential elections may not have a significant impact, says Naveen Kulkarni of Axis Securities.
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IT sector performance has exceeded even these expectations with Infosys reporting brilliant performance across the board. We see value across the sector at this point.
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In order of preference, tractors, two-wheelers and entry-level passenger vehicle sales are likely to de well over the medium term.
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The level of 10,500 on the Nifty will be a very critical level for the market on the upside, and on the downside 9800 will act as a support. The market seems to have good downside support.
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There are a wide range of stocks that look attractive over the medium to long term. In Banking, ICICI Bank and Kotak Mahindra Bank look attractive, says Naveen Kulkarni.
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Reliance Jio has extended its deadline for subscribing to Prime membership to April 15, 2017. Bhupendra Tiwary, Research Analyst, Telecom and Media at ICICI Direct shared his views on how Reliance Industries Ltd (RIL) would react today on the back of this newsflow and what the other incumbents could face like Bharti Airtel and Idea Cellular.
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Acquiring Tikona’s spectrum assets is a good strategy and value accretive for Bharti, said Naveen Kulkarni of PhillipCapital.
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Top 10 ideas are Vedanta, Tata Steel, Bharti Airtel, IRB Infrastructure, HCC, ITC, Zee Entertainment, Titan Company, Escorts and VA Tech Wabag, Kulkarni says.
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Naveen Kulkarni of PhillipCapital is of the opinion that Reliance Jio finally becoming paid does not spell good news for incumbents. He instead says that the Rs 303 scheme introduced by Mukesh Ambani last week is very competitive and so will continue to maintain pressure on exisiting operators.
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Mukesh Ambani continues to maintain a large amount of pressure on other telcom players, said Mahesh Uppal of Com First India. He expects further consolidation in market.
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Within exports theme, top picks are Infosys, Sun Pharma, and Aurobindo Pharma, says Naveen Kulkarni of PhillipCapital.
