OPENING BELL:
NIFTY FUTURE DOWN-14.85 @ 9158.90,
BANK NIFTY FUTURE DOWN -15.45 @ 21530.00
USDINR @ 65.0350
The sweeping victory of the Bhartiya Janata Party (BJP) in the Uttar Pradesh election acted as a catalyst for the equity markets to further build on the rally in March 2017. With double-digit gains over the past three months, the benchmark indices (Nifty, Sensex) are hovering close to their all-time high levels now. In the last three months, the Sharekhan Top Picks basket has comfortably outperformed the benchmark indices. The returns from the Sharekhan Top Picks are largely in line with the CNX Midcap index, though the composition of the Top Picks portfolio is skewed towards the Large Cap index stocks.
We are making two changes this month. We are replacing UPL with Godrej Industries, the flagship company of the Godrej group. Godrej Industries houses a steadily growing Chemicals business, along with a controlling stake in other Godrej group companies like Godrej Consumer Products, Godrej Properties and Godrej Agrovet (unlisted as of now). On the other hand, UPL could see weaker demand for its Agrochemical products and might under perform in the near term due to expectations of a weak monsoon, not only in India but other major regions globally.
In addition, we are introducing Sundram Fasteners, which is a quality auto ancillary company. It is witnessing improving trend in profitability lately and is consequently getting re-rated by the markets. Glenmark Pharma will make way for Sundram Fasteners in the Top Picks basket. Like most other generic pharma companies, Glenmark Pharma is also facing pricing pressure in the US market, though relative to its peers, it has a much more promising product pipeline awaiting approvals for launch in the US market.
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