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Weekly Market Quote - Teena Virmani, Vice President - PCG Research at Kotak Securities

Posted On: 2017-09-29 20:58:56

"Market sentiment remained weak during last week owing to negative global cues, concerns over domestic fiscal deficit situation as well as higher crude oil prices. Going ahead, we expect the focus to shift to RBI's policy and upcoming quarterly results and globally on unwinding of balance sheet by Fed and oil prices trend.

Benchmark indices are currently trading at around 17x FY19 consensus estimates Valuations continue to remain at higher levels for the domestic markets and hence we believe that earnings revival is absolutely critical for such rich valuations to sustain. However, we continue to believe that the long-term India story remains intact, but given the abundant liquidity and ongoing near-term disruptions, one should focus on bottom-up approach, favoring sectors which could be favorably impacted by the implementation of GST (Logistics, Auto, Media, Building Materials, Cement, etc) and Government spending (Roads, Railways & Defense). Key risks to our recommendation would come from geopolitical concerns globally, decline in liquidity from FIIs and domestic mutual funds, sharp currency movements and a spike in oil prices".

Source: Equity Bulls

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