• Indian markets have witnessed a strong rally so far this year, supported by strong FII inflows and stable currency. As a result, the key benchmark indices, Sensex and Nifty, posted decent gains and rose ~20% till date.
• Though India’s macro fundamentals are weak but turning around, especially when compared with regional and Emerging Markets. Going ahead, we believe that the domestic economy will perform better and this uptrend is likely to continue.
• The next major trigger for the market is the Union Budget for 2014-15. The Finance Minister, Arun Jaitley, will present the Union Budget on July 10th, 2014. Based on the expectations of upcoming Union Budget, market may see the stock/sector specific movement in the near term.
• The progress of monsoon and rising crude oil prices (due to militant violence in Iraq) will remain the key macroeconomic worries for our domestic economy. However, we believe that quality midcap stocks with strong growth story and robust financial performance can still deliver better returns.
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