Hello there! We’re BACK! Vedanta now has five listed entities on the bourses, US and Iran have signed a peace deal, which very nearly fell apart within 24 hours itself, Crude oil prices from sub-$90 are now sub-$80, NSE filed its IPO papers for what could be India’s largest IPO in history and within 48 hours, Jio Platforms filed its own DRHP for what could also be India’s largest IPO in history. Amidst all of this, a hint of bad news pummeled IT stocks yet again. You may think all of these are events that transpired over a few weeks. Nope. All in a matter of five days! The above meme is proof of how we were all through the week, grappling with one headline after another!
Despite Friday’s blip, the week ended with gains for the markets and the bulls have made one thing clear. No matter who outperforms or who doesn’t, they do not want the Nifty to slide below the 24,000 mark, at least for now. For that, they own a profuse amount of gratitude to the Nifty Bank, which has done the heavy lifting all through the week. From last Friday until Thursday’s close, the index had risen over 3,000 points. So, for next week, if the Nifty needs to move higher, we know where the bulls will be looking towards.
In every instance of the markets starting to show some signs of recovery, What is the first question that comes to everyone’s mind? I’m sure you would have guessed the answer too, so here’s a reward for you! But as “aadat se majboor” we are, we end up asking the same question to our battery of big market voices as well, hoping that the answer would sometimes be in the affirmative. Still guessing the question? Okay, here’s your answer – When will FPIs return to the Indian markets?
The one thing you cannot argue with Nilesh Shah of Kotak Mahindra AMC though, are his analogies. He told us that when oil prices go up, India’s “rahu kaal” begins, and therefore, the deal and the fall in oil prices is a big positive. However, he was not as optimistic as his friend Sunil Singhania, saying he is unsure of the FPIs returning as the mood during the recently concluded investor conferences was “quite poor”. He too is of the opinion that financial services stocks will do well from here on, but also likes hospitals and hotels along with them. He prefers playing the capex theme through cement stocks.
Thank you for tuning in once again on what has been another action-packed week! The final full week of June is a truncated one with Friday being a holiday. If you liked reading us, do follow and subscribe and share it among your fellow market watchers as well! Before you go for your afternoon siesta, do not forget to say a prayer that the rains come, and they come soon! That is possibly the only dampener for a market that appears to be in recovery mode. Kaale Megha, Kaale Megha paani to barsao!
