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Markets Continue Uptrend

Monday, August 01, 2016
By Dominic Rebello

Benchmark indices BSE Sensex and NSE Nifty rose for the fifth consecutive week. Last week the BSE Sensex rose by 248 points or 0.89% to close at 28051, while the Nifty rose 97 points or 1.13% to close at 8638 points level.  This week the GST Bill, the progress of monsoon and Q1 earning of blue chip companies like Indigo, Tata Communications, Tech Mahindra, Voltas, Bata India, Berger Paints, Emami, HCL Tech and Tata Power will decide the sentiments of market participants.

"Next batch of June corporate results, progress of monsoon rains, sentiments in global markets will set the market trend this week," said Vijay Singhania, Founder-Director, Trade Smart Online.

“Cabinet has given clearance to latest amendments in the GST bill and it’s now set to be tabled in parliament this week. The week will also see the start of the new month and lots of economic data will be announced along with monthly sales numbers of the auto companies. Besides, traders will also be eyeing Core sector data and Nikkei India Manufacturing PMI data for July month to be announced on August 1,” said Jayant Manglik, President, Retail Distribution, Religare Securities Ltd.

“Liquidity continues to be abundant and FIIs are consistently pouring monies into Emerging Markets like India,” said Dipen Shah, Senior VP & Head Private Client Group Research, Kotak Securities

Cautioning investors Shah said, the rise in the markets over the past few weeks has brought valuations of benchmark indices near the upper end of the long-term valuation range, based on consensus FY17 earnings. Valuations are at long term average, based on consensus FY18 earnings. Thus, one needs to exercise caution, especially while taking short term bets.

“Investor will keep an watch on India Manufacturing PMI data, scheduled to come on Monday along with infrastructure output year on year data,” said Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd.

Advising investors Manglik said, Though indications are still mixed at present but we hope this uncertainty will end soon. We suggest maintaining keeping cautious view till then and prefer hedged trades.

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