 | | March 31, 2016 | 
| | | After the drubbing in the first two months of 2016, the Indian equity market bounced back with vengeance on the back of a fiscally prudent Union Budget (that increased the scope of further monetary easing by the Reserve Bank of India [RBI]) and normalisation of conditions globally in March. In an uncertain global environment, the dovish signals from the US Federal Reserve (Fed) provided much-needed relief to the financial markets globally. Consequently, the benchmark indices at home registered a double-digit gain (ranging from 10% to12%) in the last month. The Sharekhan Top Picks basket also performed marginally ahead of the indices and appreciated by 12.5% in the same period. Keeping in mind the eventful month ahead (that will see the RBI's policy review meeting, initial monsoon forecast, the Fed's meet and the Q4 earnings season), we are making two changes in the portfolio. First, we are taking profits in Yes Bank (which has appreciated by over 25% in one month alone) and replacing it with HDFC Bank. Second, we are introducing Hindustan Unilever as a play on the revival in rural earnings (owing to enhanced rural spending by the government and expectations of a better monsoon) in place of Godrej Consumer Products (which moved up by over 15% in the last month). |
| Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article. | |
Regards,
Sharekhan Fundamental research team
| 
www.sharekhan.com
| |
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