 | | April 29, 2016 | 
| | | After a sharp recovery in March, the Indian equity markets took a breather to consolidate at higher levels. The benchmark indices, Nifty and Sensex, ended with marginal gains of 1.0-1.5% each in April. The buoyancy was better in the broader market with gains of 3.5% in the CNX Midcap 100 index. Comparatively, the Sharekhan Top Picks (folio of select picks) comfortably outperformed the indices with gains of 5% in the same period. Along with consistent outperformance by the private sector banks (HDFC Bank and IndusInd Bank), the outperformance of Sharekhan Top Picks was driven by a surge in Relaxo Footwear (its perseverance despite many months of underperformance is paying off now). Within the portfolio, the quarterly results of four companies have been announced till now. The financial performance is encouraging for Maruti, Reliance Industries, HDFC Bank and IndusInd Bank whereas Tata Consultancy Services' results were a tad below expectations. This month, we are making one change in the portfolio. We are taking profits in Zee Entertainment Enterprises Ltd (ZEEL; gains of over 20% since we added it more than a year ago) to make place for Bharat Electronics Ltd (BEL). We continue to like ZEEL which is our preferred pick in the media space. However, we believe that BEL could provide superior returns in the medium term due to the government's focus on the indigenous defence equipment space (under 'Make in India' initiative) along with comfortable valuations. |
| 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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