Diwali Muhurat Picks 2016 - Samvat 2073 - Heading towards New Highs
The last Samvat was very challenging and volatile for equity markets as we witnessed sharp cuts in Nifty from 8,000 levels to sub-6,900 during the initial four months, touching the nadir on the budget day. Since then we have witnessed a secular movement with NIFTY gaining~25%. During full year since Samvat 2072 Nifty has gained 8% and Mid-caps/Small Caps have outperformed with stellar gains of 24%. However, Nifty could not achieve new peak as IT services, one of the largest sector with 14% weightage has underperformed fundamentally over the last few quarters.
Indian markets have been the outlier among the global markets as well in the whole year as they continued to outperform despite the major global developments like rate increase by the US Fed, Brexit and slow down of the larger economies like China. NIFTY has gained by 8% whereas Nikkei & Shanghai (China) corrected by 8%, and Hang Seng witnessed a marginal rise of 2% in the same period.
We believe that large caps will outperform from current levels because the valuation gap between Nifty and Small Cap Indices are at all time high. Therefore, we are recommending 3 large caps and 2 mid caps in this year's diwali recommendations.
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Wish you all a very happy and prosperous Diwali!
Happy Investing!
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