- The sharp bounce in the Sensex and Nifty on Friday was led by a relatively stronger rupee which gained more than 60 paisa after breaching the 69/$ mark. Oil prices also moderated on Friday on supply hopes.
- Auto numbers have once again flattered for the month of June, albeit on a smaller base. However, the growth in companies like Maruti appears to sustain. Could be one of the major consumer stories in India.
- FIIs were net sellers to the tune of Rs.(-158) crores while DFIs bought Rs.2263 crore on Friday. Some large bulk deals by large MFs and insurance companies were done on Friday.
- Markets across US and Europe were up by over 1% while most of Asia was up by over 2% led by the Shanghai Index. The Nifty may continue to face pressure near the 10,800 levels as indicated by the SGX Nifty.
- We have been maintaining that Titan at less than Rs.900 is a good buy and we expect the stock to get back above the Rs.1000 mark as it emerges as central to the retail ambitions of the Tata group as part of the restructuring.
- We continue to reiterate our buy call on Strides Shasun and expect the stock to get above the Rs.600 mark in the next one year. Its Australia franchise post the acquisition should stand the company in good stead.
- As of now we are just reiterating our calls on the oil beneficiaries like downstream and paints. We also suggest buying Nifty puts at current levels to protect your portfolio from any sharp corrections in the market.
- The INR is still vulnerable and the markets would still be predicated on the movement of the crude and the INR.
