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Tata Consultancy Services yesterday became the first Indian company to command a market capitalisation of Rs.5-lakh crore after its share price hit an all-time high. At the closing price of Rs.2,586.9 on Wednesday, up 2.21 per cent over previous day’s closing on the Bombay Stock Exchange, TCS’ market cap stood at Rs.5.06-lakh crore. Intra-day, the scrip had touched a peak of Rs.2,595/-
Sustained industry-leading performance and its recent liberal dividend payouts have made India’s largest IT exporter the darling of Dalal Street.
India may soon become the preferred destination for international investors as the country's weight in global emerging market (GEM) funds has hit a record high of 10.5% in June. These funds are overwhelmingly bullish on India, says a Merrill Lynch survey of 60 global investors.
India's weight among GEM funds was 7.5% during the peak of 2007, which later declined below 5% in the middle of 2008. The weight rose to 8.5% in November 2010, but dipped below 5% within a year. However, it started rising since September last in the hope of a business-friendly government at the Centre, and ever since Narendra Modi won the elections by a thumping majority, reigniting hopes of a revival of stalled projects, Sensex has been flirting with greater heights.
Foreign institutional investors ( FIIs) have pumped in nearly Rs 69,000 crore so far this year in Indian equities. As a result, the Sensex surged 23% in rupee terms, and 20% in dollar terms, outperforming almost all major global Indices.
"Over the past two weeks, we have met nearly 60 investors. There's practically no debate that re-rating would drive markets, but in the near-term, some investors agreed that there could be a slight pullback due to global concerns and a possible monsoon failure. But most wanted to buy in the dip," said Merrill Lynch.
The stock market is a strange beast. When the going is good, the rise can mask some important and hard truths. The Indian stock market is one of the top performers in the world today. Yet, the reality is that it still has some way to go before surpassing the heights of past glory.
In 2010, the market capitalisation of Indian stocks was $1.62 trillion, while currently it is $1.49 trillion.
First, valuations are different. In 2010, the Indian markets traded at a one-year forward price-to-earnings multiple of 20, while now they are trading at a multiple of 16.
First, valuations are different. In 2010, the Indian markets traded at a one-year forward price-to-earnings multiple of 20, while now they are trading at a multiple of 16.
Given the changed macro-economic situation between 2010 and now, there are four factors that demonstrate why the market capitalisation of Indian markets is yet to cross the 2010 peak.
The market capitalisation to GDP ratio in 2010 was 96 and now it is 60. This indicates there's scope for the Indian markets to expand in the coming quarters. Third, institutional participation was less concentrated in a large bunch of companies represented by the BSE 200 at that time, while now it has increased.
The market capitalisation to GDP ratio in 2010 was 96 and now it is 60. This indicates there's scope for the Indian markets to expand in the coming quarters. Third, institutional participation was less concentrated in a large bunch of companies represented by the BSE 200 at that time, while now it has increased.
Sceptics may be downbeat about the spectacular run of Indian equities since they believe that market's price multiple (P/E) re-rating is based entirely on positive sentiment. However, lead indicators such as the service PMI index, analyst upgrades and auto sales are all turning positive.
Experts believe that this will first boost the earnings growth of consumer discretionary companies such as automobiles and consumer-oriented electricals and electronics, and firms where lower capital expenditure could result in a higher return on equity.
"Sentiment reversal plays a pivotal role in determining the quantum of discretionary spending of the consumer and corporates," a domestic fund manager said. The PMI for the service sector reached a 17-month high of 54.4 in June, according to Bloomberg data. The service sector constitutes almost 56% of India's GDP. Analysts upgraded their earnings estimates for FY16 by 0.2-2.3% last month.
The biggest earnings upgrades, in ascending order, were for the industrial, financial and material sectors. This improvement in parameters has given analysts a strong reason to justify their estimates
"Sentiment reversal plays a pivotal role in determining the quantum of discretionary spending of the consumer and corporates," a domestic fund manager said. The PMI for the service sector reached a 17-month high of 54.4 in June, according to Bloomberg data. The service sector constitutes almost 56% of India's GDP. Analysts upgraded their earnings estimates for FY16 by 0.2-2.3% last month.
The biggest earnings upgrades, in ascending order, were for the industrial, financial and material sectors. This improvement in parameters has given analysts a strong reason to justify their estimates
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Warren Buffett’s investment ideas asks us to buy stocksof only those companies whose “fundamentals” are very strong and its stock is available at “undervalued price”. When we say strong fundamentals we mean a healthy financial report, unique product line which is run by exceptional managers.
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What To Do Today..........
Our Opininon for Today's Market.......
1.Market Looks Volatile.....
1.Some Insider Say NIfTy go up to 6200
What To Do Today........
Nifty....Today Face Resistance at......7698...7745..7785
Nifty.....Today Support at ..7620...7562...7505
Nifty Range...6300--------7900
TRACK ME RESEARCH......
NEXT TGT FOR
Our Opinion for Today's Market.......
1.Stock Specific Movement Expected Today ......
2. Mid-caps Looks Good....
INTRADAY HOT STOCKS: 24/7/2014
sell zeel sl 313 tgt 280
buy bhartiu sl 347 tgt 360+
buy tatamoter sl 477 tgt 500/510
buy ril sl 978 tgt 1010/1028/1040/1060
buy sunphradvance sl 175 tgt 205+
ALL PSU STOCKS LOOK GOOD
L&T FINANCE HOLDINGS
(BSE TICKER-533519@ Rs.75/-)
Yeessssssssssssssssssssssssss
RBI TO ANNOUNCE NEW BANK LICENCE SOON
L&T HOLDINGS EXPCTED TO GET FIRST BANKING LICENCE !!!!
Rs.90/120/- Rs.150/-
Alert:- Our Subscriber's Long in Stock!!!
DELTA CORP
(Bse Ticker-532848@ Rs.90/-)
Stock Again Ready For Big Up Move
Above Rs.101/-
Uppar Range For Stock Rise to Rs.140/-
TARGET
Rs.120/150/200 SL Rs.79/-
MARKSANS PHARMA
(Bse Ticker-524404@ Rs.18.80)
Just Watch Rs.19.25 Clsoing Above Rs.19.25
Gate Open For Stock To Cross Rs.28/-
TARGET
Rs.21/- Rs.24/30/35/40/80 SL Rs.15/-
Forget Short Term Movment
