Five stocks more than doubled while 20 rose over 50% in first year of Modi's second stint

Investors might have lost about Rs 27 lakh crore in terms of market capitalisation in the first year of Modi 2.0, but five stocks turned multibaggers and 20 stocks rose more than 50 percent in the first year of the Modi government's second stint at the Centre.

The average market capitalisation of the BSE-listed companies fell from Rs 154.43 lakh crore as on May 30 2019 to Rs 127.06 lakh crore as on May 29, 2020.

The Narendra Modi-led government marks the first anniversary of its second term today. The market did hit a record high back in January but the course changed as bears took control of D-Street pushing the index towards crucial support levels.

There are as many as five stocks in the S&P BSE 500 index which turned wealth creators in the last 12 months including names like Abbott India, Navin Fluorine, Alkyl Amines Chemicals, GMM Pfaudler, and Adani Green Energy Ltd.

There are 20 stocks that rallied more than 50 percent since May 30, 2019 in the S&P BSE 500 index that include names like Dhanuka Agritech, Granules India, AstraZeneca Pharma, Ipca Laboratories, Dixon Technologies, and ICICI Securities, etc. among others.

The last year turned out to be a volatile year for Indian markets. Although optimism of the second term of the Modi government also meant pro-growth reforms which helped benchmark indices climb the wall of worries as growth took a hit, along with rising inflation.

Global cues remain muted as the equity investors across the world turned risk-averse largely on account of the US-China trade war, as well as outbreak of COVID-19 which resulted in  shutdown of economic activity not just for India but other countries across the globe.

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Experts bet on 21 scrips to create wealth in coming years

The current situation where the world is grappling with outbreak of coronavirus, the economic impact of lockdown across economies is making a dent on global market performances.

Many experts say it is time to pick big and strong companies from the pack and add them to your portfolio.

"The COVID-19 hit has generated great opportunities for everyone to invest in quality business models at attractive valuations. This opportunity is being presented to investors after 12 long years and should not be missed. Investors should focus on investing in right economy, right Sector, 

The benchmark and broader indices are still in negative terrain with Nifty50 falling 23 percent and Nifty Midcap index 25 percent year-to-date.

Experts also feel once the lockdown opens in coming weeks, all industries will gradually back to normal levels in coming months which could be reflected in earnings and economies probably in second half of FY21, especially after the financial package of nearly Rs 21 lakh crore announced and expectations of one more package for demand revival by the government.

"Amidst this gloomy backdrop, gradual opening up of the economy provides a silver lining. Thus, we believe the interplay of health and economic crisis would hold the key to markets in the near term," Motilal Oswal said.

Hence, Aashish Somaiyaa, MD & CEO at Motilal Oswal Asset Management Company advised that one should avoid panic and remain invested.

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Yes Bank exits F&O segment, no new contracts to be available for trading from May 29

It was the last day for Yes Bankin the Futures & Options segment on May 28.

At close, the stock was down 2.17 percent to close at Rs 27 on the National Stock Exchange.

The NSE in its circular dated March 6 had said that no futures and options contracts shall be available for trading in Yes Bank from May 29 onwards.

After the lender failed to raise required money in a period of one year, the Reserve Bank of India had dismissed the board and taken the charge of Yes Bank on March 5.

After infusing Rs 10,000 crore by SBI and other private financials, the RBI on March 18 had handed over the charge to new board members.

The RBI in its release had said, "The financial position of Yes Bank has undergone a steady decline largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors and withdrawal of deposits. The bank bas also experienced serious governance issues and practices in recent years which have led to a steady decline of the bank."

Yes Bank stock price lost more than 80 percent of its value in last one year and it has been in a range of Rs 22-30 since April.

The crisis-ridden private sector lender posted a net loss of Rs 3,668 crore in the quarter ended March 2020 on account of higher provisions. The loss was more than doubled compared with the Rs 1,507 crore loss reported in a year ago period.

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Sensex rallies nearly 1,000 points; Nifty above 9,300

After two straight sessions of fall, Indian markets witnessed a breakout on May 27 as the bulls pushed the S&P BSE Sensex by over 1,000 points to close above 31,000 while the Nifty reclaimed the vital 9,300 level.

Easing of restrictions and the gradual resumption of business activity in India and across the world raised investors’ hopes of the economy getting back on track, say experts.

Positive global cues in terms of fresh stimulus hopes from EU as well as Japan lifted sentiment while renewed US-China tensions over Hong Kong tempered optimism about a global economic recovery capped the upside, a Reuters report said.

Clocking their best day of the month, the Sensex ended 995 points higher at 31,605 and the Nifty50 rose 285 points to close at 9,314.

All sectoral indices were in the green and institutional buying in banking stocks helped the bank index gain more than 7 percent, say experts. The volatility is expected to continue ahead of F&O expiry on May 28.

Sectorally, action was seen in banks, finance, IT, metals, capital goods, and energy stocks while profit-taking was seen in healthcare stocks.

Most banking stocks post biggest single-day gains in nearly two months. The Nifty Bank advanced 1,270 points to 18,711, to record its best trading day since April 7.

The broader markets, however, underperformed the benchmark indices. The S&P BSE Midcap index rose 0.54 percent while the S&P BSE Small-cap index rose 0.27 percent.

Top Nifty gainers included HDFC Bank, Grasim Industries, Wipro, ICICI Bank, and Axis Bank.

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Indian rupee settles 29 paise higher at 75.66 against US dollar

The rupee appreciated 29 paise to close at 75.66 against the US dollar on Tuesday tracking weakness in the American currency, while easing of COVID-19 lockdown measures fuelled growth optimism.

At the interbank foreign exchange, the rupee opened at 75.69, then gained ground and finally settled for the day at 75.66, registering a rise of 29 paise over its previous close.

On Friday, rupee had settled at 75.95 against the US dollar.

Forex market was closed on Monday for Id-Ul-Fitr.

During the trading session, the rupee witnessed an intra-day high of 75.62 and a low of 75.74.

Forex traders said weakness of the US dollar against other currencies overseas and easing of lockdown restriction across the world boosted investor sentiment and supported the local unit.

In the equity market, domestic bourses pared initial gains and were trading on a negative note with the benchmark Sensex down 151.66 points at 30,520.93 and broader Nifty 41.65 points lower at 8,997.60.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.44 per cent down at 99.42.

Meanwhile, foreign institutional investors were net sellers in the capital market, as they sold equity shares worth Rs 1,353.90 crore on Friday, according to provisional exchange data.

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Two months of lockdown: Sensex gains 15%, 45 BSE500 stocks rally over 50%

The nationwide lockdown has completed two months, but gradually there has been easing in lockdown measures in green and orange zones with strict guidelines, including compulsory wearing of a face mask.

On the contrary, the new infections have been consistently rising as India reported more than 1.3 lakh confirmed infected cases with more than 3,800 deaths.

This remains a risk for the market and as a result, the upside for benchmark indices remain capped. Nifty50 has been moving in a wide range of 1,000 points after showing strong recovery from March-lows, and failed to surpass 10,000-mark yet, while the BSE Sensex has been ranging in 3,000 points.

The BSE Sensex gained 20 percent from March lows, and rallied 15 percent during the lockdown period so far. BSE Midcap index rose 14 percent and Smallcap surged 18.5 percent. Majority of sectoral indices gained in double digits but Bankex rose just 1.4 percent and realty index fell 3 percent.

Talking about stock-specific action, 65 percent of all BSE stocks traded in the green. Meanwhile, 80 percent of scrips in the BSE 500 index traded higher. Of which 300 stocks witnessed double-digit gains.

The list includes Jubilant Life, Glenmark Pharma, Infibeam Avenues, Alembic Pharma, HEG, Cipla, ICICI Securities, Graphite India, Parag Milk Foods, RCF, Vodafone Idea, ITI, Syngene International, M&M, Muthoot Finance and Rail Vikas Nigam.

Amongst them, top 2 stocks - Aurobindo Pharma and Hathway Cable were multibaggers with gain of more than 100 percent in lockdown period.

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Every stage of market offers opportunities for both bulls and bears: Arun Kumar

Every stage of the market offers opportunities for both the bulls and the bears hence, it is very important to determine which set of sectors or stocks are likely to outperform and then invest accordingly, , Market Strategist at Reliance Securities, said in an interview with Moneycontrol’s ,

The Indian equity market struggled to find support after Monday’s (May 18) steep fall. This action impacted the sentiments such that the leveraged positions shrunk and worries over the normal resumption of economic activity (growth concerns) led to lack of buying interest.

Both buyers and sellers failed to dominate this week. A clear close outside the range of 8,800 and 9,200 is required to determine the next directional bias.

The Bank NIfty is weak on near and medium-term timeframes. The price setup and the oscillators on these time horizons indicate that the trend is down.

However, a failure to hold its previous swing low of 16,116 could lead to a panic selloff.

Since we expect the overall volatility to prevail, investors are better off to select the leaders as they offer both liquidity and relatively lower volatility.

Traders need to tighten their stops, while the investors have to wait for a proper confirmation of a change in trend before committing new funds.

The Nifty 50 index is struggling to find a directional bias. It is broadly moving within a band of 8,800 and 9,200. These levels are crucial.

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RBI’s Friday spoiler, but see more rate cuts on cards: Rusmik Oza

It was a volatile week for Indian markets, but a sharp selloff on Friday wiped out the gains, and both Sensex, and Nifty50 closed the week with a cut of over 1 percent.

D-Street gave a thumbs down to the Reserve Bank of India’s repo rate cut as the interest on the total moratorium period which will be 6 months could get converted into a term loan that could hurt banks and threat of NPA’s will increase, Rusmik Oza, Sr. VP & Head of Fundamental Research at Kotak Securities said in ‘Market Podcast ,

The market is sustaining above 9000 which is a positive sign for investors. As long as we sustain above this level, bulls should remain control, he said.

Oza further added that risk factors are going up as most of the sectors will get hit because of the lockdown. Next month some Rs 60,000 cr of NBFC refinancing is also due.

“We see the possibility of further rate cuts because RBI expects inflation to go down in the second half, and the first half GDP is likely to be in a negative zone. Overall, GDP is likely to degrow by 2 percent,” he said.

The market has been forming a lower top, and lower bottom formation in the last two weeks. “In the coming week, if Nifty breaks above 9150 then the rally could well continue, while at the lower end, 8800 is likely to lend support,” said Oza.

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Market extends gains into third session; experts say trade with caution

Headline indices the Sensex and the Nifty ended in the green for the third consecutive session on May 21, supported by gains in heavyweights such as ITC, TCS, Asian Paints, Maruti Suzuki and Reliance Industries.

The market witnessed mild bouts of volatility due to weekly F&O expiry. Eventually, the Sensex closed the day 114 points, or 0.37 percent, higher at 30,932.90 while Nifty finished with a gain of 40 points, or 0.44 percent, at 9,106.25.

Broader markets outperformed the benchmarks. The BSE Midcap and Smallcap indices settled 0.76 percent and 0.72 percent higher, respectively.

The Indian market traded in the green despite weak global cues. Market experts say that the signs of easing of lockdown after the government's go-ahead to domestic airlines to resume operations may have influenced the sentiment.

However, the market is expected to trade in a range during the coming sessions until further directions from the government about the lockdown.

Ajit Mishra, VP- Research, Religare Broking, is of the view that even though the government has allowed certain economic activities in the fourth phase of the lockdown, it would take time to boost the sentiment on the ground.

If coronavirus cases continue to rise, it would be difficult for the government to further ease the lockdown, which may again derail the possibility of a sustained recovery.

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10 stocks where brokerages have cut target post Q4

The Nifty50 has fallen by about 10 percent so far in May, partly weighed down by dismal results from India Inc. in March quarter and muted management commentary for the rest of the financial year.

Most analysts expect Nifty to remain range-bound in 8000-9900 band based on the analysis of potential earnings cuts for FY21 and FY22.

“Earnings continue to remain under pressure and our analysts have cut earnings estimates; Autos by 23-108% (ex-TTMT); Financials by 9-70%; IT Services by 8-20%; Consumer Staples by about 4-5%; and Energy by 10-30% for FY21 and an average 10% cut for FY22,” Amit Shah - Head of India Equity Research - BNP Paribas told Moneycontrol.

“We observe, however, the street has been behind the curve in terms of earnings cut, and that can further weigh on the market in the near term,” he said.

Shah expects the market to be range-bound in the near term with some downside risk in the range of 8000-9900. "Having said that, we think the worst is behind us and we do not see the market testing the March 2020 lows," he added.

CLSA maintained its buy rating on Nippon AMC but slashed its target price from Rs 380 to Rs 300 earlier. The company posted a sharp drop of 97.6 percent in its net profit at Rs 3.72 crore.

The global investment bank is of the view that volatility will remain which could impact the ability to regain market share. The asset under management (AUM) is down 12 percent led by weak performance in debt, liquid & equity funds.

Volatile markets in March reversed the market share gains. CLSA slashed its FY21/22 earnings by 16 percent but expect 16 percent AUM CAGR over FY20-22.

Morgan Stanley maintained its overweight rating on AU Small Finance Bank post-March quarter results but slashed its 12-month target price to Rs 2155 from Rs 2270 earlier.

The near-term challenges outweigh long-term opportunities, said the note. The company trades at a significant premium to peer small finance banks and private sector banks like ICICI Bank. The company has few levers in terms of capital raise/stake sale in Aavas.

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Bank Nifty sheds 700 points from day's high, staring at March lows

The Bank Nifty has been under pressure over fears for asset quality following the three-month moratorium on repayment of loans, which, some reports suggest, can be extended by another three months.

Experts warn of defaults, as some industries will struggle with repayments due to lack of money and some borrowers may be hit by layoffs, etc.

The suspension of fresh Insolvency and Bankruptcy Code proceedings for a year also added to pressure on the banking & financial space, experts say.

The Bank Nifty crashed 45 percent in three months to hit a new low in March. It recovered 27 percent by April-end but in May, it has been under selling pressure and has consistently underperformed the Nifty.

On May 19, it fell nearly 700 points from the day's high and finally settled at 17,486.25, down 86.95 points. It is around 569 points away from March’s closing lows.

The Bank Nifty formed a bearish candle for the fifth consecutive session on May 19 while in the previous session, it made a Bearish Belt Hold pattern.

Given the pessimism, the index is expected to break its March intraday as well as closing lows soon, say experts.

The Nifty retraced nearly 50 percent of the fall but the Bank Nifty couldn't even retrace 38.2 percent of the previous fall. This

shows that the banking space has an inherent weakness and is likely to witness much deeper cut going ahead, he added.

Structurally, the Bank Nifty has resumed the medium term downtrend; is expected to test the March low of 16,116 in the short term, while the medium term target on the downside is as low as 14,500, Ratnaparkhi said.

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D-St gives stimulus packages a thumbs down; Sensex cracks 1,000 points

It was a Manic Monday on D-Street! The bears took control from the word go and the selling only got extended as the session progressed.

Unimpressed by the stimulus package from the government, investors dumped financials along with auto and real-estate stocks.

Investors lost by Rs 3 lakh crore in terms of market capitalisation on the BSE. The average market capitalisation of the BSE-listed companies dropped from Rs 122.66 lakh crore on May 15 to Rs 119 lakh crore as May 18.

The S&P BSE Sensex plunged more than 1,000 points while the Nifty50 slipped below 8,850 .

From a technical point of view, the Nifty recorded a breakdown on the daily charts, which suggests that pressure could remain in the near term.

“Most measures may be seen as a long-term positive and markets were more worried about the immediate impact of these measures. With concerns about rising NPAs, financials were most affected. Uncertainty is likely to continue impacting market performance.”

Let’s look at the final tally on D-Street: the Sensex plunged 1,068 points to 30,028 while the Nifty50 fell 313 points to close at 8,823.

Sectorally, selling pressure was visible in banks, finance, auto, realty, public sector, and capital goods stocks while some buying was seen in IT stocks.

On the broader markets front, the S&P BSE Midcap index was down 3.8 percent while the S&P BSE Smallcap index plunged 2.9 percent.

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Small & mid-caps shine! These 30 stocks in BSE500 rose 10-30% in a week

It was a volatile week for Indian markets which got off to a strong start but resurgence in trade tensions between the United States and China, second wave of new COVID-19 cases, and uninspiring Rs 20 lakh crore stimulus packages capped the upside.

The S&P BSE Sensex fell 1.7 percent, while the Nifty50 was down 1.2 percent. On the broader markets front, the S&P BSE Mid-cap index rose 0.67 percent while the S&P BSE Small-cap index was up 0.47 percent for the week ended May 15.

There are about 30 stocks in the S&P BSE 500 index that rose 10-30 percent for the week ended May 15 including names such as Ramco Cement, REC, Hero MotoCorp, Bharat Electronics, Mphasis, Bharti Infratel and Mahindra Holidays & Resorts.

The responses to the Rs 20 lakh crore stimulus package was strong as benchmark indices rose by about 2 percent, but the finer details of the package unveiled by the Finance Minister was uninspiring, suggest experts.

“This may solve the temporary liquidity crises, but solvency concerns are still not addressed in a meaningful way,” he said. He further added that despite the infusion of Rs 20 lakh crore by the Government, the Street was disappointed which led the markets to bow down to the selling pressure.

The Nifty50 closed in the red for the second consecutive week amid elevated global volatility. Sectorally, Auto, PSU Banks, and metals outperformed while energy and NBFC underperformed.

The weekly price action formed a bear candle with a sizable upper shadow, indicating profit booking emerged from an upper band of consolidation placed at 9500, as index pared intra-week gains seen on the announcement of the stimulus package.

Experts are of the view that the index is likely to consolidate in a broad range, and a breakout above 9,500 could take the index towards 9,800 levels. On the downside, crucial support is placed at 8,800 levels.

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The Market Podcast | D-Street welcomes stimulus measures but could retest lower levels

It has been a rollercoaster week for investors, but bears seem to have gained control once again. The Nifty50 fell 1.3 percent for the week ended May 15.

The fine print of the Rs 20 lakh cr stimulus measures unveiled by Prime Minister Narendra Modi is positive but, might not be enough to fuel market sentiment and Nifty could retest lower lows once again, Dr. Joseph Thomas, Head of Research - Emkay Wealth Management said in an exclusive ‘The Market Podcast’.

Historically speaking, even in the Great Depression, the US market fell in the first phase, and then recovered and then it fell again before it could move up to record highs, he said.

For Indian markets, Joseph is of the view that the market could retest lower levels again, and then reverse the trend. There is an overarching influence of global factors as well which are impacting D-Street.

The announcement made by the Finance Minister, the first in a series, contained several measures targeted at improving liquidity and credit flow into MSMEs and NBFCs and smaller businesses.

This assumes greater importance due to the fact that it is these segments that have been adversely impacted due to the lockdown.

“These measures will go a long way in instilling confidence in banks, financial institutions, and investors in supporting the sections of business which actually require aid and help,” said Joseph.

He further added that the measures are more of a supply-side and there is very little that is on the demand side. Probably, the future announcements may contain a more balanced coverage of demand and supply-side factors.

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10 stocks that moved the most on May 14

1 :-  The Indian stock market started the day on a negative note tracking its global peers and entended the loss as the session went by. Sensex was down 885.72 points or 2.77 percent at 31,122.89, and the Nifty shed 240.80 points or 2.57 percent at 9,142.75. About 960 shares advanced, 1,334 shares declined, and 151 shares are unchanged. Here are the 10 stocks that moved the most today:

2 :-  Reliance Industries | The stock fell over 4 percent as the company’s share was trading ex-right today. On April 30, the company announced fundraising by way of rights issue along with its Q4 FY20 numbers. The company had announced fundraising of Rs 53,125 crore via 1:15 rights issue and fixed May 14 as the record date. One share will be offered for every 15 shares held at Rs 1,257, a 14 percent discount to the closing price for April 30. 

3 :- Godrej Consumer | The stock jumped over 5 percent after Global research firm Jefferies maintained a 'hold' rating on the stock, with a target of Rs 550 per share. On May 13, the company had reported more than a 75 percent drop in consolidated net profit at Rs 229.90 crore in the fourth quarter ended March 2020, hit by disruptions in sales because of the coronavirus outbreak.

4 :-  Maruti Suzuki | Share price gained over a percent after Jefferies maintained a 'buy' with a price target of Rs 6,000. The auto industry will see a strong rebound in 2022 on a low base after two years of plunging sales. Replacement cycle will kick in given the rising age of vehicles. Estimates earnings per share will grow 35 percent in 2022, it said.

5 :-  Lupin | The share price was up 2 percent after the company said that its facility in Vizag, Andhra Pradesh, has received the inspection closure report from the US health regulator. The inspection for the facility was conducted by the United States Food and Drug Administration (USFDA) during January 13-17, the company said.

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Sensex, Nifty wipe out stimulus gains; 5 factors weighing on market

A day after logging 2 percent gains, equity benchmarks the Sensex and the Nifty plunged nearly 3 percent on May 14, mainly on account of profit-booking following weak global cues.

The Sensex wiped out all gains it registered after Prime Minister Narendra Modi announced a stimulus package of Rs 20 lakh crore on May 12.

Sensex plunged 886 points, or 2.77 percent, to 31,122.89, while Nifty cracked 241 points, or 2.57 percent, to 9,142.75.

Even as Finance Minister Nirmala Sitharaman on May 13 shared the details of the first tranche of Rs 20 lakh crore relief package, investors are looking for more clarity before assessing the impact of the stimulus on the economy and the market.

Top global brokerages believe the move is positive but the implementation of these measures will be vital to improving the flow of credit.

The FM will at 4 pm on May 14 share more details of the stimulus, which is said to be around 10 percent of India’s GDP.

“The comprehensive range of announcements made by the Finance Minister under Aatma Nirbhar package, yesterday, focused on MSME sector, easing of credit flow and liquidity in the financial system, lending a helping hand to industry, kick start production, protect jobs and increase funds' disposal at the hands of the common man,” said Aamar Deo Singh, Head Advisory, Angel Broking.

"However, more is expected today too, with the focus now shifting towards agriculture, which employs more than 50 percent of the workforce and also, retail traders which form a sizeable chunk. Apart from this, any steps taken to alleviate the sufferings of both industry and masses is more than welcome."

COVID 19 :- 

India’s count of confirmed coronavirus cases has risen to 78,003. The rise in infections despite an almost two-month lockdown has investors worried over with fears of a huge economic fallout.

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Stimulus package announcement | Overall positive but don't expect a big rally on Thursday: Experts

The Indian equity market may trade in positive territory on May 14, supported by select pockets such as PSU banks and NBFCs after the Finance Minister Nirmala Sitharaman's announcement regarding the NBFCs, MSMEs and real estate, experts said.

Experts, however, added that a clear picture will emerge only after the FM is done with all announcements and the market till then may trade in a balanced way.

"The market has reacted positively even before the announcements, but we have to wait for more announcements to get a clear picture. It looks to be a good beginning but the market will want to look for more announcements coming in the next few days. NBFCs, power sectors will be benefitted from these measures, and real estate got a huge relief. Overall, these measures will not lift the market mood, but some pockets will see get some strength," said Nilesh Shah, Founder and CEO of Envision Capital, talking to CNBC-TV18.

While the FM's announcements may influence the mood of the market, the benchmark indices may not see a surge as they are driven by large private sector banks which are not likely to gain much from the FM's announcements.

"The index is driven by large private sector banks and the measures announced by the FM is more beneficial by PSU banks. Overall, however, it will have a positive rub off on the entire market," said Pankaj Pandey, Head of Research at ICICI Securities.

Gaurav Dua, Senior VP, Head Capital Market Strategy & Investments at Sharekhan by BNP Paribas said the equity market is expected to appreciate the measures and not celebrate it with a big surge due to two key uncertainties - the mechanism to fund the relief package and quantum of immediate outflow from the government coffers.

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Morgan Stanley says Tata Consumer, IGL likely to be added in June

Global brokerage house Morgan Stanley feels five stocks - Tata Consumer Products, Indraprastha Gas, Torrent Pharmaceuticals, Biocon and Muthoot Finance - are likely to be included in the MSCI India Index with effect from June 1, 2020.

From the list of these 5 stocks, Tata Consumer Products stands higher chance of inclusion, said the investment firm in its research note on May 8.

In case of Indraprastha Gas and Biocon, there is a medium probability of addition, while Muthoot Finance has low probability of inclusion in the index.

Using the MSCI framework, Morgan Stanley has short-listed above stocks that meet the criteria to be included in the MSCI India Index. The most important conditions to be met are full market-cap and free float market-cap.

MSCI Inc, a leading provider of research-based indexes and analytics, is due to announce the results of its semi-annual index review on May 13, including a list of stock additions and removals along with changes in weightings.

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These 15 stocks from 5 sectors can create value for shareholders: Motilal Oswal

Pharma sector has come out of 3-4 years of base formation. Opportunity is huge both in US and India. Companies by and large are debt-free and reasonably valued across valuation parameters. It would surely be advisable to have an exposure to pharma sector, Hemang Jani, Head - Retail Equity Strategist, Motilal Oswal Financial Services said in an interview to Moneycontrol's Sunil Shankar Matkar.

Pharma sector has come out of 3-4 years of base formation. Opportunity is huge both in US and India. Companies by and large are debt free and reasonably valued across valuation parameters. It would surely be advisable to have exposure to pharma sector in portfolio.

It's difficult to gauge if market can move past Nifty 10,000 levels. As lockdown mode could continue and the government's ability to come out with an aggressive bailout package is limited, it's difficult to make out a case for big upside in the short run.

With uncertainty in demand due to the effects of COVID-19 along with an impact on the financial health of companies, stock prices are factoring in the potential cut in earnings estimates for FY21.

Considering the discretionary nature of autos, recovery of stocks would be a function of improving demand visibility from the impact of BS6/COVID-19. We expect volume recovery only from September 2021 for 2Ws /PVs, while CVs would be even more back-ended.

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Gold to struggle around $1,700 per ounce on US dollar firmness

Gold has largely witnessed directionless trend since testing the 2012 highs last month. While global growth worries, loose monetary policy stance of central banks, and steady ETF inflows have kept prices underpinned, general strength in the US dollar and lifting of virus-related restrictions has limited upside. Price is now struggling to hold above $1,700 per troy ounce level.

In the last two weeks, gold has closed thrice below $1,700 an ounce level and all the rebounds have failed to sustain so far.

Gold and US dollar have both been seen as safe-haven assets this year. With easing virus restrictions across the globe, gold seems to have lost its safe-haven appeal but US dollar has continued to rule firm.

The strength in US dollar is not justifiable given the weaker US economic data; Fed’s do it all approach and rising virus cases. US ADP jobs report released Wednesday noted a sharp 20.2 million decline in private-sector jobs in the month of April. US Fed has already cut interest rate to record low levels and has maintained that it is willing to take all possible measures. As per John Hopkins update, virus cases in US have risen to 1.22 million while death toll has jumped to 73,400. US share in total cases and deaths stand at a staggering near 32 percent and 27 percent respectively.

The likely reasoning for the strength in the US dollar is worsening outlook for European and other economies. A spare of disappointing economic data and downbeat growth forecast and uncertainty about European Central Bank’s bond purchases have fueled concerns about health of the economy and pulled euro to near two week low.

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