The rally gained further momentum in April 2009, driven by better than expected economic data and easing risk aversion that resulted in sustained inflows into the emerging markets. Consequently, the Indian markets outperformed the global markets with the benchmark indices Sensex and Nifty surging by 14.8% and 12.8% respectively in the month. Our portfolio of top picks more or less performed in line with the benchmarks, registering a gain of 13.1% during the period.
We are making three changes in our portfolio of top picks this month. In the FMCG space, we are replacing ITC with Godrej Consumer Products as we expect the mid-tier FMCG companies to significantly outperform the front-line peers in terms of financial performance in the coming quarters.
We are removing Crompton Greaves as the stock has reached our price target and are adding Shiv-Vani Oil & Gas Explorations in view of its strong order book position and the firming up of oil prices. Lastly, we are removing Grasim Industries from our top picks basket, with its stock price closer to our price target, and are replacing it with 3i Infotech, as we feel that compared with the front-line technology companies the tier-2 technology companies would perform better due to the widened valuation gap.
Click here to read report: Sharekhan Top Picks
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