In our continued effort to provide you information about Indian and domestic market , we are pleased to bring to you the House View for October, 2010.
Equity
· The street now estimates earnings growth of 30% for FY11 and 21% for FY12.
· Most sectors are trading at between their historic average and one standard deviation higher.
· Mid-cap valuations have risen to near all-time highs, and the valuation differential with large caps has narrowed significantly.
· On the valuations front, India is the most expensive market in the EM pack.
· The market's next trigger would be the September quarter earnings season.
Debt
· The inflationary pressures remained the dominant concern and the government is taking steps to contain inflation.
· The GOI announced a lower borrowing program of Rs. 1.63 lakh crore for the 2HFY11 and increased the foreign investment limit in debt to US$ 30 bn.
· Hike in FII limit for investment in G-Sec and Corporate Bonds also helped the sentiment and benchmark bond closed at 7.845%.
· We expect the benchmark to trade in the 7.8%-7.9%, both G-Sec and credit markets are likely to move in trading range with downward bias.
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1 comment:
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