Indian Market Weekly Outlook & Sectorwise Stocks Outlook for the Week - 21.Mar.2016 to 25.Mar.2016
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Share indices are likely to continue the up move in a truncated upcoming week, and market
participants expect National Stock Exchange's Nifty 50 to test 7700 points after it topped a two-month high yesterday.
Next week, Nifty 50 is seen facing resistance at 7600 points, and a breach of this level would begin the start of a new bull market. Yesterday, Nifty 50 ended at 7604.35, up 91.80 points or 1.2% from the previous close. This week, the index has ended 1.2% higher. S&P BSE's Sensex gained 275.37 points or 1.1% to end at 24952.74.
Foreign institutional investors yesterday net bought Indian equities worth 17.13 bln rupees. The
continuous inflow of foreign funds and pick up in the Chinese market has created a positive sentiment in the market. FIIs have been net buyers of Indian shares for the last three consecutive sessions. Markets will remain shutting for Holi on Thursday, and for Good Friday.
The stocks in Pharma (pharmaceutical) sector are witnessing continuous fear from the US FDA (US Food and Drug Administration) division for violation in the best manufacturing practices. This has resulted into reasonable valuations in the entire sector throwing value-based buying opportunities for the long term investors. Yesterday, the stock hit a 52-week low to end at 1,554.40 rupees. Banks are likely to gain next week on expectation of a rate cut by the Reserve Bank of India before its next monetary policy meet in April.
Cement stocks are expected to gain further, due to positive sentiment for the sector, as prices have shown an uptick after a few subdued quarters. Analysts are also upbeat on the sector's performance, as they expect earnings to recover over 2016-18 (Apr-Mar) on volume growth and price stability. Stocks of Welspun India will be in focus, as the Maharashtra government levied value added tax of 5.5% on terry towels in its Budget, yesterday. Marico's shares will also be eyed as the state government increased value added tax on up to 500 ml coconut hair oil pack to 12.5%.
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