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THE MESSAGE FROM RED FORT COULD BE MUSIC FOR MARKETS - HDFC Securities
The Prime Minister in his I-Day speech from the ramparts of the Red Fort Wednesday, reached out to businesses and called for treating wealth creators with respect. Without wealth being created, how could it be distributed he wondered.
We are really thrilled about the implications.
In plain English what it means is that the PM is really inclined to give the risk takers their due in the coming days and the proletariat must understand that it is going to help them in the longer run. The message was as much to the industry as to the masses.
While it would take the next budget to really revive the risk appetite of the industry but some damage control could be on the way in the coming days.
Considering the net decline of 700 points in the Dow over the last two sessions, the SGX quoting just 90 points down in the markets, is good news.
While the trade wars are seeing hardening of postures, the fact the U.S. retail sales have grown in July at 0.7% growth against June’s 0.3% is heartening.
The 2/3rds of the U.S.GDP growth comes from the retail consumption. If that is going well, the ‘R’ word could still be a long way off.
With the Rupee expected to open stronger by 2 paise against the U.S. Dollar, we expect the Nifty to claw back from its early losses.
Approach the markets with a positive mind set.
Cover your shorts and develop a positive stance on the markets. ICICI Bank looks really well placed for a bounce back.
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HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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