Published on 1/06/2020 10:16:54 AM | Source: Religare Broking Ltd

We might see a pause after the recent surge but the bias would remain on the positive side - Religare Broking

Posted in Market Outlook| #Market Outlook #Religare Broking Ltd

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Nifty Outlook

Markets traded with the positive bias for the third successive session and gained nearly a percent. Initially, it opened lower, tracking weak global markets amid US-China tension however it soon trimmed the losses and inched gradually higher as the day progressed. Mostly sectoral indices participated in the move wherein realty, pharma and FMCG topped the gainers' list. The broader indices too witnessed decent traction and gained nearly a percent each.

Markets would react to domestic GDP data numbers on Monday i.e. June 1 which would be released on Friday i.e. 29th May. Further, the US President’s press conference on China amid Beijing-Washington tiff would also be on the radar.

We might see a pause after the recent surge but the bias would remain on the positive side, citing the potential of a further surge in the banking index. Traders should focus more on stock selection while maintaining a “buy on dips” approach.


Stock In News

* KEC International reported decline in its revenue to Rs 3,674 cr as against Rs 3,846 cr in the year-ago period. Its net profit for Q4FY20 declined by 3% YoY in at Rs 193 cr.

* 3M India Q4FY20 sales declined by 9.4% YoY to Rs 673 cr, while its net profit remains flat at Rs 60.1cr.

* Sagar Cements Q4FY20 sales declined by 17% YoY to Rs 304 cr, while its net profit dropped by 93% YoY to Rs 1.3 cr.


Investment Pick

* Crompton Greaves Consumer Electricals (CGCE) reported weak set of numbers in Q4FY20 due to nationwide lockdown.

* We continue to remain constructive on CGCE’s growth prospects given its strong product portfolio, market leadership and increased focus on premiumization office portfolio. Further, its lean working capital cycle, strong cash flow generation and robust return ratios. Make it one of the preferred picks in the sector.


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