Quote on Sensex : While inflation & interest rates can still come & haunt the economies & markets Says Mr Devang Mehta, Centrum Wealth
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Quote on Sensex by Mr Devang Mehta, Head- Equity Advisory, Centrum Wealth
"Markets are just 3 to 4 percent off their life time highs. I think, clearly the sentiment along with liquidity & macro plus micro fundamentals are supportive for a long term rally but yes it will have its share of speed breakers & volatility. Clearly the day when US inflation came in at 9.1 percent, a lot more than expectations, markets factored in an aggressive rate hike and moved forward. While inflation & interest rates can still come & haunt the economies & markets, but a confluence of factors including low valuations be it P/E, P/BV, Mcap to GDP, oversold markets, the fall in commodity prices etc helped markets to move northwards. Add to it, crude from130 to 93, is a huge tailwind for our own economy & hence markets. The return of Foreign institutional investors, Credit growth in mid teens for the banking sector, decent monsoon, commentary on impending capex & above all the first quarter earnings season, which did not disappoint the street, were catalysts for this up move. With festive season in India for the next few months, revenge shopping, eating out & revenge travel, a lot of consumption oriented sectors would find favour t & with credit growth and capex coming back, BFSI would also be a beneficiary."
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