Nifty 10,000: So What Next?

Wed, 26 Jul Pre-Open

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History was created yesterday as NSE Nifty breached the 10,000 levels for the very first time.

It finally happened. There's only one thought on everyone's minds. Is this a peak? Can this level hold?

The Nifty hit 10K today but consider this. The index first hit 9,000 in March 2015. It's up about 11% in the last two years and four months. That's just about 4.6% annualised.

Now, this isn't much of an achievement. Even a savings account gives 4% interest. That's why we believe, we haven't seen big celebrations on Dalal Street. Everyone seems to understand that 10,000 is just a number.

They're right.

We still have some way to go before this bull market ends.

Our Sensex 40,000 call implies a Nifty level of about 12,375. Already, brokerages are predicting Nifty 12,000. Dalal Street is warming up to the idea of Sensex 40,000.

BSE Sensex too hit a record high of 32,374 in yesterday's trade. Stocks in the telecom sector rallied the most with Idea Cellular surging by 6.5% as Competition Commission of India (CCI) cleared the merger deal between Vodafone and Idea.

Gold Inch Upwards on Concerns over US Economy

Gold prices hit a one month high in yesterday's trade buoyed by political uncertainties in the US. Mr. Donald Trump's administration has failed to clear key reforms in the senate which has created an atmosphere of political uncertainty. This has also led to the weakening of the dollar index. As gold is seen as alternative investment during times of political and financial uncertainty, there could be a possible upward movement in its prices going forward.

Top Stocks in Focus

The stock of Asian Paints is expected to be under pressure in today's trade as it declared its results for the quarter ended June 2017. The net profits reduced by 20% YoY during the quarter. Further, revenues too reported a flattish growth of 5%. The decorative business registered a low single digit volume growth during the quarter. Further, raw material prices trended upwards leading to a fall in the margins. Volume growth and trajectory of raw material prices would be the key things to watch out for going forward.

Axis Bank too is expected to be in the buzz today. The company reported its results after the markets closed yesterday. The company's net interest income grew marginally by 2.2% YoY during the June quarter. While, net profits declined by 16% YoY on account of higher provisions and operating expense. Gross non-performing asset (GNPA) came in at 5.03% as compared to 5.04% in the preceding quarter. Slippages and asset quality will be the key things to watch out for going forward.

Just Dial announced a buyback of its equity shares at a price not exceeding Rs 700 per share. The stock closed higher by 0.9% at Rs 382 in yesterday's trade. The company will buy back shares for a total amount not exceeding Rs 839.1 million.

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