Market Update

Thursday 12 July 2018

Free Stock Tips,By TradeIndia Research,Sensex at record high: Sectors which Sundaram Asset Management is betting on

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Sensex at record high: Sectors which Sundaram Asset Management is betting on

CIO of Sundaram Asset Management is positive on the commercial vehicle and ancillary suppliers with a two-year view.



The market had seen a stupendous rally in 2017 with the Nifty rallying close to 29 percent. The Nifty Midcap index surging 47 percent last year followed by record highs in January.
The market corrected less than 10 percent after that but recouped those losses. It rallied over 9 percent to hit a record high on the Sensex and reclaimed the 11,000 mark on the Nifty. The midcap and smallcap indices also corrected 12-20 percent but have started to recover.
The midcap index is trading at a 10 percent premium while the smallcap index is at a 10 percent discount to benchmark indices, S Krishna Kumar, CIO of Sundaram Asset Management, told CNBC-TV18. Given the correction in midcaps and as the market heads into earnings season, he sees momentum picking up in that space.
Kumar is positive on the commercial vehicle and ancillary suppliers with a two-year view.  He is also turning his stance on the building material and consumer durables. "This space was looking weak due to slackness in demand and transition to the Goods & Services Tax. But valuations are looking attractive after a 30-40 percent correction.
The software space has seen a strong rally in the last 12 months on likely improvement in growth and rupee depreciation versus the dollar. "Since the IT story has played out, we would be neutral on the midcap space.
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