Top 14 largecap, midcap stocks to bet on ahead of 2019 Lok Sabha polls
Over the past two decades, India has usually done well in the 12 months leading to an election on an absolute basis (three out of five times) and relatively (four out of five times)
It is the election haze when poll uncertainties build up, electioneering noise rises and it is easy for investors to get cautious, but anecdotal evidence suggests that markets have usually done well in the run-up to elections, Edelweiss Securities said in a report.
Over the past two decades, India has usually done well in the 12 months leading to an election on an absolute basis (three out of five times) and relatively (four out of five times), the brokerage said in its report.
India has come a which means its macroeconomic situation has moved from robust to risky. Its micro-economic situation, which was lagging behind all this while, is now looking up. This mix is likely to keep the market going around in circles in the run-up to the election.
We worry on the currency, are ambivalent on the fiscal & rates (but do not expect them to rise) and comfortable on inflation. That leaves the macro reversal at likely collaring the broader market,
its relatively poor performance and the election haze are likely to collar the market (19-17 times one-year forward: 11,500-10,500 on Nifty). It, however, added that the market is throwing up sectoral and stock-specific opportunities and recommended picking them up.
The fact that the impact of specific governments on the market has been diminishing over time indicates that investors should actually scout for investing opportunities rather than steering clear of the apparent overhang.
Midcap picks: AIA Engineering, Cochin Shipyard, Dr. Lal Pathlabs, Equitas, Gujarat Gas, Quess Corp, and SIS.
Largecap picks: Dr. Reddy’s, Infosys, Kotak Mahindra Bank, L&T, M&M, RIL, and Yes Bank
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