Financial Daily from THE HINDU group of publications
Tuesday, Mar 28, 2006
Financial Daily from THE HINDU group of publications Tuesday, Mar 28, 2006 |
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Markets
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Outlook Angel Broking upbeat on bull run Our Bureau
"I strongly feel that there is no case for any major correction at this juncture."
Hyderabad , March 27 Notwithstanding the bearish expectations of players such as Merrill Lynch and Morgan Stanley on the Indian stock markets, Angel Broking Ltd (ABL), one of the country's top-five broking firms in terms of daily trading volumes, said it is upbeat on the current bull run. Addressing retail investors and stockbrokers here recently, the ABL Managing Director, Mr Dinesh Thakkar, reassured the audience of the robustness of the current bull run. "This is because it is based on strong fundamentals of the Indian economy as well as steady growth in corporate earnings. The Indian markets are in the midst of a secular bull run that is likely to last for a decade or more," Mr Thakkar said.
No case for correction
He refused to subscribe to beliefs that the markets would undergo a major correction. "I strongly feel that there is no case for any major correction at this juncture. "While it was the funds flow from FIIs all these days that fuelled the bull run , we are expecting significant funds flow from the domestic investors as well into the market to keep up the momentum," he said.
Mid-caps participation
Stating that the mid-caps did not participate adequately in the recent bull run wherein the Sensex appreciated by around 40 per cent from October last, the ABL Chief Investment Officer, Mr Rajen Shah, said "Going forward, we believe mid-caps will outperform the frontrunners. Of course, we are not referring to all the 4,500-odd mid-caps. We mean only those mid-caps that have sound fundamentals with decent managements." Further, Mr Shah said ABL is bullish on several sectors including cement, energy, agri business, agro-chemicals, fertilisers, tractors, hotels, MNC pharmaceuticals and FMCG.
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