There is a high probability that market could make a top and
then tread in a range till the Budget as Nifty is trading at extremely high
valuations with upwards of 29x PE on the higher end of the band,
NEW GOVERNMENT &
PORTFOLIO ALLOCATION Putting rest to all
speculation, the President of India on Friday released the portfolio details of
new Cabinet, a day after Narendra Modi took
oath as the country's 16th Prime Minister.There were expectations
that Amit Shah, a seasoned stock broker and a key architect of NDA's victory
for the second consecutive time will be handed over reigns of the Finance
Ministry. This is after Arun Jaitley expressed his desire to stay away from any
role in the new government citing health reasons. However, Nirmala Sitharaman
has been appointed the new Finance Minister, while Amit Shah will handle the
Home Ministry. Smriti Irani, who was
expected to be awarded handsomely for defeating Rahul Gandhi in Amethi, has
been made the Minister of Women and Child Development and Minister of
Textiles. Jagannadham Thunuguntla, senior vice-president
and head of research (wealth) at Centrum Broking said the portfolio allocation
removes the ambiguity surrounding it, and hence, is good for the market
"in a sense".Global brokerage firms remained positive on state-owned oil & gas exploration company ONGCdespite a weak Q4 show, with CLSA expecting a big re-rating on the stock.
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