Indian indices slipped to the day’s low as Asian markets hit seven-month low on China jitters. S&P BSE Sensex declined 320 points to trade at 52,5000 levels while the broader Nifty50 was at 15,720, down 110 points. BSE midcap and smallcap indices were down 0.5% each. Except metal, all other sectoral indices were trading in the red in the afternoon trade. Likhita Chepa of Capital Via Global Research spoke to Money9 on the concerns markets are facing.
“Markets have been consolidating in a tight range and global markets are not supportive causing the decline”, she said. She also said the earnings so far have not helped in a rally in markets. Although the increased activity in the IPO market is unlikely to cause the declines. In fact, the profit booking by institutional investors could be a reason.
For investors looking invest keeping earnings momentum, she believes one can look at L&T to play the infrastructure story. On the IPO space she said, “Investors with high risk appetite can stay invested in Zomato post listing gains. Between the new IPOs Glenmark Life and Rolex Rings, one can invest in the former for both listing gains and for the long term.”
Auro Pharma | Buy | Target: 1100 | Duration: 15 months
HCL Tech | Buy | Target: 1165 | Duration: 15 months
HUL | Buy | Target: 2720 | Duration: 18 months
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