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Sectoral analysis of the winners of 2022 shows that Nifty PSU Bank index and Nifty CPSE index have been the top two gainers of the year with an upside of 65% and 19.5%, respectively, so far. On the other hand, the IT index has been the top wealth eroder and has so far lost over one-fourth of its value.
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Motilal Oswal maintained its buy rating on Can Fin Homes with a target price of Rs 630, an upside of 29% from Rs 488 recorded on December 24. Re-rating is still contingent on CANF's ability to identify a successor. Robust franchise and follows a processes orientation approach which has served it well.
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Further, farm income is expected to grow higher on the back of a good Rabi crop season. And inflation pressures are showing signs of easing. Moreover, the persistent COVID-led restrictions in China and major slowdown in Europe has forced companies globally to look for alternate sources and this became a major boon for India.
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Broadly at a portfolio level, calendar year 2022 was more or less flat, however, at the company level, a couple of our top holdings like JK Paper and LT Foods have almost doubled from the last years valuation.
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After showing a range bound movement in the last few sessions, Nifty made an attempt of an upside breakout of the range in the later part of Friday's session and closed the day higher by 64 points. After opening with a flat note, the market shifted in a narrow intraday range for the better part of the session, before showing renewed buying enthusiasm towards the end.
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Shares of Infosys (Rs 16.5 per share), Bhansali Engineering (Re 1 per share), L&T Technology (Rs 15 per share), ICICI Lombard (Rs 4.5 per share), KSolves India ( Rs 4.5 per share) and Steel City (Re 1 per share) will trade ex-dividend.
The company reported a profit before tax (PBT) of Rs 50.8 crore compared to a loss of Rs.2.6 crore in the same period last year and a PBT Rs 52.4 crore in the Jan-March quarter of the last fiscal year. In the first quarter of this fiscal year, the company considered a share-based compensation charge of Rs 6 crore, excluding which the profit before tax was Rs 56.8 crore.
Expect double digit return for Nifty in next 12-18 months: Pankaj Pandey
“As and when the recession or data which is pointing towards recession in the key economy like Europe or US comes out, there will be pressure on the oil prices and that will be very good news for us because that will reduce the FII selling pressure, the inflationary pressure and can lead to double digit returns in the Nifty. We have a target of about 18,700 on the Nifty for the next one year.”
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While short-term texture of the market is still on the bullish side, on weekly charts the Nifty has formed a Hammer candlestick formation, which is indicating further weakness from the current levels," said Amol Athawale of Kotak Securities.