EQUITY MARKET OVERVIEW
The market staged a smart recovery during the week resulting in a more than 4% gain on the Nifty. Larsen and Toubro Oil marketing companies and Banks were the major contributors to the rally. The Nifty now is in a positive territory year to date. However, the Midcap index still hovers in the negative.
Global uptick in equity markets was the major driver for the Indian markets. Strong buying by FPIs and Indian institutions also helped.
Morgan Stanley has upgraded India in its emerging market portfolio to overweight.
The gains in the market were driven mainly by Larsen and Toubro which guided for a 15% increase in order flow next year as well as bottom fishing in banking stocks.
Going forward onset of monsoon would be the key growth driver for the markets. The market closed at 8156, much above the 8000 mark and could take a breather at these levels.
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|Scheme ||Current NAV ||Div. % ||Record Date|
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|BNP Paribus Equity Fund(D)||16.46||10%||May 27, 2016|
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