Tue, Apr 30, 2024 10:13 AM
Should Nifty bulls 'sell in May and go away', not return until election
A Flip by Riya Sharma
Foreign institutional investors (FIIs) sold over $3 billion (Rs 25000 crore) in Indian equities in the first half of May, with NSDL data showing that more than 90 percent of the selling concentrated in five sectors: Financial, IT, Construction, Oil & Gas, and FMCG. FIIs divested around Rs 9,687 crore in financial services, Rs 5,574 crore in IT.
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Brokerage firm Nomura has upgraded Vodafone Idea to "neutral" from its earlier rating of "sell," marking the second upgrade for the telecom service provider this month. The brokerage said that Vodafone Idea is set to meet "clear skies ahead" but a long journey remains to be traversed. However, the tempest, or the storm, has largely passed, according to Nomura.
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Axis Securities expects strong earnings growth in FY25 and FY26, ranging between 13 percent and 15 percent, Neeraj Gaurh, a fund manager at the brokerage, told Moneycontrol during an interview. Among sectors, Axis Securities has good exposure to the PSU space in its Contra PMS and owns an oil marketing company (OMC) across all its schemes.
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