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HPCL, BPCL, IOC, InterGlobe, SpiceJet likely to be in limelight today

One has to look at those stocks individually, and buy fundamentally strong stocks as valuations for such are really attractive

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1. Bull market or bear market today?

Nifty managed to cross the 11000 mark after media reports suggested that the government is likely to roll back the recently imposed higher taxes on FPIs. Any further clarification on the same will impact the market accordingly.

2. Stocks likely to be in the limelight today?

Globally, the economic slowdown has pulled down oil prices to a seven-month low to around $57/ barrel levels. Such fall in oil prices will be positive for oil marketing companies such as HPCL , BPCL and IOC and also for the airline companies like InterGlobe Aviation and SpiceJet. 

3. Sectors likely to impact the market today?

The representatives of the automobile industry, who met the finance minister, have discussed for a lower Goods & Services Tax (GST) and a higher depreciation rate to tide over the current crisis. They also focused on the need for a host of other measures to help the sector ride out the rut. Auto stocks were showing positive signs on Thursday, will be in focus for Friday as well.

4. Your mid-term view?

Right now we are going through pain. But we could get some massive action from the government side. There could be some bounceback in anticipation of rollback of FPI surcharge. Domestic institutional investors were mostly net buyers in August in eight out of the last ten years. We should not wait for the index to go to the bottom. There will be some stocks which would have already bottomed out. One has to look at those stocks individually, and buy fundamentally strong stocks as valuations for such are really attractive.

Siddharth Sedani, vice-president - equity advisory, Anand Rathi Shares and Stock Brokers

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