India Morning Report: This 7400 ain’t so high after all..

As long as we stay off the Rupee, right! So the IT companies are still falling esp HCL Tech and the morning probably belongs to Financial Services businesses NBFC Large Caps/Mid Caps masquerading as sunrise champions of a new India though I still do not see many lasting propositions in the other Mid Cap performers. LIC Housing Finance and IDFC remain cherished holdings in Institutional portfolios as the coming wave of Fund portfolio additions swipe into the remaining Infrastructure companies and Larger NBFCs like REC excluding construction. M&M seems to be toppling over with the month end data past, but one does not see a trade active in the scrip post the bite from May Sales data.

Maruti’s best could still see it leading both down in the melee to go for 7500 and 25000 without need for unaccomplished plays with no future still strugggling to carve a big play in the blue chips and probably the wrong end of a cross industry funding trade favoring Pharma plays in Glenmark, Divis, though ready pairs are also available in Sun and DRL unable to go up. No good news has been forthcoming on the Ranbaxy buy for Sun either.

ICICI Bank will likely be back in the forefront once the market nears 7500 scores.


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