India Morning Report: Portfolio inflows, Infrastructure Refinance and that Nifty 50 bet

India Inc has a lot of future restructuring headed instead for the refinancing pipeline as take out financing became easier this month, as ET mentions aINR 300 Bln changing hands and freeing banks to lead the cyclical upturn Bonds in the meantime have stucj on to 8.5% in the new 10 year bond again after a not so easy Central Bank statement even as long term inflation expectations settled down and a 8% CPI can comfort from the price cuts in Petrol. Global oil supports our currency unwittingly as it heads to its lowest levels and US bonds are set to drop below 2% yields with equities buoyant globally and thus leaving Indian equities on the top of the game.

The Trade deficit was a lot more respectible as we completed 12 months of curbs and Gold imports were down 25% along with downticks in Iron ore and Silver that I hope were more of a nature of cyclical corrections in demand. Hindalco and ONGC had good reasons for profits to not keep pace with the topline and Options traders continue to look at a rosy prognostication for August closing after Janamashtami celebrations tonight. 

I’ll be buying banks again through this cycle depending on Yes Bank and IDFC to provide quicker coverage of range when indices move right and out of the new 7800 clamps holding them in for some time. There is no real policy change for India inc from the Modi government and the uptick is going to last more than a decade and a half



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