Indian equities outperformed global markets for the second month in a row – Indian equities outperformed for the second month in a row with the Nifty rallying by 7.5% for the month as compared to the Dow Jones which was up by 2.4%. FII flows were positive for the third month in a row at `7,563 crore though it slowed down significantly from `21,831 in June. Markets were also supported by better than expected Q1FY2021 numbers so far led by the IT sector.
Bottom up stock picking will be the key to generate alpha going forward – Though the economy has improved significantly from April and is likely to improve further from current levels over the next few months, there is a possibility of slowdown post the festive season. Therefore, while we remain positive on the markets from a longer term perspective we feel that investors should be judicious in their stock selection from here on and should focus on companies with high quality business franchises which have strong revenue visibility going forward.
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