Key Points
So, Aurobindo, Lupin and Sun Pharma on declines could be a very good basket..
We think that the largecap pharma is a very comforting space given that IT still has some of the headwinds, pharma as a proxy to a weak rupee and a stronger dollar becomes a very good alibi..
With this fall in yields and better credit which we expect to expand faster than normal, HDFC Bank becomes a very good long-term and a slightly medium-term play..
I do not rule out Bank Nifty going back to test 46,000 in this month itself and I would be very bullish on select banks like AU Bank, IDFC and RBL Bank which are three banks where we are taking exposure and we think can outperform..
So, REC, PFC, NTPC are three names which come to light and they already have extremely good sovereign ratings and those stocks have moved up very sharply because the yields on their return will fall and they will be the ones which will be first off the index.. Secondly, like you rightly pointed out, now will be the opportunity for a lot of companies to get their debt re-rated, their balance sheets in order and for that what better than the rating agencies which will actually have their back office full of work given that almost 30 billion is being committed or talked about coming into the JPMorgan Global Bond Index and I think this was much overdue..
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