Indian Indices Trade at Lifetime Highs; Realty Stocks Witness Buying

Thu, 11 May 11:30 am

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After opening the day marginally higher, share markets in India have continued their momentum. Sectoral indices are trading on a positive note with stocks in the metal sector and realty sector witnessing maximum buying interest.

The BSE Sensex is trading up 95 points (up 0.3%) and the NSE Nifty is trading up 38 points (up 0.4%). The BSE Mid Cap index is trading up by 0.4%, while the BSE Small Cap index is trading up by 0.5%. The rupee is trading at 64.56 to the US$.

As per a leading financial daily, foreign institutional investors (FIIs) have trimmed their positions in the index futures Nifty to their lowest levels since January-end on the back of uncertainty about the near-term market prospects.

Also, relative to India's market capitalisation, foreigners are less enthused about India compared to some other emerging market countries, as can be seen from the chart below.

FIIs Not Very Bullish at the Moment

One of the reasons for the above development has been the failure of earnings to catch up with valuations.

So far, the indices have rallied about 12% this year. If FII flows continue at the current pace and the markets absorb the huge flows, it could result in a bubble.

The only way that can be avoided will be due to a pickup in earnings. Our Sensex 40,000 call is based on the same premise.

However, despite the above developments, domestic investors are taking a prominent position in equities. Also, a surge in mutual fund inflows has reduced vulnerability of the Indian share market to foreign fund flows, says a report from the Deutsche Bank.

This can be seen from the ongoing rally in Indian share markets.

Benchmark indices are trading at record high levels at present levels.

This brings us to the question of how can one make money in a rising market?

We believe a few super investors could provide the clue. These are the guys who've beaten the markets black and blue and have an eye for multi bagger stocks.

With respect to which super investors to follow, my colleague Kunal and Rohan have could be of great help courtesy their project, The Superinvestors of India.

To know more about these superinvestors and their stock picking approach, download a free copy of -  The Super Investors Of India.

Speaking of superinvestors, Rohan has released a detailed note on all the key takeaways from Warren Buffett and Charlie Munger from the latest Berkshire AGM.

You can access the note by clicking here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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