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Concerns abroad, but silver lining at home

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Markets had a mixed week with global cues playing spoilsport, as a Republican proposal to deal with a failed to get enough support, deepening uncertainty over how the US can avert the ‘fiscal cliff’. On the local front, there was some news to cheer about on hopes that the central bank would ease key interest rates at its next policy meet in January and shift focus on growth. Another silver lining was global rating agency ’s’ expectation that India is likely to grow by 6.5 per cent during 2013.

Five of the six fund managers were active for the week (December 17- December 21)

Sr VP (Equity Research), Anand Rathi Financial Services
Prabhakar added J K Cements, LIC Housing Finance and Natco Pharma during the week, while he sold off Bajaj Corp with 19 per cent gains.

According to Prabhakar, markets may remain range-bound, but if the Nifty breaks on the upper range, then 6,000 and 6,150 are the levels to look out for. On the downside, if the index drops below 5,800, only weakness can be expected, as a bearish gartley pattern has been formed and 5,500 levels cannot be ruled out. He continues to remain stock-specific and his top holding, as of now, are his favourite picks.

Commenting on his latest addition of LIC Housing Finance, which can be termed as the proxy player of Indian housing sector growth, he says the company’s strong loan portfolio, coupled with competitive lending rates with widespread reach and strong parentage, will enable the company to gain an edge over its peers.

Top holdings Cost
price (Rs)
price (Rs)
(Rs lakh)
Reliance Capital  450.07 463.85 1.02
Karur Vysya Bank  482.20 508.55 1.01
P & G Hygiene and Health Care  2575.42 2517.45 1.00
Dr Reddys Laboratories  1903.90 1821.00 1.00
Bajaj Corp  202.45 231.90 0.93
Total investments     10.64
Cash      0.44
Net worth     11.08

His current top holdings include Bajaj Corp, Karur Vysya Bank Procter and Gamble Hygiene and Health Care, Reliance Capital and Dr Reddy’s Laboratories.

Prabhakar’s net worth is at Rs 11.08 lakh, up 10.83 per cent

Head, Technical Research, Angel Broking
Shardul made a few changes in the form of adding Tata Chemicals, Tata Steel and Bank of Baroda. On the other hand, he realised 19 per cent gain in Jindal Steel and Power.

His view on the market remains bullish, as he opines that by mid-January, Nifty should ideally test 6,100 on the back of strong foreign institutional investor (FII) inflow’s and a fall in the US dollar index.

He has added Bank of Baroda and Tata Chemicals on technical basis. Playing the metal theme, he took position in Tata Steel, as the charts suggest a potential upside.

Top holdings Cost
price (Rs)
price (Rs)
(Rs lakh)
Reliance Industries  845.62 825.25 1.11
CEAT  108.27  106.85 1.06
Tata Chemicals  341.35 341.05 1.02
Escorts  67.67 69.15  1.00
Apollo Tyres  87.12 87.00 0.99
Total investments     10.86
Cash      0.56
Net worth     11.42

His top holdings include Tata Chemicals, Reliance Industries, Apollo Tyres, Ceat and Escorts.

Kulkarni’s net worth is at Rs 11.42 lakh, up 14.24 per cent.

Fund Manager, Centrum Wealth
Naveen was inactive for the week. His current top holdings include Karur Vysya Bank, MRF, ITC, Nesco Ltd and Reliance Capital.

Even though inactive, his positive stance on the markets continues, as the valuation at PE 14 on 2014 estimated earnings looks comfortable. Another plus he believes in is the continuous monetary easing in the US, Japan and the UK, which will ensure liquidity. He is most positive on old private sector banks, which are attractively valued, as merger and acquisition prospects have improved after the Banking Regulation Amendment Act’s passage in Parliament.

Top holdings Cost
price (Rs)
price (Rs)
(Rs lakh)
Karur Vysya Bank  394.99 508.55 1.29
MRF  10603.13 12452.25 1.24
Reliance Capital  412.68  463.85 1.10
ITC  266.98 287.05 1.09
NESCO  686.71 749.65 1.08
Total investments     10.28
Cash      1.03
Net worth     11.31

Fernandes’ net worth is at Rs 11.31 lakh, up 13.09 per cent.

CMD, CNI Research
Kishor had a single transaction this week, which was a buy on Lakshmi Vilas Bank. His current top holdings include Tata Steel, Karnataka Bank, Century Textiles and Industries, BF Utilities and Siemens.

Commenting on the markets this week, Ostwal was of the view that rolls created volatility, as the Indian derivative system has no physical settlement contrary to global standards.

Explaining his latest buy—Lakshmi Vilas Bank—he defended that the bank with nearly 300 branches is attractive after the banking regulation act was passed, as the stock is trading at 1.1x book value which is grossly undervalued.

Top holdings Cost
price (Rs)
price (Rs)
(Rs lakh)
Tata Steel  400.50 430.70 1.07
Century Textiles & Industries  368.22 407.90 0.81
Karnataka Bank  118.50 161.30 0.81
BF Utilities   400.30 336.00  0.67
Siemens  691.67 659.40 0.66
Total investments     6.63
Cash      3.99
Net worth     10.62

Ostwal’s net worth is at Rs 10.62 lakh, up 6.22 per cent.

Fund Manager, Emkay Investment Managers
Shah only added ICICI Bank and Zee Entertainment Enterprises during the week.

His current top holdings include Cipla, IDFC, Biocon, Divis Laboratories and PTC India.

Top holdings Cost
price (Rs)
price (Rs)
(Rs lakh)
Cipla  377.57 419.75 1.04
PTC India  65.83 73.40 0.73
Biocon  288.10 280.00 0.70
IDFC  135.14 169.00 0.59
ICICI Bank  1033.34 1123.90 0.56
Total investments     9.29
Cash      1.98
Net worth     11.27

Shah’s net worth is at Rs 11.27 lakh, up 12.70 per cent.

Sr VP and co-head equities, Motilal Oswal AMC - PMS
Badshah included several new names like Sterlite Industries, Cipla, ICICI Bank and United Spirits to his portfolio, while he exited TV18 Broadcast, Multi Commodity Exchange of India and Bajaj Auto with gains ranging between three and 14 per cent. Badshah is of the view that markets will see some sideways movement for the next few weeks. He also added that his buys this week were a ‘buy on dips’ move.

Top holdings Cost
price (Rs)
price (Rs)
(Rs lakh)
Maruti Suzuki India  1,332.81 1,504.90 1.12
United Spirits  1,186.35 1,934.15 0.93
Wockhardt  1,351.67 1,560.10  0.70
State Bank of India 2,005.45 2,334.45 0.70
Bajaj Corp Ltd 193.90 231.90 0.69
Total investments     11.68
Cash      0.36
Net worth     12.04

His top holding, as of this week were Maruti Suzuki, United Spirits, Wockhardt, State Bank of India and Bajaj Corp. Badshah’s net worth is at Rs 12.04 lakh, up 20.38 per cent.

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