It's Diwali again and traders are busy gearing up for the customary 'Muhurat trading', a tradition unique to India where markets open for a short while in the evening on the day the country celebrates the festival of lights.
Indian markets open each year to let traders make the auspicious Muhurat trade as the ring in the new Samvat. It is on this day that traders often reflect on the year that went by and see how they fared since the last Deepawali.
This year from one Deepawali to another, there's not much to write about. Indian markets traded close to their all time highs last year when traders took their Muhurat punts and this time they are way off those high levels.
The Indian markets are currently going through tumultuous times once again in a short span of three years from low's of 2008 in the backdrop of global concerns.
The markets seem to have come to terms with the fact that, in light of such constraints, India's GDP growth is likely to be more like 7-7.5% in the near term rather than the aspired over 9%.
According RBI's recent policy statement, India's GDP growth decelerated to 7.7 per cent in Q1 (April-June) of 2011-12 from 8.8 per cent a year ago, and 7.8 per cent in Q4 of 2010-11. The slowdown was on account of slower growth in mining, manufacturing, construction and 'community, social and personal services'.
Here are top mid-cap picks by analysts and brokerage houses that investors may use it to invest in 'Samvat 2068'
1) Sintex Industries
2) Bajaj Electricals
6) Balmer Lawrie
7) Yes Bank
9) Aditya Birla Nuvo
Source:Economic Times, Oct 26, 2011