The last hour sell off witnessed in the previous trading session on Thursday continues into today’s opening as well, with most of the indices down 0.50%. very clearly, in the absence of FII participation, local market participants seem to be taking some profits off the table, particularly in counters and sectors that have seen sharp run up towards the end of CY13. Banks and Cap Goods particularly are the ones where the profit-booking impulse seems to be sharper, with IT and PHARMA continuing to offer a defensive stance to portfolios. The start of the year has also seen some firming up on the US equity markets and that augurs well for frontline IT Co’s like INFY, TCS, HCLTECH in days to come. Mid caps continue to offer value to the long term investors and any volatility in the markets will offer decent entry opportunities for investors who may have missed out on accumulating some of the strong contenders in the mid cap space such as CROMGREAVES, VOLTAS, UNITED SPIRITS, VIP, JUSTDIAL, etc. Buying into dips till about 6000 levels should be the ideal strategy going forward.
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