Hemang Jani: Markets Could Remain Upbeat Before Quarterly Results
Indian markets have smartly recovered from March 2020 COVID-19 led panic selling and many blue-chip companies have recovered from the losses. However, traders and market analysts are sure that June quarter will present a shock for the markets. The upcoming quarterly results will lead to stock-specific action and we could also witness massive selling if companies fail to perform as per investor expectations. Hemang Jani from Motilal Oswal feels that stock market investors will be in for a shock when we start getting June quarter results. Till that time, markets can remain strong and we could see further upside in some stocks.
Regarding Reliance Industries, Jani said that he doesn’t see much upside in the stock unless clarity about demergers comes up in near future. Reliance Industries has almost doubled from its lows seen during March 2020. Reliance has become debt free and the company raised money by stake sale in Jio Platforms to 10 global investors.
Talking to Economic Times about ongoing rally in stocks, Jani said, “The stocks rally is driven, of course, by the global stimulus, and indications that more money could be flowing through. In India, the way the unlock is unfolding and the kind of statements we are hearing from the top corporates about how incrementally things are turning better, are driving stock prices.”