It came a day after the BSP abstained from the vote in the Lok Sabha. Addressing the upper house on the first day of the retail FDI debate, the BSP chief Mayawati said that retail FDI may not be good for the country and that the party wants to see impact of FDI in states who will implement it.
The Indian market cheered the news from Parliament and closed at a 19-month high. The Nifty ended at 5,930, up 30 points or 0.52%. The Sensex shut shop at 19,486, up 95 points or 0.49%.
In an interview to CNBC-TV18, Amisha Vora, joint managing director at Prabhudas Lilladher said FDI in retail is pretty positive; a major milestone is being achieved. "It will have its own economic repercussions on India. But it will give a lot of courage to government to go ahead quicker, maybe during the session or post session, with a lot of things, which are still incomplete, to revive the economy back into action," she elaborated.
According to Vora, 6,050-6,100 on the Nifty is a possibility. "There could be a small correction in between. US decision will remain one of the critical factors to decide the market direction as well as momentum," she added.
Pramod Gubbi, Ambit Cap said, over the last few days, the market was closely watching what was happening in Parliament. "It was, in some way, anticipating a positive result. Clearly, it has come through. With the passing of this bill, I guess we would see some activity, other bills being tabled and likely to be passed in the rest of the winter session of Parliament. I think the global liquidity is also adding to the rally," he explained.
Gubbi further said that there is going to be a shift towards high-beta. "We are at a stage where we desperately need an investment cycle to go on. Largely investment growth has been held back because of lack of capital. For the first time, we are seeing a pretty frenzied activity in primary issuances. There are a whole host of companies on the road trying to raise money via qualified institutional placement (QIP). So, a lot of capital is coming into the balance sheets of the company. It is quite crucial because this is going to have a real impact on the economy. Our sense is that there will have to be a shift towards infrastructure, real estate, construction, capital goods. So, high-beta is clearly going to be the flavour of the month," he added.
Meanwhile, Sudarshan Sukhani, s2analytics.com said the choppiness is killing. "We just step aside and wait for the market to become stable again. We have news tomorrow. So, there is no sense in staying in this market. Position traders have nothing to worry, their stop loss is 5,800. The Nifty is well above it. So, they have to accept the random movements of the market and stay long," he asserted.
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Below is the edited transcript of Amisha Vora's interview on CNBC-TV18.
Q: What is your take from what Mayawati said?
A: Sailing through the vote on FDI in Rajya Sabha was a must for Congress. Some of the earlier actions also suggested that she was not opposing FDI much, but rather opposing BJP. Today's clarity gives all the more reason to cheer that it should go through in Rajya Sabha.
It is pretty positive, a major milestone is being achieved. It will have its own economic repercussions on India. But it will give a lot of courage to government to go ahead quicker, maybe during the session or post session, with a lot of things, which are still incomplete, to revive the economy back into action.
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