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A Deutsche Bank report takes a look at the current situation in the Indian economy and its thoughts on how the financial markets have panned out ever since the Bharatiya Janata Party-led NDA govt led by PM Narendra Modi took over at the Centre. Even as it set a target of 29,000 for Sensex by December 2016, Deutsche Bank said India continues to be a favoured emerging market but it is now more due to "compulsion" rather than by "choice". Here are 10 points to know as revealed by the banking major in a report, 'India Equity Strategy: 2016 Outlook': (Reuters)
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1. Deutsche Bank India’s 2016 outlook: In a report, the bank listed the elusive recovery in earnings growth as the single biggest disappointment for investors, particularly since the election verdict in 2014. (Reuters)
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2. Deutsche Bank India’s 2016 outlook: It also said the sharp variance between high expectations and actual earnings has started to test investor patience. (Reuters)
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3. Deutsche Bank India’s 2016 outlook: "Widespread investor optimism – following the record election verdict (for PM Narendra Modi's BJP) and the sharp decline in global commodity prices – has been replaced by a more conservative realism." (Reuters)
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4. Deutsche Bank India’s 2016 outlook: "Earnings recovery has now emerged as the most determining market catalyst". (Reuters)
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5. Deutsche Bank India’s 2016 outlook: The firm said while India continues to be a favoured emerging market, "it is now more due to compulsion than by choice, as was the case after the election." (Reuters)
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6. Deutsche Bank India’s 2016 outlook: It also noted that an improving macro and a landmark political mandate for the ruling BJP government has failed to drive the much anticipated earnings turnaround. (Reuters)
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7. Deutsche Bank India’s 2016 outlook: "While there is understandable investor skepticism on earnings recovery, we believe that corporate earnings are likely to turn around in 2016. (Reuters)
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8. Deutsche Bank India’s 2016 outlook: "Corporate earnings will benefit from an urban consumption recovery, a positive multiplier impact of government's push on public investments." (Reuters)
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9. Deutsche Bank India’s 2016 outlook: "We are setting our December 2016 Sensex target of 29,000". (At present, the benchmark BSE Sensex is trading within a 25,000-26,000 range. In September, the German brokerage had slashed its 2015 Sensex target to 28,000 from 31,000 over global growth concerns.) (Reuters)
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10. Deutsche Bank India’s 2016 outlook: "Improvement in corporate earnings has now become the most critical driver for market confidence with investor patience beginning to thin." (Reuters)
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