The upcoming year would be better for investors as against 2019 and non-consumption stocks may guide the markets going ahead, said an investor. The investors may look to invest in investment cycle-linked stocks than consumer stocks in 2020, Harsha Upadhayaya, CIO-Equity, Kotak MF told CNBC TV-18. The budget expectations are expected to drive the stock market more as against earnings next month, he also said, adding that the select IT and pharma stocks will remain good defensive bets next year. There has been redemption in the PMS as money moved from midcaps to largecaps, Harsha Upadhyaya said.
So far this year, the BSE Sensex has risen over 15 per cent, implying that the index is set to clock its best annual gain in the last two years. Similarly, the NSE Nifty has recorded a rise of about 13 per cent during this period. A series of records were broken by it last week to hit an all-time high of 12,293.90, seven months after crossing the 12,000 mark for the first time ever on May 23, 2019.
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Meanwhile, the equity benchmarks BSE Sensex and NSE Nifty started on a volatile note on Thursday ahead of the expiry of December derivatives contracts amid thin trade in global equities due to year-end holidays. After opening on a positive note, the 30-share BSE index was trading 47.67 points or 0.11 per cent higher at 41,413.59 in the morning session. Similarly, the broader NSE Nifty slipped 12.20 points or 0.10 per cent to 12,202.35. The markets have remained more or less volatile in the later part of 2019 on account of a variety of factors.
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Source: Financial Express