The Indian civil aviation sector is showing signs of recovery months after the grounding of Jet Airways with domestic air passenger traffic demand grew 7.9 per cent in June, a global airline association said on Thursday

According to the International Air Transport Association (IATA), India's domestic air passenger volume -- measured in revenue passenger kilometres was the third-highest among the major aviation markets such as Australia, Brazil, China, Japan, Russia and the US.

India's domestic RPK in June rose by 7.9 per cent as compared to the corresponding month of the previous year.

In the period under consideration, India's domestic passenger traffic growth was preceded by that of China at 8.3 per cent and Russia at 10.3 per cent.

The country's domestic available passenger capacity measured in available seat kilometres stood higher by 3.1 per cent in June, followed by China at 8.9 per cent and Russia at 9.8 per cent.

"The domestic India market has proven resilient in the face of the demise of Jet Airways earlier in the year," IATA said in its global passenger traffic results for June 2019.

"Growth in domestic RPKs have recovered strongly, lifting to a 7.9 per cent year-on-year pace in June, as the remaining carriers moved quickly to fill the gap created by the loss of a competitor and to meet the customer demand," it added.

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Vedanta Resources said on Wednesday it had notified its Zambian joint venture partner ZCCM-IH that it had launched arbitration proceedings related to an attempt by the Zambian government to liquidate Vedanta's majority-owned Konkola Copper Mines (KCM)

Mumbai-listed Vedanta has been locked in a dispute with the Zambian government since May when Lusaka appointed a liquidator to run KCM, which is 20% owned by ZCCM, Zambia's state mining company, and 80% owned by Vedanta. Zambia accused KCM of breaching the terms of its licence.

Vedanta denies that KCM has broken the terms of its licence and says it will defend its assets in the southern African country.

Vedanta said the notice demands that arbitration should be in accordance with United Nations Commission on International Trade Law (UNCITRAL) arbitration rules.

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The new infusion came through two holding entities including Rajdhani Investments & Agencies and DLF Urva Real Estate Developers & Services which has taken the promoters’ collective stake to 74.95 percent in the company.

Shares of real estate major DLF gained as much as 2 percent intraday on June 28 after its promoters infused Rs 2,250 crore in the company against the issuance of new equity shares.

The scrip has added as much as 6 percent in the last three days.

The new infusion came through two holding entities including Rajdhani Investments & Agencies and DLF Urva Real Estate Developers & Services which has taken the promoters’ collective stake to 74.95 percent in the company.

The DLF board has now allotted 138.1 million equity shares at Rs 217.25 each against the convertible debentures. Earlier in May, the board had issued 130 million shares at the same rate. The promoters will now have 268.1 million new equity shares in their possession since March 31 with the current infusion.

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The Nifty Midcap index itself fell 18 percent and around 45 stocks included in the index corrected in the range of 30-90 percent in the last 18 months.

After hitting a lifetime high in January 2018, the broader markets continued to underperform frontline indices. In fact, the Nifty Midcap index traded at a big discount to Nifty50 on back of sharp correction in several key stocks.

Asset quality concerns, LTCG tax imposition, liquidity crisis, consumption slowdown, debt defaults, global trade war, and crude volatility etc., have hit several stocks, which corrected sharply in the past.

The Nifty Midcap index fell 18 percent and around 45 stocks included in the index corrected in the range of 30-90 percent in the last 18 months.

"The midcap indices (Nifty 100Midcap and BSE100 Midcap) are now trading at a discount of 15 percent to the Nifty 50 (compared to historical lows of 30-40 percent discount)." JM Financial said.

"The correction followed the downward revisions to the earnings for FY19 (28 percent lower than estimated) on account of high expectations, higher share PSU financials/ stressed groups and cyclicals (industrials/ discretionary in the midcap indices being at 27.5 percent versus 12.7 percent in Nifty 50)," they added.

But, as most analysts say, the NBFC crisis is near the end and with most of the negative priced in, there is hope building. This sentiment could be renewed by the Union Budget and expected rate cuts by India's and other global central banks. Hence, the sharp rally could be seen in midcaps rather than large-caps in the coming quarters, experts said.

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China is the major exporter and dumps the tyres into the Indian replacement market.

Domestic tyre stocks are having a party after the government imposed a counter-veiling duty on truck and bus radial tyre imports from China.

China is the major exporter and dumps the tyres into the Indian replacement market. Radial tyres constitute about 50 percent of the tyre demand and about 20-25 percent requirement is met through imports mainly through China. This will narrow the price differential between Chinese and domestic tyres and boost the domestic tyre demand.

Tyre stocks including Seat and MRF jumped over 2 percent each while Apollo Tyres gained over a percent. Balkrishna Industries jumped 3 percent while JK Tyre and Industries spiked over 4 percent.

The scrips have registered a loss of up to 35 percent in the last year. This move by the government is a positive sign by domestic tyre manufacturers.

JK Tyre and Industries were quoting at Rs 79.75, up to Rs 3.50, or 4.59 percent.

It touched an intraday high of Rs 81.75 and an intraday low of Rs 75.55 while Chet was quoting at Rs 928.00, up to Rs 25.20, or 2.79 percent. It touched an intraday high of Rs 939.80 and an intraday low of Rs 892.15.

MRF was quo5.05, up to Rs 24.00, or 3.24 percent. It touched an intraday high of Rs ting at Rs 56,020.00, up to Rs 1,287.30, or 2.35 percent. It touched an intraday high of Rs 56,300.00 and an intraday low of Rs 54,544.80 while Balkrishna Industries was quoting at Rs 76769.90 and an intraday low of Rs 735.00.

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On the technical front, initial target on the upside is at 11640 with the potential to stretch till 11840. The gap area of 11500-11486 shall act as an immediate support zone with major support at 11340 which should also be your stop loss.

Fresh record highs for both Sensex and Nifty. The index closed above its crucial resistance level of 11550 on Monday and if the momentum continues in Tuesday’s session there is a higher probability that the index might inch towards 11600.

This is the 23rd time the Nifty has closed at a new high this calendar year. 13 of the 23 highs came in January and the rest 10 after that.

Positive global cues, recovery in rupee, fall in crude oil prices and in-line Q1 results season provided much-needed comfort to the bulls to continue their buying spree.

The rupee also strengthened about 40 paise and the yield on the 10-year Treasuries fell by 3 basis points.

Just concluded earnings season has confirmed that Indian corporate earnings have become robust, even though hiccups remain from PSU banks, suggest experts.

On the technical front, initial target on the upside is at 11640 with the potential to stretch till 11840.

On the other hand, the gap area of 11500-11486 shall act as an immediate support zone with major support at 11340 which should also be your stop loss.

Big News:

A big thumbs up has come from Fitch for India

A fall in rupee will have limited impact on India's sovereign credit rating

Although India’s foreign reserves have dipped by USD 24 billion since mid-April 2018, the country still has reserves to cover 7.2 months of current account payments if Reserve Bank of India (RBI) felt the need to intervene on a larger scale.

However, companies that rely heavily on imports as inputs, operate with significant foreign-currency debt and generate revenue denominated in local currency are susceptible to the effects of a weakening rupee.

The report flagged airline, telecom, auto, chemical, and fertiliser sectors as being the most vulnerable.

Technical Views:

Nifty forms a strong bullish candle on daily charts

It closed above 11550 for the first time in history and is in un-chartered territory

Traders can use buy on dips approach as long as Nifty trades above 11340

Three levels: 11340, 11400, 11640

Max Call OI: 11500, 11600

Max Put OI: 11400, 11300

Technical Recommendations:

We spoke to HDFC Securities and here’s what they have to recommend:

Tech Mahindra Ltd: Buy| LTP: Rs 688 | Target: Rs 730 | Stop loss: Rs 665 | Return: 6%

RBL Bank: Buy| LTP: Rs 591 | Target: Rs 640 | Stop loss: Rs 565 | Return: 8%

Amara Raja Batteries: Buy| LTP: Rs 892| Target: Rs 980 | Stop loss: Rs 845 | Return: 10%

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol are his own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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Bajaj Finance, Bajaj Finserv, Cholamandalam Investment and Shriram Transport will get astrological support, says Satish Gupta of astrostocktips.

Today’s planetary position: Moon will be transiting in Pisces. Jupiter in Taurus. Lord Saturn in Sagittarius. Ketu and Mars in Capricorn. Lord Rahu, Sun and Mercury in Cancer. Venus in Virgo, Pluto in Sagittarius. Neptune in Aquarius and Uranus in Pisces.

RAHUKAL TIME: - 15.00 – 16.30

Planet Mercury, which controls our mind (Buddhi) is transiting in Cancer and is in retrograde position from July 26, 2018 to August 19, 2018. Be cautious, as one is likely to take wrong decisions, resulting in financial losses, depending on its position in individual horoscope.

Technical analysts/researchers can be worst affected (since planet Mercury is significator of this profession). Persons with Cancer, Gemini, Virgo and Capricorn ascendant/Rashi need to be extra vigilant.

Following sectors will be receiving astrological support:

NBFC: Bajaj Finance, Bajaj Finserv, Cholamandalam Investment, Shriram Transport, etc.

Predicting bullish sectors of next Samvat 2075

Every year with commencement of new Samvat (Hindu New Year), astrologically, based on planetary position, certain new sectors start getting strong astrological support & start outperforming, while some others sectors which were performing earlier start underperforming. Some sectors/stock remains laggard. Based on our experience of over 20 years as Financial Astrologer, stocks of astrological supported sectors outperform resulting in exorbitant gains irrespective of market behaviour, either bull market or bear market.

Every year we release sectors of new Samvat in the month of March/April when new Samvat starts. This time new Samvat started from March 18.

We firmly believe that these special astrological positions present very unique opportunities to investors and traders both. This opportunity, if utilised properly, can safeguard your existing portfolio and simultaneously optimise your future investments and trading also. So contact us at early and subscribe or renew the Sectors of Samvat 2075. After all successful investing and trading is all about good timing only.

Needless to mention our innumerable past predictions, where most stocks from the Sectors of Samvat gave exorbitant returns and stocks appreciated by over 500 percent.

After gap of many years, sugar sector started getting astrological support in 2015 and stocks like Dwarikesh Sugar, Mawana Sugar, Uppar Ganges and Uttam Sugar shot up by 500-900 percent. In 2016, dyes/chemical sector found astrological support and stocks like Bhageria Industries, Thirumalai Chemicals and Sudarshan Chemicals were up by 490-650 percent.

During Samvat 2074 (2017-2018), among other sectors - food processing sector was predicted, which received strong astrological support. Many stocks from this sector appreciated exorbitantly.

Sectors which get very strong astrological support are not normally affected by downfall in the market.

Sectors which get strong astrological support also start getting favourable news along with all kind of positive support by regulatory authorities in that industry, resulting in strong growth & super positive results. Most of problems also start resolving.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Traders can accumulate the stock in range of Rs 620-630 for the target of Rs 690 and a stop loss below Rs 580, says Shitij Gandhi of SMC Global Securities.

Last week Godrej Industries has given a consolidation breakout above Rs 620 levels after trading in the broader range of Rs 520-620 for more than eight months.

The prolonged consolidation breakout has been seen along with hefty volumes which suggest that bulls are taking control over the scrip.

Additionally, the momentum oscillators on the weekly interval are also supporting for the next up move in prices. So, traders can accumulate the stock in range of Rs 620-630 for the target of Rs 690 and a stop loss below Rs 580.

Disclaimer: The author is a Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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The meeting of the board of directors of the company is scheduled on August 14 to consider and approve unaudited financial results of the company for the quarter ended June 30, 2018.

Shares of Patel Engineering Company added 17 percent intraday Wednesday as company bagged two hydro projects and a tunnel project.

The company received LoI from Tamil Nadu Generation and Distribution Corporation (TANGEDCO) for construction of Kundah pumped storage hydro electric project (500 MW) near Oooty, costing Rs 667.63 crore.

The said project is funded by Rural Electrification Corporation (REC).

The other project is ARUN-3 hydro electric project (900 MW), in Nepal. The Company has been awarded LOT-2 where work includes construction of head race tunnel; underground power house, pressure shaft, surge shaft and other connected structures with contract value of Rs 1125.87 crore.

A tunnel project includes the construction of tunnel from Amar Mahal (Hedgwar Udyan) to Trombay Low Reservoir (TLLR) and further upto Trombay High Level Reservoir (THLR) - contract AMT-II for a contract value of Rs 618.21 crore from Municipal Corporation of Greater Mumbai (MCGM).

The meeting of the board of directors of the company is scheduled on August 14 to consider and approve unaudited financial results of the company for the quarter ended June 30, 2018.

At 10:35 hrs Patel Engineering Company was quoting at Rs 49.90, up Rs 6.15, or 14.06 percent on the BSE.

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रिलायंस जियो (Reliance Jio) और स्टेट बैंक ऑफ इंडिया (State Bank of India) ने अपनी साझेदारी का विस्तार करते हुए नया करार किया है।

समझौते के तहत स्टेट बैंक ऑफ इंडिया (एसबीआई) के उपभोक्ताओं को डिजिटल बैंकिंग और वित्तीय सेवाएँ प्रदान की जायेंगी, जिससे एसबीआई के डिजिटल उपभोक्ताओं की संख्या में कई गुना वृद्धि होने की उम्मीद है।

एसबीआई और जियो पहले से ही जियो पेमेंटेस बैंक (Jio Payments Bank) संयुक्त उद्यम में साझेदार हैं, जो कि एक भुगतान बैंक है। इसकी 70% हिस्सेदारी जियो और शेष 30% एसबीआई के पास है। मगर लाइसेंस मिलने के दो साल से अधिक समय के बावजूद इसका संचालन शुरू नहीं हो सका है।

उधर बीएसई में रिलायंस जियो की मूल कंपनी रिलायंस इंडस्ट्रीज का शेयर 1,168.35 रुपये के पिछले बंद स्तर के मुकाबले आज 1,175.00 रुपये पर खुल कर 1,169.50 रुपये के निचले स्तर तक फिसला। हालाँकि एक बजे के बाद से इसमें तेजी का रुख है। पौने 2 बजे के आस-पास कंपनी के शेयरों में 8.10 रुपये या 0.70% की बढ़त के साथ 1,176.50 रुपये पर कारोबार हो रहा है। वहीं एसबीआई का शेयर इस समय 1.85 रुपये या 0.63% की बढ़ोतरी के साथ 295.85 रुपये पर है। 

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Ripples Advisory

रिलायंस कम्युनिकेशंस (Reliance Communications) के शेयर में आज 5.5% से अधिक की मजबूती आयी है।

खबर है कि शीर्ष अदालत ने दूरसंचार कंपनी को रिलायंस जियो को अपनी वायरलेस और टावर संपत्ति बेचने की इजाजत दे दी है। इस खबर का रिलायंस कम्युनिकेशंस के शेयर पर सकारात्मक असर पड़ा है।

उच्चतम न्यायालय ने रिलायंस कम्युनिकेशंस और एरिक्सन एबी की भारतीय इकाई के बीच समझौते को हरी झंडी दिखा दी है, जिससे कंपनी के रिलायंस जियो को संपत्ति बेचने का रास्ता साफ हो गया।

बीएसई में रिलायंस कम्युनिकेशंस का शेयर सपाट 14.84 रुपये पर खुला। पौने 11 बजे के करीब एक तीखी उछाल के साथ यह 17.06 रुपये के ऊपरी भाव तक उछला, मगर फिर इसके शेयरों में थोड़ी बिकवाली भी देखी गयी। करीब 1 बजे कंपनी के शेयरों में 0.84 रुपये या 5.66% की बढ़त के साथ 15.68 रुपये पर कारोबार हो रहा है।

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पावर ग्रिड (Power Grid) देश भर में अपने 50 से अधिक परिसरों में अधिकतम 5 मेगावाट की छत सौर परियोजनाएँ स्थापित कर रही है।

वर्तमान में कंपनी के विभिन्न परिसरों में अधिकतम 500 किलोवाट से अधिक सौर पीवी सिस्टम चालू हैं। इसके अलावा पावर ग्रिड स्वतंत्रता दिवस से पहले गुरुग्राम के सेक्टर 43 और 46 में अधिकतम 140 किलोवाट परियोजना शुरू कर सकती है। इन परियोजनाओं से वार्षिक 70-80 लाख इकाई बिजली की माँग पूरी की जा सकती है।

उधर बीएसई में पावर ग्रिड का शेयर 188.20 रुपये के पिछले बंद भाव के मुकाबले 190.00 रुपये पर खुला। पावर ग्रिड का शेयर अभी तक 190.80 रुपये और 188.55 रुपये के दायरे में रहा है। करीब 11.20 बजे यह 1.65 रुपये या 0.88% की मजबूती के साथ 189.85 रुपये पर चल रहा है। 

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Mentha oil futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further exiting of bets by traders in the spot market was due to a fall in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions.

At the MCX mentha oil futures for August 2018 contract was trading at Rs 1526 per kg down by 0.72 per cent after opening at Rs 1537 against the previous closing price of Rs 1537.10. It touched the intra-day low of Rs 1524.

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Cardamom futures were trading higher during the morning trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices.

At the MCX, cardamom futures for September 2018 contract was trading at Rs 1106.10 per kg, up by 0.29 per cent, after opening at Rs 1103.10, against a previous close of Rs 1102.90. It touched the intra-day high of Rs 1110.

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Multiplex owner to receive Rs 410 crore towards minimum guarantee and refundable security deposit; Rs 350 crore to be an upfront advance from this amount.

Shares of multiplex chain, PVR, rose around 10 percent on Friday morning as investors bet on the company renewing ticketing arrangement with Bookmyshow and Paytm.

The stock touched an intraday high of Rs 1,211.65 and an intraday low of Rs 1,134.00.

The company renewed its non-exclusive arrangements with Paytm and Bookmyshow for booking and selling the theatre’s ticketing inventory through web and app based platforms for three years.

“PVR is entitled to receive from these aggregators an amount of Rs 410 crore towards minimum guarantee and refundable security deposit for booking the inventory on their platforms,” the company said in a filing to the exchanges. Out of the above amount, the company will get an upfront advance of Rs 350 crore.

The stock has fallen around 14 percent in the past one month, while in the past three days it has gained 6 percent. At 10:24 hrs PVR was quoting at Rs 1,168.15, up Rs 63.85, or 5.78 percent, on the BSE.

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Lead futures were trading lower during the noon trade in the domestic market on Friday as speculators cut down their positions, taking negative cues from domestic spot market on low demand. Analysts said offloading of positions by traders owing slackened demand from battery-makers in the physical market weighed on lead prices in futures trade.

At the MCX, lead futures for August 2018 contract is trading at Rs 145.25 per kg, down by 0.75 per cent, after opening at Rs 145.95, against a previous close of Rs 146.35. It touched the intra-day low of Rs 144.85.

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Nickel futures were trading lower during the noon trade in the domestic market on Friday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade.

At the MCX, nickel futures for August 2018 contract is trading at Rs 911 per kg, down by 0.58 per cent, after opening at Rs 915.80, against a previous close of Rs 916.30. It touched the intra-day low of Rs 908.

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The rupee resumed a tad higher at 68.69 from yesterday's closing level of Rs 68.70 at the interbank foreign exchange market here.

The rupee pared its early losses, trading steady at 68.70 against the American currency in late morning deals amid higher local equities.

The rupee resumed a tad higher at 68.69 from yesterday's closing level of Rs 68.70 at the interbank foreign exchange market here.

The Indian unit witnessed volatility and hovered between a high of 68.67 and low of 68.77 on dollar strength amid rising US-China trade tensions. It was trading stable at its overnight level of 68.70 at 1030 hrs.

The rupee drew strength from rallying domestic equities, a dealer said.

Overseas, the US dollar firmed against the basket of currencies in early Asian trade, it hit a more than 14-month high against the yuan, with markets gripped by worries over escalating trade tensions between the United States and China.Meanwhile, the 30-share BSE Sensex is trading sharply higher by 279.49 points, or 0.75 per cent, at 37,444.65 at 1055 hrs.

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The company has reported a rise of 30 percent in consolidated net profit at Rs 1,048.68 crore for the quarter ended June.

Shares of Indiabulls Housing Finance gained 6.4 percent intraday Friday on the back of strong numbers declared by the company in the quarter ended June 2018.

The company has reported a rise of 30 percent in consolidated net profit at Rs 1,048.68 crore for the quarter ended June. The company's net profit in the corresponding April-June period of 2017-18 stood at Rs 804.89 crore.

Revenue during the quarter increased to Rs 4,071.32 crore from Rs 3,288.24 crore in the year-ago period.

Brokerage: Nomura | Rating: Buy | Target: Rs 1,750

Nomura has upgrade Indiabulls Housing to buy from neutral call and raised target to Rs 1,750 from Rs 1,500 per share.

The research house raise profit estimates of the company by 3-7 percent and expect RoE of 27-29% on increased net worth.

Brokerage: Credit Suisse | Rating: Outperform | Target: Rs 1,650

Credit Suisse has maintained outperform rating on Indiabulls Housing and raised target to Rs 1,650 from Rs 1,600 per share.

The company's loan book is growing at 33% YoY, which is among the fastest of large housing finance companies, said Credit Suisse.

Momentum looks strong with disbursements growing at 48% YoY and stock is attractively valued with company having strong earnings visibility.

The management is confident of retaining spreads in range of 300-325 bps, it added.

At 10:45 hrs Indiabulls Housing Finance was quoting at Rs 1,363.25, up Rs 62.10, or 4.77 percent on the BSE.

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Ashomore's Ashwini Agarwal expects earnings growth of around 20 percent for FY19 and 18-19 percent for FY20.

Benchmark indices are trading near their all-time highs with the Sensex rising nearly 300 points and the Nifty above 11,300 levels but broader markets are still under pressure with the Nifty Midcap and BSE Smallcap indices down 12-14 percent in 2018.

Large number of stocks in largecap and mid & small-cap spaces have done poorly, so are giving a lot of opportunity to pick good quality ones. Among them some have reported good earnings, their valuations are reasonable considering Indian politics and global risks, Ashwini Agarwal, Ashmore Investment Management India told CNBC-TV18. "I am quite excited to see that opportunity now than six months ago, so one should focus on individual stocks rather than looking at index."

He expects earnings growth of around 20 percent for FY19 and 18-19 percent for FY20.

"Big drivers to those growth expectations are stabilisation in slippages of industrial banks, likely lower provisioning in second half of FY19. Even consumption space is looking good where margins are robust. Pharma earnings weakness seems to have bottomed out and there is significant earnings growth later this year," he reasoned for overall earnings growth.

What excites him is likely broad based growth where the companies have strong balance sheet and on ground the business activity looks up.

Corporate Lenders

In case of industrial lenders, he said, "We are starting to see stabilisation in gross NPAs and at some point of time in the second half of FY19 would be comfortable for these companies. Even credit cost will fall as we move ahead in the second half."

Consumption

Lot of consumption companies impacted in June quarter FY18 due to disruption led by GST and demonetisation.

Agarwal said year-on-year makes less sense to look at consumption companies but look at sequential growth, auto, pharma and consumer companies where we are starting to see reasonable traction and in fact consumer seems to be in good shape.

In the past year, growth was led by wage revision for government employees, which is now priced in, he feels.

He said, "We are starting to see pick up in investment as recently large engineering conglomerate also said private sector capex is pick up. Even the RBI in its August policy meeting indicated capacity utilisation picking up, closing the output gap, private capex picking up."

So as are approaching general elections 2019 and in addition to GST benefits ahead, demand continued to be good, he believes.

However, something may happen at global levels, risk is always there related to trade war, crude oil etc, but I am not terribly concerned about domestic demand not improving, he said.

Money Flow

Agarwal said look at April to June data, every week there had been billion dollar FII outflow but look at weekly figure from June, there has been some tapering in selling flow.

So he believes that shows the worst is behind and numbers itself seem to be telling FII flows are stabilising.

Emerging Markets

He said balance sheet, trade deficit and fiscal deficit in emerging markets are much stronger than before.

Earlier some time fiscal deficit and current account deficit used to be 5 percent plus but look at now, these markets are much healthy place than before.So one has to focus on fundamentals of emerging markets which are strong post financial crisis, Ashmore's Agarwal advised. "Longer term horizon look strong for EMs, so emerging markets should be good place to be in."

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