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Higher advance tax numbers may push markets higher
India’s medium-term growth trajectory remains promising amid a still gloomy world outlook. The combined advance tax payment by top 100 corporate taxpayers rose 18.7% to Rs 27,531 crore in Q3 December 2010 over Q3 December 2009, indicating better corporate performance in the third quarter this year. Markets may take a strong bounce back from the current level as higher advance tax payment from Indian companies could lift the buying sentiment in market. The time is right to pick up fundamentally sound stocks which may have got beaten down along with their peers. Companies in sectors that are able to pass on their cost increases to consumers may enjoy greater stock market return. Further, companies focused on the domestic economy & consumption could continue to do well and get a higher rating than companies which are more depend on global sentiments. Cement, Auto, Banking, IT and Capital goods sectors could be good bet for investors.
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