#Zee, #BajajAuto, #Nykaa, #Brigade, and #GMDC among the stocks in focus today.
Hersh Sayta brings you bulk and block deal highlights of the day on 'Large Trades'. #NDTVProfitLive
Hersh Sayta brings you bulk and block deal highlights of the day on 'Large Trades'. #NDTVProfitLive
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00:47 Markets continue to inch higher.
00:48 The Nifty reaches 21,700 briefly.
00:52 Sensex jumps 600 points.
00:54 Broader markets mirroring gains of the benchmarks.
00:59 All sectoral indices in the green barring media.
01:02 IT and reality emerge as the top gainers,
01:05 while Z drags Nifty Media lower.
01:07 We told you first, and it's now confirmed.
01:13 Z says it is committed on its merger with Sony.
01:17 Adds that article on Sony ending the $10 billion deal
01:20 is factually incorrect.
01:22 And a thumbs up coming in from OMCs
01:27 after oil plunges as much as 4%.
01:29 Saudi cuts oil prices to counter Middle East worries.
01:36 And a stellar rally in Adani Group stocks.
01:39 Their market cap hits the 15.57 lakh crore rupee mark.
01:44 Good afternoon.
01:57 Thanks for staying tuned to NDTV Profit.
01:59 You are watching Large Trade.
02:00 I am Harsh Saita.
02:02 We'll quickly first take a quick check on markets.
02:05 You are seeing the Nifty just below the 21,700 mark,
02:09 around 4/5 of a percent higher.
02:11 Absolutely nothing to complain about
02:13 as we've reversed some of those losses
02:15 that we made in trade yesterday.
02:18 We're looking at broader markets largely
02:20 mirroring the benchmarks.
02:22 You are seeing good gains across Nifty mid cap as well as
02:25 small cap.
02:26 In fact, the Nifty small cap is up around 8/10 of a percent
02:32 as we speak.
02:32 The Nifty small cap 250.
02:35 The Nifty small cap 100 up around 9/10 of a percent
02:37 or thereabouts.
02:38 You're looking at pretty much all sectors in the green.
02:40 Let's quickly look at the sector chart if we can.
02:45 The Nifty media is down around 2.3 odd percent.
02:48 But other than that, across the board, it's a secular green.
02:52 Let me also take it to the advance decline ratio.
02:55 Strongly in favor of the advances,
02:57 I would suppose that has been the order of the day.
03:00 There you go.
03:01 At least a 2 is to 1 in favor of the advances
03:05 where the advance decline ratio is concerned.
03:07 Focusing back on the sectoral pack,
03:09 let's look at two key sectors.
03:12 One is the Nifty media, largely dragged down by Z.
03:16 And of course, on the back of that Z news,
03:20 Nifty media is trailing lower.
03:22 But let's take a quick look at constituents.
03:24 There you go.
03:25 That's a much improved list from what
03:28 we were seeing around half an hour or so ago.
03:31 But nonetheless, you're seeing Z with a cut of 6 odd percent.
03:34 Dish also seeing a cut of nearly 3 and 1/2 percent in trade
03:39 today.
03:39 So that one's in focus.
03:40 Also, the Nifty Realty.
03:43 This one has been on a spree, the Nifty Realty Index.
03:47 And that continues to be the case,
03:49 except for just two constituents in the red.
03:51 You pretty much have solid grains across the board.
03:54 Godrej Properties, DLF, Oberoi, all of which
03:57 are clocking nearly 3 plus percent of gains.
04:00 So therefore, Nifty Realty continuing to gain ground.
04:04 That's been the story of the day.
04:06 With regard to some specific counters,
04:09 which have been in focus, let me take it first to Bajaj Auto,
04:12 2% higher.
04:13 Buyback continues to be in focus on the back of that.
04:17 GMDC, more lignite production, which will come through.
04:22 Expect top line growth to come through.
04:25 6 and 1/2 percent higher as we speak.
04:27 SPI Life, 3 plus percent higher.
04:29 December numbers showing good growth.
04:32 Fino Payments, 2 and 1/2 percent higher.
04:34 Applies for a small finance bank license.
04:37 That one's in focus as well.
04:38 Gensol IRB Infra, solid set of numbers,
04:43 26% growth clock for the month of December.
04:47 10% higher on IRB Infra.
04:49 So those are some of the names in focus for today.
04:53 But let me quickly take it to Z.
04:57 We have the latest updates on the Z-Sony deal.
05:00 Sources had earlier told NDTV Profit that good faith
05:05 negotiations are still on.
05:07 Z has now come out and confirmed that they're
05:10 committed to the merger.
05:11 They've confirmed it to exchanges after BSE, of course,
05:15 asked them for a clarification on that article with regard
05:19 to the merger.
05:20 And they've come out and clearly confirmed
05:22 that they're still in talks.
05:24 That deal is not off.
05:26 Most analysts on the street also believe it's
05:28 a win-win for both parties.
05:30 You saw Z, the stock, being beaten down in trade
05:34 early on in the day.
05:36 It's made a bit of a recovery, but not a full recovery.
05:39 It's still trading down by around 6% or thereabouts.
05:44 Let's also listen in to what Karan Torani of Ilara
05:49 Capital had to say about the impact on the stock
05:53 in the case the merger talks fall through.
05:57 Listen in.
05:59 The deal getting called off is too far-fetched in our opinion.
06:03 We believe that there's a low likelihood of this happening
06:05 because, firstly, the deal is of equal importance for both Z
06:10 as much as for Sony because the landscape is changing.
06:13 RIL, Disney deal is approaching closer.
06:17 Secondly, we don't foresee that just because of one condition
06:20 of CEO norm or a condition by Mr. Puneet,
06:25 we don't foresee that the entire deal would be put at risk
06:28 because a lot of shareholders, investors,
06:32 are involved here as well.
06:34 And his holding of the company as an owner is about 4% odd.
06:38 So again, it's a very low likelihood event.
06:41 We believe that at the end, eventually, the deal
06:44 will go ahead in favor of both the parties.
06:50 All right, NDTV was the first to break that.
06:52 We have Tamannaah who broke that news.
06:54 And we will continue to keep you on top of it.
06:57 So stay tuned here on NDTV Profit.
06:59 But let's skip ahead.
07:01 Major news update, Bajaj Auto announced
07:04 that its board has approved a 4,000 crore rupees share
07:07 buyback, which shares priced at 10,000 rupees each.
07:11 We have Tushar who's joining us with all
07:13 of the details on that one.
07:14 Tushar, take it away.
07:15 Good afternoon, Harsh.
07:16 Thank you for that.
07:17 So the Bajaj Auto stock jumped about 10% at the open today
07:21 and has now sustained the gains at about 2%
07:24 up at this point of time, imparting the company
07:28 a market capitalization of more than 2 lakh crore
07:30 at this point of time as we speak.
07:33 So essentially, Bajaj Auto has approved about a 4,000 crore
07:37 share buyback, its second in as many years,
07:40 where shares will be purchased at rupees 10,000 apiece, which
07:44 is almost a 40% premium to the current market
07:47 price of the company.
07:48 In volume terms, the buyback is 1.41%
07:52 of the total number of equity shares,
07:53 which is we see as analysts are saying
07:56 it's a bit on the lower side.
07:58 In value terms, the buyback is 16.33%
08:00 of the total paid up capital of the company
08:03 and is 14.49% of the free reserves as of March 31, 2023.
08:09 What we have to now watch out for
08:10 is the acceptance ratio of the buyback.
08:12 So the total acceptance ratio is coming out to be 1.41%.
08:16 Again, it's a bit low on the lower end.
08:18 That, according to our calculations,
08:20 the retail portion has acceptance ratio of 3.90%
08:23 and general at 1.27%.
08:26 So if you are holding 100 shares of Bajaj Auto as of now,
08:30 what will you get?
08:31 You're looking at making up-- if you tender,
08:33 also remember this is actually a tender offer that the buyback
08:37 will be conducted as.
08:39 You are stated to gain at least 11,755 rupees
08:45 if you have 100 shares at this point of time.
08:47 You'll be able to share 3.--
08:48 you'll be able to tender 3.9 shares in the buyback.
08:51 Now, there are a few concerns.
08:53 First of all, the acceptance ratio is low.
08:55 We have seen past buybacks, especially by IT companies,
08:58 which do it fairly regularly, which is at about 2% to 3%.
09:02 We don't know whether promoter participation will happen
09:04 or not, which is most likely that it will happen.
09:07 The share had-- now, the thing is most people
09:10 are seeing that this is also a way
09:12 to shore up the company's share price going ahead.
09:15 You have to also remember that almost the share value
09:18 has doubled since the company announced its previous buyback
09:21 a year earlier.
09:22 So essentially, a positive for the stock,
09:25 as we have seen so far.
09:26 But we have to wait for more management commentary
09:29 on how this particular thing will pan out.
09:31 And I think it should happen in the next couple of months
09:33 or so.
09:33 Harsh.
09:34 Right.
09:35 So a bit of a wait and watch on some of those metrics.
09:37 But of course, we'll stay tuned and we'll keep our viewers
09:40 updated on that one.
09:42 But let's move, shift focus on to some of the large trades
09:46 that have happened today.
09:47 Naika, in focus on the back of a couple of large trades
09:50 that have happened.
09:51 We have Mahima here, who's going to talk to us about what
09:56 those trades are all about and how the stock has really
09:58 performed.
09:59 Mahima, over to you.
10:00 Right, Harsh.
10:00 So as you rightly mentioned, a couple of large trades.
10:02 Today also, Naika, there was a large trade
10:05 that took place where 10.2 lakh shares were exchanged.
10:09 And that takes up to 0.04% of equity at a price of 177.4.
10:15 Today also, 12 large trades have taken place in Naika
10:19 where these are worth rupees almost 32 crores.
10:23 And if you talk about the number of shares that were exchanged
10:26 today, they stand at 2.6 crore.
10:29 And the highest price at which the shares were exchanged today
10:31 is at 191.25.
10:33 If we talk about the stock performance,
10:35 the stock has been up most today in seven weeks.
10:38 And it's trading at a volume of eight times its 20-day average.
10:42 And the stock has been up 10% in five days, 9% in 30 days,
10:47 and 22% in the past 52 weeks.
10:50 Right.
10:52 Thanks for that, Mahima.
10:53 But from the bottom, we've seen Naika share price really surge.
10:58 We've seen 50-plus percent in terms of returns.
11:01 Talk to us about two pieces here.
11:04 One is, how has the Q3 performance been?
11:07 And second is, what are brokerages now saying?
11:10 Because you've seen a good bit of correction in the stock
11:13 price.
11:15 What are the views like coming through?
11:18 Right.
11:18 So its Q3 business update came in yesterday.
11:20 And if we talk about the business update,
11:22 its BPC-NSV growth remained robust at 20%.
11:26 Its GMV growth was higher at mid-20s.
11:29 And volume growth has been healthy and consistent.
11:32 Naika Fashion also witnessed a strong growth in Q3 FY24.
11:37 Now, we had two brokerages that are bullish on Naika.
11:39 We had HSBC today on Naika, because of which the stock has
11:42 been buzzing, one of the reasons why the stock is buzzing.
11:45 It has maintained a buy rating.
11:46 And it has raised its target price to 250 rupees
11:49 with an upside of 44%.
11:51 The upside is huge.
11:52 And it expects that the BPC e-commerce market
11:55 will grow at a 20% to 30% CAGR in the coming years.
11:58 And it expects that revenue will double every two to three years
12:01 for the next five years for Naika.
12:03 We also had a city note yesterday on Naika,
12:05 which says that Q3 performance has
12:07 beaten the expectation across BPC and fashion verticals.
12:11 And it raises estimates to 20% and 32% year on year
12:15 in BPC fashion and NSV growth.
12:17 And it also expects that Q3 EBITDA margins
12:20 will grow at 6.7%.
12:22 So overall, brokerage views are also bullish for Naika.
12:27 Very, very interesting, Mahima.
12:29 So after that kind of a rally, we're still positive.
12:32 Brokerages are still positive on Naika.
12:35 So yeah, we'll keep our eyes skewed on that one as well.
12:38 But let's switch focus from Naika to Narayan Ridhalay.
12:42 Now, we spoke with the management.
12:45 What they are seeming to suggest is profit
12:47 is the last thing on our mind.
12:49 That's the word coming in from Viren Shetty of the company.
12:53 In a conversation with NETV Profit,
12:55 he explains how people with chronic diseases
12:58 can be covered in the long term through insurance.
13:01 Listen in to a slice of that conversation.
13:05 At this point, profit is almost the last thing on our mind.
13:07 The most important thing for us is to prove to ourselves
13:10 that this is something we can do.
13:11 More health, less insurance.
13:13 If you run it as an insurance company,
13:15 obviously you're going to do things like deny people
13:18 with pre-existing conditions, find any reason
13:20 to deny a claim.
13:21 But we are in the health care business,
13:23 and we want to offer health care to all our customers.
13:25 And we have a belief that even with someone
13:28 who has a surgery, who has diabetes,
13:30 who has a chronic condition, that condition can be managed.
13:34 Now, it may be more expensive.
13:35 It may require a lot more work.
13:36 But that's what we as a hospital organization know how to do.
13:40 And so if we're able to price it appropriately,
13:42 we believe that even people with pre-existing conditions
13:44 can be insured and taken care over long periods of time.
13:49 That's the management of Narayan Ridhalay.
13:51 Of course, they've moved into the health insurance space
13:54 with an IRDAI approval that came through over the weekend.
13:58 Stock in focus, up 1% in trade today.
14:01 But time to take a very short break.
14:03 Stay tuned.
14:04 We'll talk about more buzzing stocks, as well as
14:06 large trades on the other side.
14:08 Stay tuned to NDTV Profit.
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17:00 Welcome back.
17:02 You're watching Large Trade on NDTV Profit.
17:05 Let me quickly take it to where markets are.
17:07 Slight bit of cool off seen on the Nifty.
17:11 You're up around 2/3 of a percent nonetheless.
17:13 Again, nothing to complain about.
17:16 With regard to where the advances,
17:20 positive contributories versus negative is at,
17:22 you're still seeing negative contributories on the Nifty
17:25 being just 11.
17:26 So 80% of the stocks are largely positive that we are seeing.
17:31 Among the top gainers, you have the likes of an SPI Life,
17:34 an Adani Ports, a Hiromoto Corp, and Adani Enterprises,
17:37 all of which are gaining 2 and 1/2 percent plus in trade.
17:41 SPI Life on the back of the December numbers.
17:45 And you are seeing solid gains because the December numbers
17:48 were very, very healthy, 20% growth on the total premium
17:52 front, which SPI Life has clocked
17:55 for the month of December.
17:56 Also, we had one quick large trade which I want to flag off
18:01 is the likes of an NHPC, very small with regard
18:06 to the percentage or the quantum of the market capitalization,
18:13 0.01%.
18:14 But this is, of course, a government-owned entity.
18:17 And therefore, the free float is largely capped.
18:21 I'm also going to try and pull out some numbers for you
18:23 because this one has really run up over the last year or so.
18:28 We've seen the stock going from sub 40 to where it sits currently
18:34 at 71 rupees a share.
18:36 It's always maintained a healthy dividend payout.
18:40 My guess is it will continue to do so largely because of it being
18:45 a government-owned entity.
18:46 You're looking at good sales growth across the last two-odd years
18:51 of around 25%.
18:53 But essentially, what's really giving the stock a kicker is the fact
18:58 that there's a huge shift towards renewables.
19:01 And there's also a big positivity when it comes to the new--
19:07 they're virtually going to double up with regard to its power generating
19:11 capacity which will start to turn around or start to reflect on top line
19:17 as well as bottom line going forward and also generate free cash flow
19:20 because incremental investments are lower.
19:23 The balance sheet overall looks decent.
19:26 There's roughly less than 1 is to 1 debt to equity.
19:30 So definitely that's one positive that one would want to take home.
19:35 So that's NHPC for you.
19:38 Quickly moving on, we also have the likes of Brigade Enterprises,
19:42 another stock that hit an intraday high as it inks a large trade by signing
19:47 a memorandum of understanding with the Tamil Nadu government
19:50 for Rs. 3,400 crore.
19:52 Anushi is here to break down the details for us.
19:55 Anushi, take it away.
19:56 Right.
19:57 So with Brigade, if you see the stock not only did it hit an intraday high
20:00 of about 6.4%, it also marked a new 52-week high.
20:04 So if you look at the volumes, that traded at about two times
20:08 its 30-day average.
20:10 This was on the back of the news that you mentioned about the company
20:13 signing a memorandum of understanding worth Rs. 3,400.
20:17 But let me just break it up just for you.
20:19 So there are two MOUs.
20:20 One is for the Chennai Metropolitan Development Authority to expand
20:24 presence in Chennai with Rs. 2,000 crore investment and setting up
20:29 two high-base residential buildings in its IT world.
20:32 And the second one is the Elkot IT and Digital Services Department's
20:36 investment of Rs. 1,400 crore to build commercial and residential
20:40 developments over there.
20:42 Now, if we go ahead, we still await for the Q3 business update
20:46 for this company.
20:47 But Motilal Oswal recently came out with a report on its Q3 preview
20:52 wherein they expect about 24% revenue growth and its margins touching
20:56 about 26%.
20:57 Also, they see about 39% uptick in its bookings for the upcoming
21:03 Q3 on back of the 2 million square feet launch that they did in Bangalore.
21:09 Overall, stock performance-wise, if we look at it, it was the second
21:13 highest stock performer in the Nifty Realty Pack by being about like
21:17 112% up in the past year itself.
21:20 Just to end it on the last, what happened last quarter, the average
21:23 realization, if we look at, that was up about 9% on a quarterly basis
21:28 at Rs. 7,466 per square feet compared to 6,835 square feet in the Q1
21:37 of the quarter.
21:38 And if you look at the pre-sales, that were also about 25% up on a
21:42 sequential basis at Rs. 1,249 crore.
21:45 So that is all on Brigade for today.
21:48 Right. Thanks so much for that, Anushi, for taking us through some of
21:52 those details with regard to Brigade.
21:54 But our final large trade we have in focus, GMDC, which is Gujarat
22:00 Mineral Development Corp.
22:02 The stock is trading on high volumes, has reached an intraday high of
22:06 over 11%.
22:08 Mihika is here joining us with regard to the large trade as well as with
22:12 regard to what's keeping the stock buzzing.
22:14 Mihika.
22:15 Yes. So the stock did hit an intraday high of 11.32% and the stock is up
22:20 19% in the past month and 23.41% in the past year.
22:25 Now volumes were at 3 times its 30-day average and the total volumes
22:29 did stand at 1.74 crores and the highest volumes were at a price of Rs. 480.
22:35 Now the surge in price was on the back of two developments.
22:40 One was the large trades.
22:41 There were four large trades and the total trades were worth Rs. 25 crores.
22:45 Around Rs. 5.2 lakh equity shares changed hands and the highest change
22:50 in shares was at a price of Rs. 501 crore.
22:54 And the second was the company has now received the environmental
22:58 clearance to expand its lignite capacity.
23:01 Now they are going to expand the lignite capacity at their Surkha plant
23:06 and the proposed expansion is to increase it from 3 million tonnes per annum
23:10 to 5 million tonnes per annum.
23:12 Now this expansion is going to drive substantial revenue growth for the company
23:16 and even for Gujarat state some growth as well as GMDC does play a crucial role
23:23 as Gujarat's foremost mining entity.
23:26 Right. Thanks so much for that, Mihika.
23:28 That one's trading at its all-time high as we speak.
23:32 Of course, up and away GMDC and a couple of positives coming through as well.
23:38 But let me quickly flag off some stocks which are buzzing on the back of solid volumes.
23:44 We have the likes of Johnson Controls.
23:47 Eight times its 30-day average is what the stock's volumes are currently at.
23:52 You can see the spike in the stock 5% higher on the back of that.
23:56 You have the likes of Ashoka Buildcon as well.
23:58 Seven times 30-day average volumes.
24:02 And you're seeing the spike there as well around 9.5% higher on that counter.
24:07 Polycab India also.
24:09 You have again roughly seven times along with Trident if I can flag that off.
24:14 But Polycab is down 9% or thereabouts.
24:17 Trident also trading at around seven times in terms of its volumes.
24:21 Up around 2.5% or 4%.
24:23 Galaxy Surfactants is trading at around 6.5 times its 30-day average volumes.
24:30 And another one, Borosil Renewables also.
24:33 Solid volumes, 6.5 times 30-day average that one as well.
24:37 7.5% higher on Borosil Renewables.
24:39 So across the board, those are some of the volume buzzers that we're seeing.
24:43 Let me quickly move on though, on to a market voice.
24:48 We spoke with Malabar Investments, Sumit Nagar of Malabar Investments,
24:52 on what lies ahead for the broader markets in 2024.
24:57 We've seen broader markets do extremely well through 2023.
25:02 And he's here to give his say on what's in store for 2024 for the broader market indices.
25:09 What we saw in the markets in 2023 was sort of rising this wall of worries.
25:17 I think when we started the year, I think 2022 wasn't a good year.
25:21 And there were a lot of worries that existed in the beginning of 2023.
25:25 And slowly as they receded, the market sort of continued its climb up.
25:31 If you look at today, I mean, we think the market is reasonably well poised.
25:36 So on the one hand, you have many positives.
25:39 You have economy that's doing well, it's sort of gathering for the pace.
25:43 Your interest rates that have probably peaked out and they will come down.
25:47 Macros are generally good, commodities are benign.
25:50 So these are all sort of good factors for the market.
25:54 But on the other hand, you also have this worry of valuations being high globally,
26:00 some sort of correction may happen.
26:02 You've had such a steep rise in interest rates, something somewhere breaks.
26:06 There's slowdown or recession that people have been talking about.
26:10 So these are the things that are the cause for worry.
26:13 But the biggest one is that the markets are always forward looking.
26:18 So last year, even as things weren't that great, as they started to improve, markets already moved up.
26:24 So some of this positive is already priced in.
26:27 So where does that leave us?
26:29 I think that there's still probably further upside because, as you pointed out,
26:34 the rally only started in the last two quarters of the year.
26:39 Just to point out, in the 18 months that ended in March 2023,
26:46 we saw massive amounts of foreign capital outflow,
26:49 more than what we saw during the financial crisis.
26:52 And it's only since April that foreign capital has started to come back.
26:56 And what has come back is only maybe two thirds of what had gone out.
27:00 So there's still some of that capital has to come back and probably more.
27:04 Because, as you said, that India is becoming more prominent.
27:07 People want to put more capital in.
27:09 And these sort of flows have a momentum with them.
27:13 They run for a period of time.
27:15 And so that will likely continue for some more period,
27:18 unless something big breaks somewhere.
27:20 So that's what you're seeing.
27:23 But at the same time, I think the easy money of rising tide,
27:28 raising all the boats, I think that's probably over.
27:30 So now it will be sort of more selective.
27:32 Wherever you see good performance, companies delivering earnings and cash flows,
27:37 that's where you may see the upside.
27:40 So that's our view on the market.
27:43 Very interesting take coming in, that one.
27:46 But with that, we're completely out of time on this edition of Large Trade.
27:50 From everyone who puts the show together, as well as myself,
27:54 thanks so much for watching.
27:55 India market close on the other side, so stay tuned to NDTV Profit.
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32:20 There is a palpable fall in banks, which is leading the markets lower.
32:24 Welcome to India market close.
32:25 I'm Neeraj Shah.
32:26 And look at the nifty bank.
32:27 I think this is the culprit.
32:28 I'm glad we're starting with this screen.
32:30 But the intraday would be even more interesting.
32:32 It's down about 100 points.
32:33 But the chart will come to your left in just a moment from now.
32:36 And you will see how the bank nifty completely dragged the nifty lower.
32:40 Look at this.
32:41 The high was 47939.
32:43 The day's low is 47273.
32:45 And we are at the day's low.
32:47 By the way, at 47273, we are below that mark that everybody's talking about,
32:51 which is 47,500.
32:53 But a very sharp gash in the bank nifty, which is leading.
32:57 What could be leading this, by the way, just before we come to the mid-caps and
32:59 small-caps, bring up the HDFC bank intraday, bring up the ICICI bank intraday.
33:04 And in a similar pattern, we'll get to know why the bank nifty is doing what it is doing.
33:09 Look at that sharp gash at 1677.
33:12 There is serious, not serious selling, but a serious pressure from the intraday
33:17 highs for HDFC bank.
33:19 And I think something similar could be witnessed in ICICI bank as well, I reckon.
33:22 It's 938, still in the green.
33:26 But look at this fall.
33:27 So I don't know if the nifty expiry has got to do something with this, but clearly
33:30 there is some pressure on the banking stocks.
33:32 Now, bring up the mid-caps and small-caps and see what's happening there as well.
33:37 The indices per se.
33:39 And you will get to see whether this pressure is percolating into the broader end of
33:42 the spectrum or not.
33:43 About a third of a percent.
33:44 The nifty mid-cap index started off about 0.8%.
33:47 What about the small-caps?
33:48 That will come up on your screen as well.
33:50 And while the nifty and the Sensex are still about half a percent, a small-cap
33:53 index from 0.9% is now up only 0.55%.
33:56 So clearly the market breadth, I reckon the advance-decline ratio would have come off
34:01 a little bit from what it was for a better part of the trading day right here on your
34:05 screen.
34:06 It's not a convergence, but you can clearly see some bit of a pullback here.
34:09 Now, this could be technical in nature.