India Market Close | Sensex, Nifty Trade Higher | NDTV Profit
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00:00:00 As we speak, if you see in terms of Nifty 50 as well, above the 21,600 mark is what
00:00:05 we are seeing, seven tenths of a percent higher on this one.
00:00:09 And in terms of Sensex as well, gains of nearly 500 points coming in there.
00:00:14 If you have the Bank Nifty as well, that is slightly muted.
00:00:17 So it's Bank Nifty, which is still seeing some mild moves on that front, pretty flattish
00:00:22 ones coming in there.
00:00:24 45,700 is what we are tracking in terms of Bank Nifty.
00:00:29 Let's pick up the Mid Cap and the Small Cap Index and see what's happening on that front.
00:00:32 Clear out performance coming in from the broader markets as we speak.
00:00:36 The Small Cap Index as well, little over 1% is the kind of move that we are seeing on
00:00:40 this front.
00:00:41 Let's quickly look at the advance decline ratio as well.
00:00:44 If you see the advance decline ratio in terms of where the NSE goes, clearly the advances
00:00:49 are more here, almost 1,400 stocks advancing.
00:00:53 And that's a similar trend that we are seeing in terms of Nifty 50 as well.
00:00:58 Moving from here on, let's look at the heat map and see which are the stocks which are
00:01:02 taking you on the upward trend.
00:01:04 Clearly, you have a ONGC, which is seeing gains of little over 3.5%.
00:01:07 Bharti Airtel is an interesting one from the telecom space.
00:01:11 NTPC as well, you did see a block happening on that stock.
00:01:14 Tech Mahindra is seeing some smart moves.
00:01:16 Tata Steel up in trade as well.
00:01:18 SBI Life, M&M, Britannia.
00:01:19 So it's a mixed bag that we are picking up.
00:01:22 But if you see the OMCs, ONGC as well as if you talk about a Coal India, I beg your pardon,
00:01:27 BBCL, which is seeing some smart moves.
00:01:29 ITC is up in trade.
00:01:30 Titan from the FMCG pack is also up in trade.
00:01:32 Ultratech Cement, if you see in terms of Ultratech Cement, the numbers have been slightly mixed,
00:01:37 but that stock is seeing around 1, 1.5% kind of an up move in today's day of trade.
00:01:43 ITC is seeing some somber moves, but clearly the breadth is in favor of the greens.
00:01:48 The ones which are losing are DVs, Asian Paints, SBI, Power Grid.
00:01:53 Kotak Mahindra Bank ahead of numbers, is slightly muted.
00:01:56 Tomorrow, the bank will be reporting numbers.
00:01:58 HDFC Bank is again slipped into the negative.
00:02:01 Eight tenths to nine tenths of a percent lower.
00:02:03 And you have Indus Ind Bank, which is down 3.5% in terms of numbers.
00:02:07 So that's what the large caps are looking like, Harsh.
00:02:11 But let's look at what broader markets are telling us.
00:02:14 Absolutely, Hiral.
00:02:15 So, you know, let's quickly look at some stocks which are buzzing on the back of both news
00:02:19 as well as earnings.
00:02:20 A ton of stocks that's been the case through the week.
00:02:23 It's been selective outperformance or underperformance we've seen in pockets.
00:02:28 Let's quickly look at the likes of an Aarti Industries continues to buzz after that large
00:02:33 order it won yesterday.
00:02:35 You know, 6000 odd crore it won late last month, another 3000 odd crore order, taking
00:02:40 the total order pile to 9000, 10% up that one.
00:02:44 Looking at the likes of an NHPC, which is up roughly 3.8% now.
00:02:48 The rebound seen after yesterday's 5% decline that NHPC saw.
00:02:52 NICA 2 in the green on the back of positive note.
00:02:56 Sorry, on the back of a block deal.
00:02:58 You have the likes of a PFC, REC both buzzing.
00:03:01 You have them in the news and it's because of this rooftop solar plan, which the government
00:03:08 has unveiled and REC has backed that.
00:03:11 You're looking at a Shalby also, which is in focus.
00:03:13 You're seeing others in focus on the back of results, one being Polycab.
00:03:18 Polycab on the back of numbers as well as on the back of that Concall, which they held
00:03:22 at 12pm today down 1% odd.
00:03:25 We have also the likes of Zydus as well as Dixon Tech, both on the back of news.
00:03:30 Zydus exclusive licensing supply agreement with Synthin and Dixon down due to a search,
00:03:37 which was initiated stock still in the decline 2.8% lower.
00:03:42 Positive and negative both Zydus and Dixon there, respectively.
00:03:45 On the back of results, 361 is in focus.
00:03:49 You have the likes of a Home First and IFL Finance, all three of them in focus on the
00:03:54 back of earnings.
00:03:55 IFL Finance, good set of numbers.
00:03:57 Home First continues to do well despite a bit of a NIM decline.
00:04:00 You've seen good numbers overall from Home First.
00:04:03 361 in decline.
00:04:05 We are also looking at the likes of Metro Shopperstop, which are doing poorly in trade
00:04:10 on the back of those numbers that they've released as well.
00:04:13 Oracle Finance continues its journey up, up almost 28% yesterday, another 5% up today.
00:04:20 You also have the likes of Poonawalla Fin Corp on the back of good earnings.
00:04:24 It's up 1% right now, but at the start of the day was up nearly 5+% here.
00:04:29 Right.
00:04:30 Thanks, Harsh, for getting us the action in terms of the broader markets as well.
00:04:34 But clearly a bounce back in terms of the last trading day.
00:04:37 Now, does that actually transpire to have the entire week?
00:04:40 Let's just pull up a five-day chart of Nifty 50 and see what's happened during the week
00:04:45 and a similar one in terms of Bank Nifty as well as you speak.
00:04:49 There you go.
00:04:50 We're still lower to the tune of almost six-tenths to seven-tenths of a percent.
00:04:53 So a very minor bounce that has happened in today's day of trade.
00:04:57 Let's actually welcome in both our guests as well.
00:04:59 We have Deepak Shannoy, founder at Capital Mind, as well as Akshay Bhagwat, Senior VP
00:05:05 at JM Financial Services joining us.
00:05:07 Welcome to the show, gentlemen.
00:05:08 Deepak, let me come to you first.
00:05:11 A bounce back that's happened in today's day of trade, specifically with regards to broader
00:05:15 markets and if you talk about the Nifty, Bank Nifty continues to be weak in today's session.
00:05:21 There has been that selling that has continued.
00:05:23 How are you looking at the markets and what's your view?
00:05:27 So by and large, firstly, thank you for having me on the show.
00:05:31 By and large, there's a feeling in the banking sector, at least, that the RBI regulations
00:05:39 and perhaps relatively dropping, you know, margins have to contract at some point because
00:05:45 your liabilities would reprice eventually and you are able to increase your loan prices,
00:05:53 loan rates earlier, your deposit rates didn't increase.
00:05:56 So at some level, the banking industry would start feeling a little bit of a pinch.
00:06:01 I think people are estimating it because of HDFC, but I think it's going to happen across
00:06:06 the board.
00:06:07 HDFC is a relatively unique case because of its merger.
00:06:10 I would say though that the profit, you know, pools at most of the other companies that
00:06:16 seem to have announced results, they seem to be in good shape so far.
00:06:22 So whether markets are reacting to that or just because they're bouncing up because two
00:06:27 days they were down, I don't know the answer to that question per se.
00:06:31 But all I know is, you know, the earning season seemed to be good.
00:06:35 Profitability is one of the things that we care about more than market garishness on
00:06:41 a daily basis, at least on a fundamental level.
00:06:45 I don't think that has changed.
00:06:46 In fact, that's getting more reinforced.
00:06:49 And markets are turning out to be not as expensive as people think it is.
00:06:54 Absolutely.
00:06:55 But Deepak, another point that I want to pick up with you is 10,500 crores of selling in
00:07:01 two specific sessions, right?
00:07:04 I mean, consecutively, we've seen that kind of numbers.
00:07:08 How are you looking at that FI selling coming in?
00:07:10 And do you think people are losing confidence with regards to the management of HDFC Bank?
00:07:15 What do you think they need to come out and do to abate this kind of selling?
00:07:19 So, I mean, the stock is relatively over-owned by foreign institutions, right?
00:07:25 So it's like a, it's been a proxy for the Indian economy for a lot of foreign investors
00:07:30 simply because they say, let's participate through the banks and the bank wise, we've
00:07:35 got HDFC Bank, which is the bellwether stock.
00:07:38 I think maybe that perception has changed a little bit.
00:07:41 Maybe they'll still participate through banks, but use different or a combination of banks
00:07:46 or maybe a combination of other stocks to get in.
00:07:48 So that might be their thought process because they don't seem to have given up on India
00:07:53 per se.
00:07:54 I also see this, till now, till the last two days, they had invested 6,000 plus crores
00:08:00 in this month in equity alone, foreign investors.
00:08:04 They took out 10,000, so it's minus 3,000.
00:08:07 It's not like they've taken out everything that they've got.
00:08:12 They still own a considerable amount of stock.
00:08:15 It's just possibly repricing, 10,000 out of like 500,000 crores worth of ownership of
00:08:20 HDFC Bank that their FIAs have taken out is just 2%.
00:08:24 It is not significant from their perspective.
00:08:27 It should not be significant from our perspective either.
00:08:30 And in general, foreign investors have not been a big influencer on the market.
00:08:37 Remember in 2021 to 22, they took out 1,80,000 crores and the markets were actually up, they
00:08:45 were up because Indian SIP inflows or mutual fund inflows were just about the same amount
00:08:50 or a little bit higher.
00:08:52 And since then, they've put back about 1,50,000 plus crores.
00:08:56 Since mid-2023, they've only taken out 10,000 crores.
00:09:00 The number in context is not very high.
00:09:02 I don't think this calls for us to say anything about confidence.
00:09:07 It's probably just a readjustment.
00:09:09 Sure.
00:09:10 Understood, Deepak.
00:09:11 Harsh also joining in.
00:09:13 Akshay, let me go over to you.
00:09:16 If you can talk to us about, it's been a bit of a whipsaw week that we've seen in markets.
00:09:24 How do you view levels on the benchmark?
00:09:26 What are your charts suggesting now?
00:09:28 What should investors do in your view?
00:09:31 Good afternoon, Harsh.
00:09:33 Thanks for having me on the show.
00:09:34 Well, if you sum up how this week went by, broadly, the sellers have clearly dominated
00:09:39 over the proceedings, leaving aside the last couple of days of the dead cat bounce, as
00:09:44 I may call it.
00:09:45 Broadly, even if you see the way the FIIs have reacted in the last week, the long short
00:09:50 ratio in the index futures has slipped from around 65% to 57%.
00:09:55 So clearly, there have been shorting bets.
00:09:57 There have been long unwinding, as you see in the futures as an option segment.
00:10:01 Technically, we are just managing to cling on to the 2100-400 support.
00:10:06 This may provide you a respite for the short term, but in the broader sense, 21800, this
00:10:11 is an important resistance level, which you should have on your mind.
00:10:15 Unless and until this successfully is taken off, the market still is not out of the woods.
00:10:20 There is a good chance that the markets may revisit the recent lows of 21250 odd levels
00:10:26 on the downside.
00:10:27 Sure.
00:10:28 And, you know, Akshay, if I can also have your views, we got a sense from Deepak with
00:10:35 regard to his views on HDFC Bank in particular.
00:10:39 You know, that's been probably the leading cause of the fall this week.
00:10:45 What is your sense, you know, with regard to HDFC Bank, what should investors do at
00:10:49 this point when you're looking at charts?
00:10:51 Well, see, HDFC Bank, one of the reasons why there was such aggressive selling was because,
00:10:58 you know, the expectations were largely built on the positive side ahead of the results.
00:11:03 And really as an option trader, when you have a lot of put writing bets positioned ahead
00:11:08 of the results, they were caught in for a bad surprise, as I may put it.
00:11:12 So that's the reason you have a lot of put unwinding, which I've seen in the last few
00:11:16 couple of trading sessions that has led to a serious downtick in HDFC Bank.
00:11:21 Now, as an investor or as a trader, the value level, which I see from a technical perspective,
00:11:26 is the low of 1460.
00:11:30 These levels were tested way back somewhere in October 2023.
00:11:34 And from there, you had a sizable recovery in HDFC Bank.
00:11:37 So my thought is that there is going to be some buying or demand in this value area of
00:11:41 1460.
00:11:42 As an investor, if you plan to get into this stock, 1460 is the right trade for you.
00:11:47 Even as a trader, I say from a risk reward perspective, these are excellent levels to
00:11:51 participate on the buy side.
00:11:53 1460 buy, keep a stop loss at 1430.
00:11:57 Right.
00:12:00 I think we've just lost him as well.
00:12:04 We'll come back to that.
00:12:06 But let's just quickly look at IndusInd Bank as well.
00:12:08 Clearly, the stock is down after announcing its Q3 numbers yesterday.
00:12:13 Deepak, a quick view in terms of where IndusInd Bank goes.
00:12:18 But before that, let's just hear out what the management had to say in terms of their
00:12:22 asset quality.
00:12:23 So if you look at our asset quality, we're continuously bringing it down, the cost of
00:12:30 credit.
00:12:31 We believe a bank of our size should have a credit cost of 100 to 110 business points
00:12:36 in the near future.
00:12:37 And I think that's what we are working on.
00:12:40 And I think if we can get to 100, 110 with our yields and our PPOP margin, that will
00:12:45 sustain our ROA, which we've always said our ambition is to get to 2%.
00:12:51 That's the management talking about their asset quality, how it is expected to be going
00:12:55 ahead as well.
00:12:57 Akshay, what are charts indicating with regards to IndusInd Bank?
00:13:00 Do you think this is a time to enter the stock, taking the cuts that we've seen today?
00:13:05 Well, see the reaction to the results are certainly not good.
00:13:11 Thumbs down to the result, despite the fact I believe the numbers are not so good as the
00:13:15 price reaction is.
00:13:17 As I see on the charts, you know, broadly, the positioning has been on the positive side
00:13:21 as we started off with the Jan series, a lot of long liquidation evident today.
00:13:26 But I believe the value area where there might be some demand is around 1530 to 1540, 1530,
00:13:32 1540.
00:13:33 I believe there is going to be a bounce or a pullback from these levels.
00:13:37 So from a trading perspective, these are the levels to participate on the buy side.
00:13:42 Recovery can easily target 1600 back again in IndusInd Bank.
00:13:46 The momentum is lost.
00:13:48 That's one thing one needs to consider.
00:13:49 So really, you know, the kind of momentum we had 15 days back is not going to get it
00:13:54 back again.
00:13:55 It's going to be in the range for some time.
00:13:56 But from a buyer's perspective, 1530, 1540 is a very good price to re-enter IndusInd Bank.
00:14:02 Sure, 1530, 1540 are the kind of numbers that Akshay is looking at.
00:14:07 But Deepak, you know, from a fundamental perspective, IndusInd Bank has always given commentary
00:14:12 that they want to want credit cost to be sub 130 bps, but for some reason, there is always
00:14:19 this disappointment on that front.
00:14:22 This time too, there's been a bit of a disappointment.
00:14:24 It could be Chennai floods or whatever other situation that crops up.
00:14:30 What's your sense with regard to the bank as a whole, as well as with regard to valuations,
00:14:36 because it's trading definitely cheaper than peers?
00:14:39 Yeah, I think one of the reasons they're trading lower than the peers is also because there
00:14:45 is a feeling that, you know, more surprises are in store.
00:14:50 Well, if you're expecting a surprise, then it's not a surprise, but then people are more
00:14:57 worried on the downside in terms of credit.
00:15:02 And because the cycle is, you know, reaching a point where the interest rates are high,
00:15:08 pricing typically does get affected when interest rates are relatively high because they lend
00:15:11 at a higher end of the interest rate bands of most banks.
00:15:16 That means some of the borrowers tend to have stress or deal negatively with stress and
00:15:21 therefore stress levels show up on their balance sheet at a later point.
00:15:25 So they earlier used to get a lot higher premium for growth.
00:15:29 Now that growth is not evident.
00:15:32 Growth is at I think 16-17% at the net profit level.
00:15:35 And you know, luckily they haven't gotten impacted by much of the other stuff.
00:15:39 I feel here, you know, I would just wait for banking results to come in.
00:15:44 And although they are relatively cheap, I think there isn't a growth or a major reduction
00:15:52 in terms of credit costs or GNPS.
00:15:58 And therefore, I would say that is possibly one of the reasons I'd say the bank would
00:16:04 trade at a lower valuation compared to the rest.
00:16:06 Right now, of course, we have some banks, but we don't have interest rate.
00:16:11 Got it.
00:16:12 Thank you so much for that view.
00:16:13 We'll take a very short breather, gentlemen.
00:16:16 So we'll excuse ourselves.
00:16:18 Take a short breather, stick around.
00:16:20 We delve deeper into, of course, today's numbers.
00:16:22 You have the likes of an HUL, etc. also expected.
00:16:25 Paytm is buzzing.
00:16:26 We'll talk about all of that and more on the other side.
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00:20:26 - Welcome back, you're watching India Market Close,
00:20:36 we're getting live visuals of Prime Minister
00:20:39 Narendra Modi who's inaugurating Boeing's
00:20:42 1600 crore rupees India Engineering and Technology Center,
00:20:47 which is located in Silicon Valley of India,
00:20:50 that's Bangalore.
00:20:51 Now the unit is expected to become a cornerstone
00:20:54 for partnerships with the vibrant startups,
00:20:57 private and the government ecosystem in India,
00:21:00 and is expected to actually help develop
00:21:02 the next generation products and services
00:21:05 for the global aerospace and defense industry.
00:21:08 So that's what we are looking at, live visuals
00:21:11 which are coming in from the location of inauguration.
00:21:15 We will come back to it as well with more details,
00:21:18 but let me head across to Akshaya first
00:21:20 and get his top picks and what is he betting big on today?
00:21:25 - Yeah, so both the trades I have are on the buy side.
00:21:31 Well, the first one is Tata Motors from the auto space,
00:21:36 and here the thought is that it's in a very strong uptrend
00:21:39 on the technical charts, and really if you look at the mayhem
00:21:43 which we had in the indices a couple of days back,
00:21:45 Tata Motors somewhere has been undisturbed
00:21:47 by what is happening around.
00:21:48 It is sailing north, sailing slowly though,
00:21:51 but sailing north.
00:21:52 So here I would recommend go for Tata Motors buy,
00:21:54 positioning is extremely positive,
00:21:56 keep a target of 862, you can also extend it up to 872
00:22:00 with a stop loss of 797.
00:22:02 The second trade here I would recommend
00:22:04 is from the pharma space, it is Cipla.
00:22:07 If you look at the pharma, it's been in the buzz lately,
00:22:11 pharma, most of the counters are seeing long additions
00:22:13 in the derivative segment, and Cipla,
00:22:15 although it's trading flat today,
00:22:17 it can be a good BTC candidate or a carry forward trade
00:22:20 for the coming week.
00:22:21 The chart structure is extremely positive,
00:22:23 a breakout already done invested,
00:22:25 and the momentum is due to pick up.
00:22:27 Keep a target of around 1362 with an extended target
00:22:30 to 1379, stop loss will be 1297 on this trade.
00:22:34 Right, so those are two topics coming in,
00:22:37 Tata Motors as well as Cipla.
00:22:40 In fact, the pharma pack is up and about in trade.
00:22:42 Another space from the broader markets I want to look at
00:22:45 is the footwear space.
00:22:47 It's interesting to see how the stocks are performing today
00:22:49 because if you see in terms of metro brands,
00:22:51 that stock is taking a beating in today's day of trade,
00:22:54 the profitability has dipped,
00:22:56 the margins have taken a hit as well.
00:22:58 In fact, let's first hear out the management
00:23:01 and what they have to say because with that,
00:23:03 inversely if you see names like Red Tape,
00:23:06 or even for that matter, Liberty Shoes,
00:23:08 all of these have been buzzing and up and about.
00:23:11 Let's first hear out the management of metro.
00:23:14 A couple of things.
00:23:15 One of them is the deleveraging.
00:23:17 As sales aren't coming in at the same rate,
00:23:21 you get a little bit of deleverage there.
00:23:23 That's number one.
00:23:24 But number two, there's two other factors.
00:23:27 One of them is the NDS accounting that impacts us
00:23:30 in the EBITDA, the way we have to account for it,
00:23:33 especially with the number of new stores we've opened.
00:23:35 We've opened north of 80 stores this year, right?
00:23:37 So that kind of also takes a little bit of a toll,
00:23:40 I think somewhere in the 60 basis point hit there.
00:23:44 And then also, we are now back to business as usual.
00:23:47 So our expenses are all fully happening.
00:23:49 We're not doing many more Zoom meetings.
00:23:51 We're actually getting down in person to see stores,
00:23:53 to have store managers come here and visit us.
00:23:55 We're also investing in technology and talent.
00:23:58 And we're trying to make sure that we set the company
00:24:01 up for continued growth to ensure that we have
00:24:04 the kind of performance that we've done in the past
00:24:06 that continues to grow as we go to the future.
00:24:09 So while there is a little bit of degradation on the EBITDA,
00:24:13 let's not forget it's still 33%,
00:24:15 which is north of the 30% that we guide to.
00:24:18 - Right, so that's the management of Metro.
00:24:20 Deepak, let me come to you on this.
00:24:22 You're seeing pressure in terms of Metro,
00:24:23 but the likes of Liberty Shoes or for that matter,
00:24:27 even a Red Tape, which is still a smaller one,
00:24:29 both of them are buzzing in trade.
00:24:31 Do you think Metro's loss is becoming a Liberty
00:24:34 and Red Tape's gain?
00:24:35 What's your view?
00:24:36 - Good question.
00:24:38 I haven't analyzed the space.
00:24:39 I just started to look at the numbers
00:24:41 just as we started talking.
00:24:43 I think we used to be invested in a couple of companies
00:24:48 in this space, but then we decided against it in general.
00:24:53 Right now, I think better opportunities are here.
00:24:57 I haven't seen financials, so I don't know the answer
00:24:59 to whether one company's loss is becoming
00:25:03 another company's gain.
00:25:04 But I do think that there was a COVID gain,
00:25:07 post-COVID gain that these companies had.
00:25:10 There was a COVID loss as well because shops were closed
00:25:15 or people did not go visit shoes.
00:25:17 And now there's a normalization,
00:25:19 so that normalization process will obviously
00:25:22 have inefficiencies.
00:25:23 There's challenges in terms of higher costs
00:25:27 than they would have had for real estate.
00:25:30 There will be challenges in terms of relatively
00:25:33 high number of stores or the store mix
00:25:37 will not be exactly optimal.
00:25:39 I was seeing this across the board in retail.
00:25:43 So I'd like to look at retail brands,
00:25:47 but at this point, none of the brands
00:25:49 that you mentioned are under consideration.
00:25:52 We're looking at more like broader retail chains
00:25:55 in certain cases.
00:25:56 That may be more interesting.
00:25:58 They're just expensive right now.
00:26:00 Understood, Deepak.
00:26:02 Point taken.
00:26:03 But let me quickly move on.
00:26:05 There's one stock that's been in focus
00:26:07 over the last couple of weeks.
00:26:08 In fact, Polycab, when you're looking at the stock price,
00:26:11 the way it's done over the last month or so,
00:26:14 it's been a chart which you will see a steep fall
00:26:19 in the stock price around 30 or 40 odd percent
00:26:23 in terms of that decline that we saw.
00:26:25 Thereafter, it's been a bit of a smooth sale upwards,
00:26:30 but it's not recovered fully.
00:26:32 It's still down roughly 25%.
00:26:35 The results came out yesterday.
00:26:37 We have management commentary today
00:26:40 from the management, which seems to suggest
00:26:42 that they're expecting to increase
00:26:44 plant utilization to 90%.
00:26:47 The premium price products will be
00:26:50 slightly higher than peers.
00:26:52 It's between 2% to 5%.
00:26:55 Your cables and wires EBITDA guidance
00:26:57 is expected to be in the 11% to 13% kind of range.
00:27:00 Your factory utilization levels for cables and wires
00:27:03 expected to be around 70% to 75%.
00:27:05 They're set to introduce 28 new SKUs.
00:27:08 That's the most important.
00:27:09 In Q4 alone, all of them in the premium segment.
00:27:13 That's what the management said.
00:27:15 Of course, with regard to the RAID,
00:27:17 which the IT department conducted,
00:27:20 or rather the search, what Polycab had to say
00:27:23 was they continue to cooperate with the IT department
00:27:26 and they maintain their focus on growth.
00:27:29 They've not really received any communication
00:27:31 from the IT department, but this one's
00:27:33 under a bit of pressure since results yesterday.
00:27:37 Results came in almost at close of market,
00:27:39 and today morning we've seen this one fluctuating quite a bit.
00:27:45 Akshay, if I can go to you,
00:27:47 what should a shareholder in Polycab do at the moment?
00:27:50 What are charts really suggesting?
00:27:52 Because you're seeing some bit of weakness
00:27:54 followed by some bit of strength.
00:27:57 Well, Polycab certainly has been at the receiving end
00:28:00 if you look at the trades in the last few days.
00:28:04 IT raids, results, all these news factors
00:28:08 have kept the stock on a very slippery footing
00:28:12 as I understand looking at the charts.
00:28:14 Clearly, one thing I understand is the momentum is off.
00:28:17 As an investor, really, you need not worry
00:28:19 because the dent is already in, it's already been done.
00:28:22 And if you look at the strong volumes,
00:28:24 which we have seen, especially at the level of 3800 to 4000,
00:28:28 that just makes me believe that it is highly oversold here
00:28:31 and makes a good case for a relief rally,
00:28:34 though it might be a bumpy ride in the short term.
00:28:36 I foresee levels of around 4800
00:28:39 with maybe a 15-odd-day trading perspective.
00:28:42 So yes, the stock is not fit for trading
00:28:45 because really, stop-losses, risk-reward doesn't work here.
00:28:48 But I see the stock recovering to 4800.
00:28:51 4000 is a good support base.
00:28:53 So yes, continue to hold at 4800.
00:28:57 I would be a bit light on this stock if it goes to those levels.
00:29:01 Sure, understood, Akshay. Point taken.
00:29:03 Deepak, your views on this.
00:29:05 Do you feel that there is cause of concern
00:29:07 from a long-term perspective?
00:29:09 We'll see. Actually, we used to recommend the stock,
00:29:14 but we've kind of taken it off
00:29:16 because we're not comfortable with whatever has happened.
00:29:20 I think we will wait for the income tax,
00:29:24 you know, final order to come in.
00:29:28 Should be about three more months.
00:29:30 I don't think at this point I have anything against the company
00:29:33 and the numbers and, you know, all of them look perfectly fine.
00:29:38 It's just that this IT thing might open more issues
00:29:43 than we are currently prepared to take.
00:29:46 We are more, you know, willing to look at this after the air clears.
00:29:51 The stock would go up. It's okay. It's fine.
00:29:54 You know, you don't have to participate in everything
00:29:57 right from the beginning.
00:29:58 But I would say, I mean, this is us.
00:30:01 We just, the core business and the numbers
00:30:05 and the way they have reached market share
00:30:08 over a long period of time, you know, cutting into Havils,
00:30:11 getting more of a hold, foothold in the overall FMEG space.
00:30:17 It's commendable, I think, but I still wait.
00:30:20 And, you know, the space is actually quite exciting.
00:30:23 So this has been one of the faster growing players.
00:30:27 But, you know, our view is that when there's an issue like this,
00:30:31 generally wait for clarity before we start to reinvest here.
00:30:35 Right, cautious there from Deepak with regard to Polycap.
00:30:39 But let's get on to another short break.
00:30:42 More on the other side, we'll obviously give you all the cues
00:30:45 coming out of the F&O space as well as the top buy-sell recommendations
00:30:49 for tomorrow. Stay tuned.
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00:34:43 Welcome back. You're watching India Market Close.
00:34:45 But let's understand from our gum as to what's in store from here on
00:34:48 and whether the Nifty can actually resume its uptrend
00:34:52 and it closes above those 21,550 levels.
00:34:55 Agam, clearly, you know, I mean, the weekly close with regards to Bank Nifty
00:35:00 is also absolutely important.
00:35:02 What are the levels that you're tracking on both these ends?
00:35:05 And how are you, you know, analyzing the data right now?
00:35:08 What is that data telling you from the F&O side?
00:35:10 Right, you know, you said it yourself, you know, we are keeping an eye on the levels.
00:35:14 Why? Because going forward, this will perhaps determine the course of action.
00:35:18 Now, right now, at least as far as the Nifty is concerned,
00:35:21 we are looking at a little bit of a rebound.
00:35:23 Pause, if you may like, but this up move around 0.7% is not enough
00:35:28 to be considered as about a short covering.
00:35:31 Sure, there will be traders who will be taking their bets off,
00:35:35 but that is only because we are moving into a weekend,
00:35:38 notwithstanding tomorrow's trading session,
00:35:40 which will anyways have a 5% circuit filter coming through
00:35:44 applied across all stocks.
00:35:47 We are still looking at a 3% increase in open interest.
00:35:50 But when it comes to the banking Nifty,
00:35:52 and that's where we have seen that move below the mark off
00:35:56 and move into the red.
00:35:58 Do remember that at one point in time,
00:36:00 the bank Nifty was trading with a gain of as much as 1%.
00:36:04 That's a precious 400 points, which have all been given away.
00:36:09 And now we're exactly where we closed yesterday.
00:36:12 So weakness does persist.
00:36:15 And we have not seen too much change in open interest either.
00:36:18 Let's talk about the options market.
00:36:20 And that's where as far as the Nifty is concerned in terms of change,
00:36:23 now we're looking at consolidation around 21.400 and 21.600.
00:36:28 The most amount of activity here as well, 21.400, 21.500
00:36:32 specifically is a range within which we can expect the Nifty to move within,
00:36:37 at least in terms of tomorrow and perhaps on Monday as well.
00:36:41 But in terms of your OI based range,
00:36:45 that's still a very, very wide 1,000 point range
00:36:49 based on maximum open interest,
00:36:51 which is in the 22,000 call on the higher end,
00:36:55 all the way going down to the 21,000 put on the lower end.
00:37:00 So at the moment, traders are very clearly not enduced about
00:37:05 some amount of covering coming through,
00:37:07 which is why they're playing with such a wide range
00:37:10 and also indicated in the option premiums.
00:37:13 That said, let's take a look at stocks then.
00:37:16 And we do have IndusInd Bank, which is under pressure,
00:37:19 looking at shorts, but longs for JK Cement, ONGC, Coal India and Havils.
00:37:24 And on the other hand, we're looking at India Mart, Intermesh,
00:37:28 Aarti Industries and Atul looking at some amount of short covering,
00:37:32 Chambal Fertilizers and Bajaj Auto on the other hand,
00:37:34 looking at a bout of unwinding coming through.
00:37:38 So keep an eye on our whole host of these stocks.
00:37:40 But again, all eyes will be on benchmarks.
00:37:43 But I reckon to a certain extent, we've started seeing a lot more activity
00:37:46 in the broader markets and that perhaps could rule the roost
00:37:50 going into the next few sessions.
00:37:52 Absolutely. That's what it's looking like because broader markets
00:37:54 are clearly outperforming the benchmark indices in today's day of trade.
00:37:57 Thank you, Agam, for getting us this analysis.
00:37:59 We'll get in Mayuresh Joshi as well from William O'Neill.
00:38:03 But before that, Akshaya, let me just quickly come to you.
00:38:05 With regards to Bank Nifty as well, yes, we've seen some bit of a long unwinding
00:38:09 that has happened. And clearly that's telling you that there is some bit
00:38:12 of indecisiveness coming in on there. What are the levels?
00:38:16 Where are you seeing support on that front?
00:38:18 And similarly, with the range that Agam was mentioning that the traders
00:38:21 are alluding to pretty wide. So again, what's that support that you're picking up
00:38:26 which needs to be absolutely looked at?
00:38:29 Well, see, Bank Nifty is not out of the woods.
00:38:32 Even if you look at the way the Bank Nifty is performing over the Nifty,
00:38:36 clearly the pressure is more on the shorting side is evident in the Bank Index.
00:38:42 Now, support-wise, which is a good point where there's a good chance
00:38:45 that there might be a basing out formation in Bank Nifty.
00:38:48 As the option data reads, which even Agam mentioned, I think 45,000 is that point
00:38:53 where the highest open interest positioning stands for the monthly expiry
00:38:57 for Banking Index. So, yes, still 500, 600.
00:39:05 The points of in more to go early from a short-term perspective is 46,300.
00:39:10 The downside can be 45,000.
00:39:13 Sure. Point taken there. Let me go across to Mahesh.
00:39:18 Mahesh, talk to us about how you're viewing markets at this point.
00:39:24 Firstly, welcome. Good afternoon. Talk to us how you're looking at markets this time.
00:39:29 Are you finding this current dip a good time to buy?
00:39:35 We've remained extremely selective. Afternoon to you guys.
00:39:39 Obviously, I think the kind of knee-jerk reaction that the market saw is more global in nature
00:39:44 and what we are witnessing thereof.
00:39:47 The earnings that HDFC Bank had posed, I don't think it's a systemic-wide issue
00:39:53 as far as deposit growth is concerned.
00:39:55 A lot of the PSU banks have reported in their business updates a reasonable amount of growth coming through.
00:40:01 And in a scenario where we are looking at some point of time in this calendar year,
00:40:06 most probably the second half, rate cuts starting to initiate both in the developed
00:40:12 and the Indian ecosystem as well.
00:40:15 The expectation largely is that in the next couple of quarters might be sticky
00:40:19 in terms of how Nibs and spreads will work for the banking system as a whole.
00:40:23 But as growth returns back with rate cuts, the entire ecosystem should work back in favor of Nibs and spreads
00:40:30 for the financials as a whole.
00:40:33 And therefore, the growth mechanism that financials can provide in terms of KPEX support to the private industries,
00:40:40 the government KPEX expected to continue with reports that we are probably leading in,
00:40:45 a 10 to 15 percent growth expected in terms of the KPEX outlay as far as the interim budget is concerned.
00:40:52 The second half should also see a large element of private KPEX come through.
00:40:56 So I think structurally, we are not looking at any deep downsides for the Indian market.
00:41:01 Obviously, I think earnings and select pockets where earnings continue to remain strong will remain focus.
00:41:06 Earnings will remain the focal point for the markets as we speak.
00:41:10 And the flows should continue reasonably well, even for this calendar year.
00:41:16 Once the rate cuts also start coming back to that point, a lot of FII money is still expected to come in
00:41:21 to India, being one of the best markets expected from a macro and micro perspective.
00:41:27 So not seeing a structural downside for the markets.
00:41:29 21,050 is where the 10-weekly lies.
00:41:32 Our methodology cancelling probably suggests that this probably holds up for the market as a whole.
00:41:39 And even if it corrects to those levels that holds up, we will see good buying opportunities emerging around that zone
00:41:45 across large cap and the mid-cap movements.
00:41:47 Right. Point taken, Mahesh. Mahesh, there's one pocket that I want to try and focus on and get your views on.
00:41:53 We're not talking much about this space, but look at some of the PSU, NBFCs.
00:42:01 Let me pull out some names. REC, PFC, IREDA, IRFC.
00:42:07 The valuations have skyrocketed over the last two years.
00:42:11 We are now seeing valuations close to pretty much all-time highs.
00:42:16 We are seeing these valuations largely in line with some of the front-line banks of the country,
00:42:24 private sector banks growing at 20 percent.
00:42:27 How do you view this sector? Do you see that this is a structural change and this is where
00:42:32 and these kind of valuations are sustainable or do you believe that this is being overdone at the moment?
00:42:39 So from a price perspective, I think the price move has been a little bit discomforting
00:42:45 because I think a lot of people who could not get in, the stocks are not giving a chance at all to probably
00:42:50 enter the stock because there are hardly any pullbacks that come on this.
00:42:54 Is there a structural element to this entire sector? Absolutely, yes.
00:42:58 So if you look at the previous 10 years in terms of evaluation metrics and the forward-looking 10 years
00:43:04 in terms of evaluation metrics, I think hardly anything had happened in terms of renewables
00:43:09 and financing renewables as a space in the previous 8 to 10 years.
00:43:15 But the pace at which in the last 2 to 3 years this entire space is growing and expected to grow going forward,
00:43:22 the targets that the government has kept at 280 gigawatts by 2025 and almost 500 gigawatts by 2030,
00:43:29 you're probably looking at the LNG infrastructure as well being expected to improve from 6 percent to 15 percent.
00:43:36 So I think the entire renewable space, including biogas, bioethanol fuels that are expected to come through
00:43:42 in the next few years is going to fuel a huge amount of investment going forward.
00:43:47 Rough estimates suggest 20 lakhs expected to be spent on these investments with 12 to 15 lakh crores
00:43:54 coming in from the financiers itself. So is there a strong runaway growth in terms of how the advances,
00:44:01 structuring will happen, how the borrowing will probably look for them?
00:44:06 I think it looks probably in the right areas as we speak at this juncture.
00:44:10 Again, the kind of exposure that will happen will largely happen to government entities,
00:44:15 which means the risk of default remains very, very minimalistic at this juncture.
00:44:20 And though, again, on the standard deviation curve over the past 10 years, they might look expensive.
00:44:25 Is there good growth prospects that can happen as structural tailwinds? Absolutely, yes.
00:44:30 But we wait for opportunities and pullbacks. That's the hope.
00:44:34 Right. So these are going to be interesting names to watch out for, though.
00:44:38 But another major that we need to look at is a HUL that will be reporting numbers in today's year of trade.
00:44:44 Now, yes, the price cuts could hurt revenues and the weak demand that we've seen specifically from a rural India perspective,
00:44:52 that is something that could impact the volumes this time around.
00:44:56 The profit number is seen at around 2,665 odd crores, and you're begging the margin at around 23.9 percent.
00:45:03 The key things we will be watching out for in terms of management commentary is the raw material price trend,
00:45:08 the top line growth projections, the kind of competition that they are seeing from regional players,
00:45:14 because that's what is hurting all of these biggies this time around.
00:45:19 So HUL is going to be in focus ahead of numbers. The stock is seeing gains of around seven tenths of a percent.
00:45:24 Akshay, a quick technical check with regards to HUL. What would you advise investors to do?
00:45:30 Well, Hindustan Unilever has been much of a dormant stock, as I may say,
00:45:35 because the price action has rather been in a range, a choppy short term range.
00:45:40 The 2,500 is a very important level you need to have a note on, especially ahead of the results,
00:45:46 because that's the point where a lot of derivative positioning is built in the ports.
00:45:50 And also it coincides to be a good technical support zone.
00:45:53 My understanding is mostly the result, the way the data is positioned,
00:45:57 it's going to be more of a neutral price activity post the results.
00:46:01 2,500 support, 2,600 upside is what you will see HUL hovering in.
00:46:06 There is no trade as such, but if you are holding on to HUL,
00:46:10 your stop losses strictly should be below 2,500 mark and continue to hold on to the stock.
00:46:15 That would be the advice.
00:46:17 Right. Mayurish, a quick view in terms of HUL and if you have to look at the FMCG pack as well,
00:46:23 where would your bets be? Because clearly, you know, there is some bit of pressure coming in,
00:46:28 in terms of where rural demand goes. And that is something that the street is concerned about.
00:46:32 And valuations, as always, are always expensive.
00:46:35 Absolutely. Valuations always have remained expensive.
00:46:39 And the moot question here is when will the rural recovery come?
00:46:43 So the question in hindsight is the expectations of a good monsoon expected next year.
00:46:49 Fingers crossed for that. And if that probably happens,
00:46:52 the first half should show initial signs of recovery for the rural sector as a whole.
00:46:57 And the second half should be a substantially good one,
00:47:00 both on the base effect that we'll see probably year on year,
00:47:03 as well as expectations of volume growth picking up quite substantially.
00:47:07 Volume growth, as we speak, across the sector is very, very minuscule,
00:47:11 because the kind of demand drivers and discretionary spending patterns are missing.
00:47:16 Clearly, input costs have come up because of deflationary pressures.
00:47:20 And the expectation is input costs will remain a little bit more benign,
00:47:24 which would support EBITDA going forward.
00:47:27 But the absolute multiplier effect that we want to see in terms of robust volumes,
00:47:31 along with good value, that probably would be missing in numbers.
00:47:34 So I will wait out for numbers. I think the sector is trading at expensive valuations.
00:47:38 A lot of stocks, as we see in markets with India, are trading much above their pivot levels,
00:47:43 some in late stage basis as well. And therefore, I think we'll wait for pullbacks onto the sector.
00:47:48 Point taken, Mahesh. Let me quickly move on.
00:47:51 The other big one coming out with numbers today is going to be Reliance Industries.
00:47:56 It's an earnings heavy week, Hiral. And clearly, we are going to end the week with Reliance's numbers.
00:48:02 So what are our key expectations?
00:48:05 Quickly, just running past the numbers and the expectations.
00:48:08 Revenue expected up around 8.5 odd percent, 2.5 lakh crore plus is where that revenue number expected at.
00:48:14 PAD expected around 4 percent odd higher, around the 18,000 crore mark.
00:48:19 EBITDA is, in fact, expected marginally lower.
00:48:23 O2C is expected not to do as well. But that one will be in focus.
00:48:28 If we see a decent performance there, you could see Hiral's numbers look slightly different in comparison.
00:48:36 Margins are expected to shrink from that 17.5 percent mark to just below 16 percent.
00:48:41 Now, in terms of O2C, we did speak about a possible margin impact there.
00:48:48 GRMs are seen lower, in fact, by around $2 a barrel.
00:48:53 And you're seeing Reliance, Retail, Jio and Oil & Gas. Of course, Jio as well as Retail also will be in focus on the back of those earnings.
00:49:03 Especially Jio's ARPU number, which is expected to be largely flat.
00:49:07 But anything higher over there could surprise on the upside.
00:49:12 But we'll talk more about Reliance. Let me quickly go across to Vishy, who is standing by.
00:49:17 ICICI Bank's numbers also expected tomorrow.
00:49:21 You're expecting expansion across both Profit as well as NII.
00:49:26 But NIMS will be the key, right, Vishy? What can we expect from these numbers?
00:49:30 So, ICICI for the third quarter is expected to report about Rs.9950 crore worth of net profit.
00:49:36 This is going to be about 20 percent higher year on year.
00:49:39 Similarly, on the net interest income side, the growth is expected to be about close to 9.2 odd percent, with NII coming at Rs.17,979 crore.
00:49:48 This is expected to be, of course, lower than what ICICI Bank is used to on a quarterly basis,
00:49:53 simply because the deposit costs would have gone up likely in the third quarter, which will bring down that NII.
00:50:00 And primarily because of that, you will also see some impact on the net interest margin.
00:50:04 Having said that, the management did guide during the second quarter results that the NIM contraction will be slower than before,
00:50:13 simply because the bank has completed most of the repricing of deposits in the previous quarters.
00:50:18 In the current quarter, some of it is left, which will start playing out during the quarter.
00:50:22 The advances growth is expected to be strong during this quarter.
00:50:26 Remember, in September 30, the bank reported about Rs.11 lakh crore worth of advances.
00:50:31 On the deposit front, the deposit stood at Rs.12.913 lakh crore, roughly, for ICICI Bank.
00:50:37 So, on the advances side, you will see a strong growth.
00:50:40 On the deposit side, we need to watch out, especially what happens with that CASA bulk sort of addition.
00:50:47 Those numbers, where they stand during the third quarter, that will also be a key monitorable.
00:50:52 On the asset quality front, of course, ICICI Bank has not had trouble for a very long time.
00:50:56 Gross NPA ratio is about 2.48% as of 30th September.
00:50:59 That's estimated to be coming down during the third quarter.
00:51:04 Thanks, Vishy, for getting us a view in terms of what can be expected there.
00:51:08 However, from the banking space, you are looking at ICICI Bank, Kotak Mahindra Bank, also that will be reporting numbers tomorrow.
00:51:15 Apart from that, you also have an Axis Bank that will be in focus.
00:51:20 Mayuresh, talking about these three banks, as well as Reliance Industries,
00:51:25 a major impact, if anything goes left or right on a combined basis on Nifty or Bank Nifty, right?
00:51:32 So, how would you actually, and that's the reason why I'm clubbing these together,
00:51:36 how are you looking at them over the next two days? Because tomorrow markets are open as well.
00:51:41 The hope is that they don't pose bad numbers, because if they do, I think the market is in serious trouble on Monday.
00:51:47 Both Bank Nifty and Reliance contribute significantly as a weightage on the index itself.
00:51:52 But I think going by what a lot of the analysts are saying in terms of the poll, a decent set of numbers are expected.
00:52:00 I think both in terms of ICICI, Kotak, as well as Axis going forward.
00:52:06 And therefore, I think if there is a structural miss, that probably happens.
00:52:10 You might see that kind of a downside risk playing off, but it doesn't look like.
00:52:15 When it comes to Reliance, again, I think the O2C business is expected to show weak performance quarter on quarter.
00:52:21 Defining margins also likely expected to come off because of lower diesel cracks and also the Russian crude prices,
00:52:27 which had been a little bit lower this time around. But a large part of the support that Reliance will get is obviously through Jio and the retail part of the business,
00:52:35 which is expected to improve both sequentially and on a YY basis as well.
00:52:40 I think the most important trigger going forward is obviously going to be how the new businesses are shaping up.
00:52:45 And therefore, I think any commentaries surrounding that is going to be extremely helpful,
00:52:50 as well as what probably happens on the O2C part of the business as well.
00:52:54 When the street is expecting a lot worse number coming through, if they're able to show a better performance,
00:53:00 maybe a surprise on GMs as well because of the different feedstock options they've got,
00:53:04 it might create a reasonable amount of impact for the market.
00:53:07 So not expecting any negative surprises from either the banks or the banks.
00:53:13 Thanks, Mahesh, for that. Akshay, your views on some of these big ones, Kotak, ICICI, as I look at them,
00:53:20 Hiral and myself are just talking 10% off the Nifty there. And you're also looking at another 10% coming from Reliance today.
00:53:28 Well, see on the charts, if I read both the Reliance and ICICI bank charts, both of them are very strongly positioned.
00:53:36 Yes, for the short term, there has been a slight pain or short profit booking, as I understand,
00:53:41 but the broader charts are still strong. And there is a good chance that, you know,
00:53:46 you might see new highs in Reliance because especially if you talk about Reliance,
00:53:50 even the positioning is very strong. The options data too is suggesting 2600 as a very good strong support zone.
00:53:58 Even if you get it on dips, you have to buy Reliance.
00:54:02 So I would be very strongly positioned on the buy side in Reliance. I'll target around 2875 on the upside.
00:54:08 And if I move on to ICICI bank here too, if you look at the last couple of days action,
00:54:13 this is pre-result action and this has been backed by volume.
00:54:16 So clearly the signals are evident that there is buying action, delivery based buying,
00:54:21 a 980 support base is intact. And there is a very good chance looking at the way the OTM options activity too
00:54:27 is picking up ahead of the results that ICICI bank may revisit the levels of 1040 on the upside.
00:54:33 So I'll be positioned on the buy side or for both of these stocks, the big boys,
00:54:38 as you may call it, ahead of the results in the Nifty index.
00:54:42 Right. So buy coming in on both these counters as we speak.
00:54:45 In fact, thank you, Akshay. Thank you, Maviresh, so much for joining us on the show.
00:54:49 I would love to wish all of you all a happy weekend as well, but everyone in the markets,
00:54:53 it is going to be a working Saturday tomorrow. So I'm not sure if this is going to be a happy weekend so far.
00:54:59 But moving on, you have Prithvi Haldia of Prime Database, who spoke to NDTV Profits,
00:55:04 Smriti Chaudhary on the IPO pipeline and the budget expectations. Let's take a quick look.
00:55:10 Hello and welcome. You're watching NDTV Profits and joining us today is Mr.
00:55:20 Prithvi Haldia, founder and chairperson of Prime Database and also an advisor to the AIBI.
00:55:26 Hello and welcome. Thank you so much for joining us today. So let's start off with IPOs.
00:55:32 We saw a frenzy of IPOs in 2023. What kind of expectation do you have for 2024?
00:55:38 Would the same momentum continue? You see, frenzy means many things.
00:55:44 Frenzy can be by number of IPOs. Frenzy can be by amounts raised.
00:55:48 Frenzy can be by time subscribed and frenzy can be by listing gains.
00:55:53 Now, by numbers, we are far behind any many of the previous years.
00:55:57 We are not because the whole era has changed now. The regulations, the market expectation,
00:56:02 the institutional investors coming to the market. So the number is very small.
00:56:07 We're still talking 50, 60 main board IPOs. Amounts is higher, but they're not as high as,
00:56:13 say, three years ago, but these are reasonably good amounts. And the pipeline is very strong.
00:56:19 So if everything remains, you see, primary market has to ride on the back of the secondary market.
00:56:25 IPOs will not happen in case the secondary market is either downwards or it is, you know, erratic.
00:56:33 You require some kind of stability in the secondary market. Then the IPOs start.
00:56:37 And if that remains in 2024, which is likely given the political and economic scenario,
00:56:44 this year definitely will be a better year than last year.
00:56:48 So we saw a lot of SME IPOs also in 2023. Now, it's not just the main board or bigger companies that are coming for IPOs.
00:56:59 There are smaller companies who are, as we talked about in the conference as well, that they are coming.
00:57:06 Earlier, it used to be companies would kind of mature and then come to the market.
00:57:10 Now that has that is changing. Do you think there are certain concerns around this?
00:57:15 See, my concern. No, I'm not concerned about the number of SME IPOs.
00:57:19 We're still talking of 100 plus. We're not talking of very large numbers.
00:57:24 The amount being raised are also very small. Somebody is raising 50 crores, 20 crores, 40 crores.
00:57:29 So there's also not a concern. What can be of concern?
00:57:33 And we heard the SEBI chairperson also say is that is there any manipulation happening in this market?
00:57:40 Which is basically either you are you trying to give wrong signals about our subscription and therefore getting in retail investors?
00:57:51 Right. But we're at market close now.
00:57:54 And let's quickly take stock of what's happening in markets.
00:57:58 Eight tenths of a percent higher on the Nifty 50. You're seeing a solid 170 odd point rally that we've seen today.
00:58:05 The Nifty Bank too, closing but largely flat. In fact, just about a slight positive bias, but absolutely flat on the Nifty Bank.
00:58:14 No fizz there. You're also looking at, you know, if I can have exactly the mid cap Nifty mid cap 100, one and a half percent higher.
00:58:23 That's where the buzz seems to be at. And also the Nifty small cap also seems to be a slight bit of outperformance there as well versus the Nifty upper percent or thereabouts.
00:58:33 So positive in the broader markets. Let's have a look at the advance decline.
00:58:37 And that will likely indicate the positivity in broader markets. There you go. Two is to one in favor of the advances.
00:58:44 If you can have the heat map to see whether Nifty 50 is that there you go.
00:58:48 You have the likes of an ONGC, Bharti, NTPC all leading gains, 3 percent higher on all three of them.
00:58:54 And the losers are far and few today, which has been in what has been a tough week.
00:59:00 This is definitely a positive. You're looking at just about five stocks in the decline with IndusInd Bank, Kotak Mahindra Bank and HDFC Bank dominating those losers.
00:59:12 So down nearly from three and a half percent all the way to eight tenths of a percent where HDFC Bank currently lies at the recovery of HDFC Bank looking more and more difficult as we close the week today.
00:59:24 But let's also have a look at the contributories on the Nifty. So as to indicate who is weighing in on the Nifty that we have Nifty close.
00:59:33 And that's where we have closed at now in terms of the contributories.
00:59:38 So currently we are seeing sectoral indices, 3 percent plus on the Nifty PSC, Nifty Infra Communications is green across the board.
00:59:47 Nifty Metal, too, gaining a percent plus. Only the Nifty Media is down 1.2 odd percent.
00:59:54 If we can go within the Nifty Media and quickly see the constituents, you'll see maybe Zee and Dish contributing a maximum of those losses.
01:00:03 Zee, of course, will be in focus. 20th was the deadline for the merger. That one will be in focus.
01:00:08 Quickly on to the Nifty Bank before we wrap. The Nifty Bank contributories, if you see, largely the gains coming in from ICICI access at the moment.
01:00:18 But the losers seem to be the entire private banking space. If you can see the way in which private banks are getting beaten, IDFC, ICICI, all of which are supposed to release results tomorrow.
01:00:29 All of which are moving in slightly different directions. But the PSU banks seem to be doing quite well.
01:00:35 But that's a wrap on the India market close today from us at NDTV Profits. Stay tuned. Have a happy weekend.
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