#Nifty, #Sensex fall over 1% as #HDFCBank, #RIL, #AxisBank drag
Niraj Shah dissects key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitLive
Niraj Shah dissects key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitLive
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00:28:21 So lots to talk about. We need to slip into a very quick break and come back and talk more about what's happening on the markets, more so at the broader end of the spectrum.
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00:31:58 All right, it's a tough day for the markets today and a whole host of factors weighing markets down.
00:32:04 The bank Nifty, the biggest sort of culprit right now and you're seeing that way out in the index as well.
00:32:13 But overall, the sentiments are weak, even in the broader markets. Nifty Bank now about 2.5% down.
00:32:19 I'm quickly going to go across to Agam, who's giving us a picture of what's happening in the F&O space on a day when there's Finn Nifty expiry. Agam.
00:32:27 Well, things certainly aren't looking very good because we started off with a lot of strength and we've just been sliding ever since we saw that positive open in the market.
00:32:38 Let's start by taking a look at the Nifty and quite naturally, banks like HDFC Bank and SPI have weighed on the benchmark.
00:32:44 We are looking at a 1.7% cut on the Nifty and unwinding as far as the future is concerned.
00:32:51 Coming down to the bank Nifty, that's where once again the cut will be just by as much, a little over in fact, down 2.3% as we speak.
00:33:00 And as I've mentioned earlier, we've seen that on account of your two large banks, HDFC and SPI, and we are looking at a 15% increase in open interest towards fresh shorts.
00:33:11 Moving on, we need to talk about how things are panning out as far as your Nifty options space is concerned.
00:33:17 This is completely expected. Substantial amount of writing around the call side, not much as far as the put side is concerned because of so much uncertainty.
00:33:26 And to talk about the open interest distribution, well, until morning we did have a lot of OI around 21,500 put.
00:33:35 Naturally, a lot of unwinding coming through, which means that that number must have also come off.
00:33:40 And on the other hand, we're starting to see a lot of writing action return to around 21,700, 21,800 from 22,000 earlier.
00:33:49 Let's move on and talk about the Finn Nifty itself. And here, no surprises there. Again, a lot of writing around calls, not too much speaking of puts.
00:33:59 And it's been a very, very hard expiry for all those who have written puts as far as the Finn Nifty is concerned.
00:34:07 Moving on, let's talk about how things are panning as far as the stocks go.
00:34:12 So the pharma space has given you a little bit of a green through the course of the day.
00:34:17 And of course, Lupin is one of those where we're seeing longs along with gorgeous consumers and Bharti Airtel.
00:34:22 On the other hand, weakness in Sriram Finance and Max Financial Services.
00:34:25 But longs and winding in Sun TV, Gujarat Gas, GNFC and Tara Ken Metropolis.
00:34:31 Again, we're seeing about a short covering. But on the whole, today's day has been about the banking index along with your large cap banks,
00:34:40 which continue to lead the fall. And even the marginal gains that we saw from ICICI and Kotech Maindra Bank
00:34:48 really haven't been able to do anything to keep and give and provide support to that banking index today.
00:34:54 Okay, thanks a lot for that. And you know, that's the point. The pain continues for a lot of banks and including big boy HDFC Bank
00:35:03 looked reasonable at 1600. Then the results came extended fall. And now it's down to the fifth day on a trot.
00:35:09 My colleague Vishwanath Nair, who's joining in right now with his analysis of what is the reason for the pain beyond, of course,
00:35:21 the obvious ones, which is the results and the wobbliness post that as well. Vishy, not looking good for HDFC Bank at all.
00:35:28 Yeah, so HDFC Bank announced its results last Tuesday. And since then, you've seen this consistent sort of reaction within the market.
00:35:36 The numbers per se were not so bad. But there were certain areas, certain ratios, which did not make a lot of sense to the market.
00:35:45 Like, for example, the net interest margin did not make sense, it being flat and there being no close commentary on how it is going to move going ahead.
00:35:55 Similarly, on the earnings per share, you saw a year on year cut for the first time in a decade.
00:36:01 Now, obviously, a lot of that has played out over the last few days.
00:36:06 But what we understand is that the negative sort of sentiment on the stock is largely coming from the domestic investors,
00:36:14 the domestic clients. So what CLSA has said in a report, essentially, is that for the foreign investors,
00:36:23 the expectation is that the worst seems to be over. You're seeing things improving at HDFC Bank.
00:36:29 And of course, in the near term, you will in the medium term, at least, you will see the benefits of the merger playing out.
00:36:35 However, the domestic investors believe that there's an issue here because what the bank is guiding for about a 15 to 17 percent loan growth,
00:36:43 that along with a improving margin scenario is completely an impossible sort of situation,
00:36:49 primarily because to fund that 15 to 17 percent loan growth, you need deposits about roughly 5 lakh crores.
00:36:55 And if you want to raise that amount of deposits, you need to raise deposit rates.
00:36:58 And if you raise deposit rates, obviously, the margins are not going to look that good.
00:37:02 What the domestic investors, what CLSA notes amongst domestic investors is that the ratio of bulls to bears has been higher
00:37:12 in terms of the bears outweighing the bulls on the domestic investor front,
00:37:17 while on the foreign investor side, you're seeing slightly more bullish commentary coming in.
00:37:22 Now, that's what CLSA seems to suggest. We still need to see what exactly the market does with HDFC Bank.
00:37:28 However, numbers at this point in time, definitely showing a concern for future growth.
00:37:33 Thanks a lot for that, Vishy. So that's with regards to HDFC Bank.
00:37:37 And Dharmesh Kant joining in, head of equity research at Chola, and Rahul Sharma still with us.
00:37:42 May I get the technical view first before or the derivative view first before I get the fundamental view here?
00:37:48 Because HDFC Bank is one key pain point. Rahul, we've spoken about banks at large,
00:37:53 but particularly HDFC Bank, and a lot of heaviness in the counter might be out of the way in the last four or five days as well.
00:38:03 It continues to see more pain. How do the charts or the derivative positions look?
00:38:09 Yeah, so HDFC Bank has got into this knack of seeing these vertical sell-offs.
00:38:16 We saw one in 2021. Another one was in 2022. And now we are witnessing another one happening post the results.
00:38:24 The way this correction has taken place, I think, 14 and it is somewhere a bit of capitulation can be expected.
00:38:32 But looking at the way the kind of derivatives data has been building up in this,
00:38:38 it seems like it's going to be a bumpy ride ahead of the monthly expiry.
00:38:44 That is today also we are seeing around 21 percent addition in open interest, around 371 percent rise in volume.
00:38:51 So clearly, you know, banks are capitalizing on this down move.
00:38:55 And at this point in time, some bit of hope can be expected at the 1400 level.
00:39:02 And from where some profit booking can be expected in the shorts where a small bounce back can also take place.
00:39:08 So my sense is the pain is not done yet. But a psychological support of 1400 is very much near the mark.
00:39:16 Psychological support of 1400. Let's just, you know, quickly, Rahul, before I come to Dharmesh, get your view on the others.
00:39:24 In the banking pack, IDFC first, the trigger seems to be the numbers, but down six and a half percent.
00:39:31 Indus Ind, SBI, pain all around. And, you know, if I move to some of the others, it's even a deeper cut.
00:39:40 With the exception, of course, of ICICI Bank. Any of these on your list or any views here, Rahul?
00:39:48 Yeah. So from the financials or something that we like on the short side is Bajaj Finance.
00:39:55 But that finance has actually given a breakdown below its 200 day moving average.
00:40:00 Today, the volumes are pretty strong, both in the cash as well as derivative segment.
00:40:04 And my sense is the way the setup is, we should head towards a sub 6800, 6700 roundabout on the downside.
00:40:12 So one can look to short Bajaj Finance at these levels, maybe look at shorting the February futures,
00:40:18 which is as we are approaching expiry next week. The February futures, one can look to short for the stop loss of 70 to 50.
00:40:25 And we feel that there is a good 300 point slide that can be had in the very short term in this name,
00:40:31 especially after the 200 day break that we are seeing a decisive close below the 200 day moving average that we're testing in this financial name.
00:40:41 Dharmesh, views on HDFC Bank and the financial space. Is there a deeper concern here or a bit of panic that you're seeing?
00:40:51 I think there's a bit of a concern as far as you know, time bound method of stock price rises there.
00:40:59 Because if you look at the BFSI earnings so far, around 20, 22 companies have reported.
00:41:04 The back growth has been tremendous. I mean, 32% kind of value-wise growth is there.
00:41:09 But if you look at sequential, it's just around 0.36%. And that speaks a lot about the future trajectory,
00:41:15 at least for next two quarters, how the NIMS and other issues are going to pan out.
00:41:19 Credit Government definitely is going to taper down for Q4 and Q1 around 18, 19% from 22, 23%.
00:41:25 It's going to come down there. At the same time, some tightening on the NIMS fund will be there and some tightening on other positions,
00:41:32 which are made maybe because of AIF rated and other because of 5-way measures, which they have taken.
00:41:38 So this will keep the profitability in check. And that is why after a stupendous rally on the BFSI stocks,
00:41:43 we are seeing some correction happening today. As far as the CFC Bank is concerned,
00:41:47 I think it's at least for one year or so, the stock is not going to move much,
00:41:53 largely because of the type of projections they have given to the brick and mortar expansion of branches.
00:41:59 Around 4,400, 4,500 branches they will be adding. And that will keep up with the personal cost to income ratio.
00:42:05 Apart from the fact that CD ratios are already lopsided for SDFC Bank and other parameters also falls into place,
00:42:12 which is not so conducive for SDFC Bank. So I think for SDFC Bank, it's a long way to go before meaningful price action can take place.
00:42:21 As far as Selling is concerned, if you have better opportunities in other private sector banking space for the matter,
00:42:26 ICICI Bank or a Portuguese Bank, so then why you would be holding on SDFC Bank?
00:42:30 So some rebalancing out there will keep the liquidity getting out of SDFC Bank,
00:42:36 which will keep the stock price correction in the flow, which is there. So not positive on SDFC Bank.
00:42:42 However, on the banking space, I think it's more of a consolidation which will set in from here for the next two quarters.
00:42:48 So that is how things are placed.
00:42:51 OK, well, that's on HDFC. There are some which are bucking the trend as well.
00:42:57 And would want Dharmesh's view on that. So CIPLA is one of them.
00:43:02 It's rallying on the back of strong Q3 on a day like this.
00:43:05 Defensive Sun Pharma CIPLA higher, CIPLA at the highest point of the day.
00:43:09 Varsha is here with the details of what went right for CIPLA. Varsha, good afternoon.
00:43:13 Good afternoon, Neeraj. So as you rightly said, so if you see CIPLA is up over 7% as of now.
00:43:19 And let's see how the numbers were. So the Q3 FY24 numbers actually were in line with estimates,
00:43:24 where third quarter profit increased 32% year on year.
00:43:30 And if you see one India business grew at a healthy rate of 12%,
00:43:33 which was backed by strong performance across branded prescription, trade generics and consumer health.
00:43:38 Also, the US business grew almost 18% in absolute terms to 1,916 crore.
00:43:44 And growth was supported by volume traction in key assets.
00:43:48 Then, of course, on the after pharma acquisition, the CCI approval has been received
00:43:54 with integration expected to be completed in Q4 FY24.
00:43:58 Also, if you see business in other international markets and emerging markets in Europe fell 2%.
00:44:04 While there are few brokerage notes on CIPLA wherein Citi has maintained buy with target price of 1,380.
00:44:12 Now, according to Citi, pipeline continues to improve with filings of few of assets in US,
00:44:17 while Bofa Securities has reiterated underperformed with target price of 1,150.
00:44:23 Now, according to a brokerage firm, fourth quarter margins are typically lower due to higher OPEX,
00:44:29 which could limit possibility of earnings upgrades.
00:44:32 And lastly, there has been news that CIPLA has incorporated a subsidiary company
00:44:37 for distribution of pharmaceutical drugs in Mexico.
00:44:41 Varsha, thanks for that. Dharmesh, interesting reactions to these kind of numbers.
00:44:48 What did you make of CIPLA?
00:44:50 I mean, the numbers were great, but my only point is whether the consistency of these numbers going ahead.
00:44:57 So, I doubt that to be the case.
00:44:59 So, this quarter has been exceptionally good for CIPLA and some moderation is expected in next two quarters.
00:45:04 However, the pharma space, I think the stock which stands out given the price setup scenarios,
00:45:10 Dr. Reddy's looks to be a very good bet.
00:45:13 I mean, their problem with the Russia shipments is not there, but they have been shipping well to Russia.
00:45:18 Even the Ukraine part has been dissolved. That was what the management said.
00:45:22 I do think given the context of the type of valuation Dr. Reddy's is sitting on,
00:45:26 it's pretty much cheaper compared to CIPLA, Sunpharma or even the pharma.
00:45:30 So, if one wants to get into a defensive with a better valuation, better play,
00:45:34 Dr. Reddy's is a better buy at conjunction.
00:45:37 However, if one is holding say, Albino Pharma, Sunpharma, etc., they will continue to do so.
00:45:41 Because my expectation for market for next two quarters on the index level is not that great.
00:45:46 It's more of a sideways consolidation where these companies do find a good buying merit and attraction out there.
00:45:53 So, that is how it is playing out as of now.
00:45:55 Yeah. Rahul, any take on the pharma space?
00:46:00 Relatively doing fine, Lupin today, Decent, Granule.
00:46:05 Some of these counters, Max Health, I would mark out, are still doing relatively okay.
00:46:12 Anything that you like, Uveha?
00:46:14 Yeah, so, pharma as a defensive name has done well today.
00:46:18 Also, it is backed by the fantastic numbers reported by CIPLA.
00:46:22 And I think as long as the broader market remains a bit negative, pharma is expected to do well.
00:46:30 Now, looking at the pharma index, it is on the verge of a breakout.
00:46:34 In fact, the breakout could take the index higher by around 2-3% in the very short term,
00:46:40 which translates into a good upside for the stocks.
00:46:43 Now, what do we like in the pharma space?
00:46:45 Oropharma is one setup which is looking pretty decent.
00:46:48 I think there is a good chance for the stock to head towards 1200 on the upside.
00:46:52 So, one can look to buy around this range, maybe around 1120, 1130, 10 rupee range,
00:46:58 one can look to buy.
00:46:59 Stock loss is at 1060 and pharma is expected to do well led by these large cap names.
00:47:06 So, overall, not only the large cap, but the smaller pharma names are also expected to be positive from here.
00:47:13 Okay, so that's on pharma, which is bucking the trend.
00:47:21 The two other pockets of interest are, of course, on the downside railways and on the upside,
00:47:27 some of these stocks that could potentially benefit out of rooftop solar.
00:47:32 So, for example, look at the intraday of Adani Green.
00:47:36 It corrected. It started off well, corrected.
00:47:39 But on a day like this, it's back in the green.
00:47:41 Look at Vari Renewables.
00:47:43 The stock is up on 5% upper circuit and stayed that way for a better part of the trading day today.
00:47:49 Look at what's happened maybe to Tata Power and maybe that stock too could be positive.
00:47:54 I haven't checked Tata Power in the last few minutes,
00:47:57 but it could be interesting to see what the Tata Power intraday is looking like.
00:48:00 Flat, not really sulking.
00:48:02 So, that is one pocket that is standing out.
00:48:05 Dhanvesh, it's a big opportunity.
00:48:07 Would you go out and buy into any of these names by virtue of what's been announced or will be announced,
00:48:13 which is the scheme for a crore households to have rooftop solar modules over the course of the next few years?
00:48:20 Is that a big enough incentive?
00:48:23 Yeah, definitely.
00:48:24 And the best part about this government is these announcements do materialize and execution does take place.
00:48:30 So, having said that, I think the entire segment is quite fragmented.
00:48:34 It's more of an unorganized segment, which is there as of now.
00:48:37 Rooftop solars are there in many of the buildings, but they are from the smaller players.
00:48:42 So, that will get integrated into a larger place as things roll by.
00:48:46 And post this announcement, I think people will take this opportunity more seriously.
00:48:50 And going forward, it will be more than one crore households.
00:48:52 It can be two, three, five crores.
00:48:54 It can go like that.
00:48:56 But having said that, right now, I mean, our research team is in a work in progress.
00:49:00 We are trying to identify those companies which are thematic players for this opportunity.
00:49:07 And it at least has to be a three to five-year kind of a call.
00:49:11 Because right now, if you look at valuations, I mean, all the stocks which are remotely related or related to this kind of an opportunity is already up.
00:49:18 Only Tata Power is a company which is not showing traction.
00:49:21 But I'm very sure Tata Power will take this opportunity in a bigger way.
00:49:24 And so will be the case with other major power players.
00:49:27 So, 15, 10 days, let the stock price settle.
00:49:30 But this is a theme to be played out.
00:49:32 Or maybe a basket buy at current levels if some aggressive investor is there.
00:49:37 So, yeah, definitely.
00:49:39 Valuing right now is difficult.
00:49:41 So, let's have a report come through, then I can discuss in detail with you.
00:49:44 Right. Absolutely.
00:49:46 Just a few minutes to go before we close out what is looking like a difficult day.
00:49:51 Recovery here in Adani Green that you're seeing on your screens.
00:49:54 But the Nifty seeing quite a bit of pain.
00:49:59 What would you do on a market like today is the question.
00:50:02 And I just want to pull up some of the reality counters which have been seeing quite a hit.
00:50:06 We're talking about overall reality in the context of its numbers.
00:50:09 But look at Prestige.
00:50:11 That's also seeing quite a bit of pain today.
00:50:15 That stock about 10 percent down still recovered from the low of its days.
00:50:19 And these are some of the counters.
00:50:21 What is the kind of theme that you're seeing over here, Dharmesh?
00:50:25 Is this more of a correction of stocks that had run up massively and had a one-sided kind of a growth?
00:50:35 You've seen that in your real pack today.
00:50:38 You're seeing that in reality as well.
00:50:40 Is that what you put it down to?
00:50:43 Definitely.
00:50:44 I mean, that is what we are seeing as far as overall reality is concerned.
00:50:47 Numbers did miss the estimates and what the investor community was expecting.
00:50:52 But I think going forward, the low-hanging fruit for most of the realty companies are through.
00:50:56 So now whatever opportunities they are sitting on, their cost is going to go up because those are now new lands,
00:51:01 which they have acquired.
00:51:03 For example, in the case of overriding the daily NCR land, which they have acquired,
00:51:07 is a much higher price than the 20 years or 15 years bank kind of a land parcel, which they were sitting on.
00:51:13 So that will hit on the margins fund.
00:51:16 But I don't think the real estate opportunity is gone.
00:51:19 I mean, the best is over.
00:51:21 That is not the case.
00:51:23 The real estate opportunity is here to stay for the next two or three years,
00:51:25 and we are on the top of the interest cycle.
00:51:27 As the interest comes down, affordable and mid-segment segment will also gain further traction.
00:51:32 I think it will more become a volume game with a packed growth.
00:51:36 I mean, this fall, which is day-to-day, and maybe if the market goes further,
00:51:41 some more fall happens, that is the time to get into real estate stocks.
00:51:45 And you should have a horizon of at least two years for dabbling into these companies at current levels.
00:51:50 So that is where the valuations will seem.
00:51:53 Again, a bit on the cheaper side after two years hence, and then the stock price will stretch.
00:51:57 Yeah, yeah. So anything you like in this pack, Dharmesh, even with a two-year horizon?
00:52:03 Yeah, definitely. I mean, Phoenix Mill is one company which we like, DLF is another one,
00:52:08 and Oberoi Realty is also there in the pack.
00:52:10 So these three companies we do like, though on today's fall,
00:52:14 we have not recommended Arknights to add on to Oberoi Realty,
00:52:17 but definitely if there is some more fall coming to the play,
00:52:20 we will be adding to these companies at say maybe 5% more down the line.
00:52:25 Okay. Well, so that is real estate.
00:52:29 The other one today that has gotten clobbered, Dharmesh, is railways, maybe with reason.
00:52:36 We just did a small dipstick of the kind of valuations that some of the stocks are trading at,
00:52:41 and egregious in certain cases.
00:52:43 But here is the question, the opportunity size is large.
00:52:46 Would you use this correction to buy into them?
00:52:48 And would today be, or today, tomorrow be a good idea?
00:52:51 Or would you believe there should be more correction into some of these?
00:52:54 See, nothing wrong with the business.
00:52:58 Opportunity size is definitely very large, and as per the promise of the government,
00:53:02 the size is going to get bigger.
00:53:04 But the point here is a company has a limited execution capability,
00:53:09 so that cannot be changed overnight.
00:53:11 And these are construction-based, the real estate stocks, for example, RVNL.
00:53:14 So laying off railway tracks and the bridges and the railway station, that takes time.
00:53:20 So it has -- I mean, 15, 17% CAGR is the best they can do with the kind of
00:53:26 infrastructure on which they are sitting on.
00:53:30 So keeping that in perspective, the run-up was humongous.
00:53:34 So this correction was about to come.
00:53:36 It has come today.
00:53:38 So unfortunately for the people who entered today morning or yesterday.
00:53:42 But, again, now it has become a very long haul.
00:53:45 If you come to justify the valuations, it's now based on FY27 kind of earnings
00:53:50 rather than FY26, which was the other case.
00:53:53 The only mistake here is what I think people do is when they are looking at
00:53:56 these companies, they look at five-year or 10-year mean multiples.
00:53:59 So that is not the case with these companies.
00:54:01 That scenario was totally different.
00:54:03 The scenario in which we are sitting as of now is totally different.
00:54:06 We are sitting on a compounding of a growth story in the railway stock.
00:54:09 So from that perspective, I mean, 10%, 15% more correction from here,
00:54:13 for example, in RVNL or Ilcock, they will again become attractive
00:54:17 from a longer perspective, not just for the budgetary perspective.
00:54:21 You know, some of the bright spots today include Petronet, LNG.
00:54:27 We spoke about it, expected deal with Qatar, long-term deal with Qatar.
00:54:33 Persistence Systems is another one.
00:54:36 Though tech stocks have not done as badly, relatively,
00:54:39 persistence actually are doing well, about 4% up in the back of numbers.
00:54:43 Now we spoke to the management on the company's margin outlook
00:54:46 and margin levers that they plan to achieve. Listen in.
00:54:51 So if you look at the quarter gone by, we expanded the margins by 80 basis points.
00:54:56 This was on the back of higher utilization, lower travel expenses,
00:55:00 and more of SG&A and other rationalization, the cost containment
00:55:04 that we do on an ongoing basis.
00:55:06 So this quarter benefited from these things.
00:55:09 As we go ahead, we very clearly said over the next several years,
00:55:12 we want to expand our margins by 200 to 300 basis points,
00:55:15 and that is based on optimizing our overall operations right from our SG&A,
00:55:20 which is roughly about 50 basis points higher.
00:55:23 We compare the nine months of this year versus nine months of last year.
00:55:27 By utilization, we are at 81.5%.
00:55:30 We intend taking it up to 200 to 300 basis points.
00:55:34 And then obviously we've had a significant amount of leadership
00:55:38 and built capabilities that should give us leverage over the next several years.
00:55:41 So you should see margin improvement over the next several years.
00:55:46 All right. So that was the persistent management with a positive commentary there.
00:55:51 Dharmesh, views on persistent and CoForge.
00:55:53 CoForge, though not responding too well to its numbers,
00:55:58 you're seeing a market which is very quick to punish numbers
00:56:03 that don't match commentary or expectations
00:56:06 and quick to reward on the other end of it as well.
00:56:09 In the mid-cap IT space, what do you like in any views on these two counters?
00:56:15 See, if you look at mid-cap IT space,
00:56:18 the companies which are into ER&D segment,
00:56:20 they have delivered a good set of numbers
00:56:22 rather than pure software services kind of play.
00:56:26 So there I think persistent delivered a decent set of numbers.
00:56:29 And the other stock which I'm looking forward to the numbers,
00:56:32 which I think is to be announced tomorrow is SILENT DLM.
00:56:35 So these two companies does look attractive to me.
00:56:38 Other than that, NUGEN software also delivered a good set of numbers
00:56:42 and the commentary was also encouraging.
00:56:44 But to my mind, one has to be very careful while selecting, I mean, mid-cap IT companies.
00:56:50 And the focus has to be on ER&D and their persistent system or SILENT DLM or LKTA.
00:56:56 So these are the three companies which after the assessment looks very attractive to me.
00:57:02 Dharmesh, we leave it at that.
00:57:04 Thanks so much for taking the time out and being with us and giving us your thoughts.
00:57:07 Really appreciate your time.
00:57:08 It's time to wrap up the markets and on a great close.
00:57:11 We'll come up on your screen.
00:57:13 The Nifty is still sulking one and a half percent lower, so no big changes there.
00:57:18 And the intraday of the Nifty will show you the Bank Nifty to 2.2, 3000 points.
00:57:23 The intraday of the Nifty and the Bank Nifty will show you that they've ended at the lows of the day.
00:57:29 The small cap 50 most since December 20th, 2023.
00:57:33 So not great for the mid-caps or the small caps either.
00:57:36 And look at that chart just hovering around the lowest point of the day for almost all the key indices.
00:57:42 The heat map will show you that CIPLA and ICICI Bank are probably up there.
00:57:47 Maybe a Sun Pharma might be up there.
00:57:49 Bharti is up there.
00:57:50 But that's about it. Our defensive bent, if you will, to the market.
00:57:54 But look at the losses that have come in.
00:57:56 Six and a half percent for IndusInd.
00:57:58 The picture pretty much looks the same.
00:58:00 SBI Life is probably falling, fallen a bit more, 5 percent lower.
00:58:03 But the main story is at the broader end of the spectrum.
00:58:06 We know that this picture is bad.
00:58:07 Look at what's happening to Zee if you want to see what's happened worse.
00:58:10 Zee has corrected and stayed lower for a better part of the trading day today.
00:58:15 It's just looked very, very wobbly.
00:58:17 The market is shut, but just pull up Zee and pull up a few other stocks before we wrap up.
00:58:22 30 percent lower, 70 rupees gone, 160 is where Zee is trading at.
00:58:28 It was at 280 less than a month ago.
00:58:31 Just the kind of pain that today's fall and the fall of last week.
00:58:35 If you look at the last five day chart of Zee, it'll show you it's probably trading at about before last week at about 270, 280.
00:58:43 And then it's just had a really, really bad move.
00:58:46 This is, yep, well, this week about 34, 24 odd percent for Zee as well.
00:58:53 What else? There is the real estate plays, renewable plays, all of which have looked wobbly.
00:58:59 The railway plays will look wobbly.
00:59:00 So real estate, prestigious states, Oberoi.
00:59:03 OK, let's start with let's start with railways.
00:59:06 So RVNL down 10 percent, Railtel 12 percent, pull up any other name on the railway side.
00:59:13 RFC 8 percent. I think Tata Techsmac O2 have looked wobbly.
00:59:17 RCTC is down 8 percent. So that's one bucket that has looked very bad.
00:59:20 And then if you look at what's happened to the real estate plays, there is prestigious states.
00:59:26 There is Oberoi Realty. Almost any other stock out there in that bucket too has looked very, very wobbly.
00:59:34 What has looked OK, I must say, are these renewable names.
00:59:39 Adani Green, Vari Renewables, Tata Power, some pretty stable trading in the session today.
00:59:45 And that is something that looks OK. It's in the red, but not fallen as much.
00:59:49 Vari is Tata Power, again, flat on a day like this.
00:59:53 Vari Renewables up, Borosil is up about 10 percent.
00:59:56 So that end of the bucket has looked reasonably OK and has stayed OK on a very bad day.
01:00:05 So that's the key point. The volumes high today would be interesting to dissect what's happened on the derivative side.
01:00:12 So you can expect some bit of that in the session tomorrow from us.
01:00:16 But that's it on the market trap on on India market close. Thanks so much for watching.
01:00:22 Of course, we are in the run up to the budget, talking to a bunch of people on what is it that they expect.
01:00:28 Here are Niranjan Hiranandani on the budget expectations.
01:00:31 We've talked about what needs to be done in giving the benefit in terms of like 80, I'd be a tax free nature for the small segment.
01:00:44 Rental housing is what we are talking about. Input tax credit for the purposes of commercial buildings.
01:00:50 A lot more that we think needs to be done.