Prices of residential property in Mumbai, NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata and Ahmedabad witnessed a sharp fall in H1-2020 with Kolkata witnessing the steepest drop of 7.5% to Rs 33,433 per square meter. Demand for office space fell the most in Pune and NCR markets at 47% and 45% respectively.
Experts say, investors will be better off exiting them at higher levels and investing in stocks of fundamentally sound companies.
'India is possibly the most fiscally constrained market in the region.'
Currently, the investor and his family's net worth in listed firms stands at Rs 8,517 crore, compared to Rs 8,388 crore as of March 31, 2020.
Morgan Stanley removed banking stocks from its model portfolio when it slashed its weighting on the sector by 500 basis points. Several foreign brokerages, such as UBS, JP Morgan, and Credit Suisse, of late, have also become less optimistic about banking stocks.
The S&P BSE Small-cap index has recovered 26 per cent as compared to a 23 per cent rise in the S&P BSE Sensex.
Given the developments, analysts expect fiscal and monetary support from the government and RBI to revive sentiment. However, recovery, they say, from these levels will be slow and painful.
Titan, NCC, Delta Corp, Karur Vysya Bank, Aptech, and Jubilant Life Sciences are among stocks in Jhunjhunwala's portfolio that have taken a severe hit, falling more than 50 per cent during the period.
'Investors should reduce cash gradually and look for value investing.'
While a coordinated aggressive monetary easing from the central banks is most likely to offer some respite in the near-term, it is unlikely to improve the sentiments.
Usually, a fall in oil prices is followed with a cut in retail prices of auto fuels and the government passes on the benefit to consumers. However, Morgan Stanley believes gains this time around will remain capped.
With the Reserve Bank of India's (RBI's) draft reconstruction scheme for the troubled lender suggesting a permanent write-down of these bonds outstanding as of March 5, bondholders who have invested RS 10,800 crores are up in arms, reports Hamsini Karthik.
Gold, which was hovering around $1,321 an ounce in January 2019, has already breached $1,600 per ounce in the past few sessions to a seven-year high.
The social impact of this could be worse as 300 million subscribers may face the annoyance of network shutdown and churn.
Despite a slowing economy, the Budget does not envisage any major stimulus through the budgeted fiscal deficit figures, said Goldman Sachs.
While the proposed new tax regime is optional for taxpayers, the finance minister has said the government eventually wants to do away with all exemptions with a lower tax-rate simplified structure.
'So, what does one believe -- just 6 stocks that are pushing the indices higher or the 600 scrips that are reflecting economic pain?'
While the overall loan disbursements stood strong at 15 per cent YoY in Q2, pockets such as vehicle finance, loans to NBFCs, and business banking showed some weakness. A continued fall in these numbers may make it tough for AU SFB to defend its valuations under the current circumstances.
International brands such as Daikin, Hitachi and Samsung, which were largely present in the premium products range, are getting aggressive on expanding their mid-range portfolios to penetrate into smaller cities and towns. While competition isn't hurting Voltas just yet, which has managed to retain its market share at 24.4 per cent as of September 30 (Q2), the main question is whether the company can defend its market share without compromising on profitability.
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