Shares of low-cost airline IndiGo hit record high on the bourses soon after reports of pilot crisis at Vistara emerged. The development also saw airfares surge by around 25 per cent on select routes. Shares of IndiGo hit a lifetime high of ~3,68.5 on April 2, 2024, and has gained 2.4 per cent on the bourses in April.
The Nifty IT index, data shows, has outperformed the markets in each of the last four election years post the result. announcement.
The ongoing weakness in the broader equity market is likely to weigh on primary market investor participation ahead, which has already begun showing signs of fatigue, analysts said. The spillover effect, they say, will continue as long as the midcap and smallcap segments remain volatile. "The effect will be felt in the IPO market. The subscription levels have come down in the last few days and recent 4-5 IPOs have not done well.
The upstream oil and gas (O&G) sector has delivered a stellar performance in the stock market in the recent past. The O&G sector is dominated by PSUs and despite the imposition of a windfall tax, profitability has been impressive. Oil India Limited (OIL) is particularly favoured by investors.
The fast-moving consumer goods (FMCG) sector has underperformed the Nifty over the past year as its 20 per cent return is trumped by 29 per cent of the benchmark index. The FMCG index saw a 2.2 per cent drop in the last session, while the Nifty lost 1 per cent. FMCG is seen as a defensive segment. The demand for staples like personal care products, groceries and snacks tend to be stable. FMCG companies are consistent dividend-payers.
'However, we have seen weakness in our active pharmaceutical ingredients business.'
Tracking losses in the broader market that has seen the Nifty Smallcap 250 index and the Nifty Midcap 100 indices slip 9 per cent 6.1 per cent in the last three sessions, the frontline Nifty 50 index has remained resilient and registered a fall of 2.2 per cent during this period. Going ahead, can the nervousness in the mid- and small-cap universe spread to the large-cap peers? Most analysts do not think so. They expect a minor dip and a sharp recovery as investors flock to the large-caps in search of safety and value buying as the mid-and small-caps falter.
Shares of Mukesh Ambani-owned Reliance Industries Limited (RIL) rose nearly 1 per cent on Tuesday, hitting an intraday high of Rs 2,986.05 per share, after most brokerages reacted positively to the company's March quarter (Q4FY24) results. The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical.
In a recent note, the global brokerage firm said India now commands a weight of 19 per cent in the above-mentioned portfolio as compared to 18.2 per cent in September 2023. India, it said, is a large liquid market and remains a counter-weight to North Asia if a slowdown in the West occurs and China's recovery disappoints.
The general elections in April/May 2024 are expected to add volatility to the Indian markets, keeping investors on their toes.
Shares of Reliance Industries (RIL) traded 2 per cent higher at Rs 2,310.10 on the BSE in intra-day trade in an otherwise volatile market after the company reported a 27.4 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 17,394 crore for the September quarter (Q2FY24). While revenue growth of the company was flattish YoY at Rs 2.32 trillion, the profit rose on the back of operational improvement across most segments, especially higher profits in the O2C (oil-to-chemicals) and oil & gas businesses, as well as the retail business. "Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth," said Mukesh Ambani, chairman and managing director of the company.
Reliance Industries Ltd on Friday reported a 9 per cent rise in its December quarter net profit as a planned maintenance-induced weakness in oil business earnings was offset by stability in retail and telecom verticals. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,265 crore, or Rs 25.52 per share, in October-December - the third quarter of the current 2023-24 fiscal - was 9.3 per cent higher than Rs 15,792 crore, or Rs 23.19 a share, earning a year back, according to a company statement. Quarter-on-quarter, the profit was lower when compared to Rs 17,394 crore earnings in the preceding three months ended September 30.
Since its results for the first quarter of the 2023-24 financial year (Q1FY24) earlier this month, the stock of auto component major Bharat Forge is up nearly 15 per cent and hit its all-time high in the process. The recent gains have extended the returns over the last three months to over 34 per cent. After a strong Q1 performance which beat expectations, brokerages had revised their earnings estimates upwards to factor in the improved outlook.
Less-than-expected rainfall and a poor spatial distribution, experts say, can rekindle fears of a rise in food and fuel inflation that can have an impact on the RBI's monetary policy. The fear of less than optimal rainfall due to El Nino this year, analysts believe, is the biggest short-term risk for the markets, which they said has not been fully priced in yet by them. Monsoon set over Kerala on June 08, a week later than its scheduled date.
If you were one of those waiting for the entire fourth season of Succession to drop so that you could binge-watch it over a weekend, you have missed the train.
Higher for longer' may be the narrative in the developed markets, but interest rates might not stay high for very long in India, with a section of the market expecting rate cuts to begin this year. The six-member Monetary Policy Committee of Reserve Bank of India (RBI) decided to keep interest rates unchanged at 6.5 per cent in the April review - after hiking the policy repo rate in six previous meetings. RBI Governor Shaktikanta Das emphasised that the pause was only for the April policy and that the central bank was ready to act if the situation demanded.
An aggressive rate hike by the US Fed and the possibility of a recession can trigger a slide in these stocks, which will be a good opportunity to buy from a long-term perspective.
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