Inflow in equity mutual funds halved to Rs 3,240 crore in May, declining for the second consecutive month, primarily due to profit booking by investors amid rising market. However, this was also the 27th consecutive month of inflow in the equity class, which was primarily driven by fund infusion in small-cap and mid-cap categories, data released by the Association of Mutual Funds in India (Amfi) showed on Friday. Overall, the 42-player mutual fund industry continues to see inflow and attracted Rs 57,420 crore, on contributions from debt-oriented schemes.
The stock of Divis Laboratories is up 10 per cent over the last couple of trading sessions on expectations that the worst is behind and the company could see a sequential growth in the March quarter of the 2022-23 financial year (Q4FY23). The stock witnessed the highest downgrades among Nifty50 index stocks with earnings cuts over a third after the Q3FY23 results. The company had posted a 32 per cent drop in revenues over the year ago quarter in Q3FY23 and 8 per cent sequentially, which was sharply lower than Street expectations.
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The Reserve Bank of India's interest rate decision, domestic macroeconomic data and global trends will dictate terms in the equity markets this week, analysts said. Trading activity of Foreign Portfolio Investors (FPIs) will also influence markets, they added. "The Indian market will be closely monitoring the Reserve Bank of India's Monetary Policy Committee (MPC) meeting scheduled for June 6-8, 2023. Aside from that, market participants will be keeping an eye on the progress of monsoon," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
From the Sensex firms, Tech Mahindra, NTPC, Tata Steel, Maruti, Infosys, Power Grid, Larsen & Toubro, Axis Bank, Titan, Reliance Industries, Wipro and Mahindra & Mahindra were the biggest gainers. Sun Pharma, UltraTech Cement, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, State Bank of India and Nestle were among the laggards.
Stocks of small- and mid-cap companies continued to gain ground in July, notwithstanding analysts sounding caution on these two market segments given the sharp run thus far in calendar year 2023 (CY23). Sanjeev Prasad, co-head of Kotak Institutional Equities, in a note co-authored with Anindya Bhowmik and Sunita Baldawa in June-end, had cautioned against the sharp run in small- and mid-caps. "We do not see any particular reason for the excitement in small- and mid-cap stocks.
Eight of the 10 most valued companies suffered a combined erosion of Rs 2,48,372.97 crore in their market valuation last week in line with a weak broader market trend, with Reliance Industries taking the biggest hit. Last week, Sensex lost 2,041.96 points or 3.72 per cent. While Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys, ICICI Bank, State Bank of India, HDFC and Bharti Airtel were the laggards, Hindustan Unilever Limited and Kotak Mahindra Bank emerged as gainers.
The US Federal Reserve's interest rate decision, quarterly earnings of corporates and domestic macroeconomic data will influence trading in the equity market in a holiday-shortened week ahead, analysts said. Foreign funds' trading activity, monthly automobile sales data and global trends would also guide market movement this week, they added. Markets would remain closed on Monday on account of 'Maharashtra Day'.
Benchmark stock indices Sensex and Nifty cut short their four-day gaining streak to close lower by half a per cent on Wednesday due to profit-taking in banking oil and metal stocks amid weak trends in global markets.
Mergers and acquisitions (M&As) in India are expected to stay buoyant, seen over the last three-four years, despite a slowdown in the first seven months of the calendar year. "M&A is a lumpy business activity, and we may suddenly see large deals taking place during the next two quarters of the calendar year. "This would help maintain the streak of strong M&A activity.
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The markets have given a thumbs down to Jubilant FoodWorks results for the April-June quarter (Q1) of 2023-24 (FY24). The company, which owns and operates Domino's Pizza and Popeyes chain of stores, reported a (standalone) net profit of Rs 75.2 crore in Q1 of FY24 - a drop of 25.5 per cent year-on-year (YoY) from Rs 101 crore, but a quarter-on-quarter (QoQ) rise from Rs 47.5 crore. What's worrying the Street is the likelihood of a dismal Q2FY24 performance, which it feels will be marred by soaring milk, cheese and vegetable prices.
Equity benchmark Sensex gained 37 points on Thursday, tracking gains in index majors Kotak Bank, L&T and Bharti Airtel amid a largely negative trend in global markets. After a largely choppy session, the 30-share BSE index ended 37.87 points or 0.06 per cent higher at 60,298 after starting the trade on a weak note. During the day, it hit a high of 60,341.41 and a low of 59,946.44.
Even as the returns of mutual fund (MF) schemes have improved considerably in the past three months, addition of new investors has remained in the slow lane for the MF industry. According to industry data, during the first six months of CY 2023, MFs onboarded only 1.6 million new unique investors, in stark contrast to the 4.7 million investors added during the same period last CY and the 2.4 million in 2021. It is noteworthy, however, that the current additions for this year have doubled in comparison to the figure of 800,000 seen in 2020.
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India's third-largest pharmaceutical company by revenue, Cipla, is up for grabs in a three-way fight between Torrent Pharmaceuticals, Dr Reddy's Laboratories (DRL) and private equity (PE) giant Blackstone. Analysts say it is more likely for a strategic investor like Torrent or DRL to acquire Cipla than a PE firm, which may not derive healthy returns at Cipla's current market price (CMP) after the recent gains.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Among the Sensex firms, Tata Motors jumped over 3 per cent. Tech Mahindra, Infosys, HCL Technologies, Axis Bank, Mahindra & Mahindra, ICICI Bank, UltraTech Cement and Kotak Mahindra Bank were the other major gainers. NTPC, Asian Paints, Titan and Power Grid were among the laggards.
Equity benchmarks ended higher on Wednesday amid buying in banking counters and a firm trend in global markets. Continuing its previous day rally, the 30-share BSE Sensex climbed 91.62 points or 0.15 per cent to settle at 61,510.58. During the day, it jumped 361.94 points or 0.58 per cent to 61,780.90. The broader NSE Nifty gained 23.05 points or 0.13 per cent to end at 18,267.25.
Benchmark stock indices Sensex and Nifty closed with losses in a choppy trade on Thursday as investors preferred a cautious approach ahead of inflation and industrial production data to be released later in the day. Unabated foreign fund outflows also hit the investor sentiment. The 30-share BSE Sensex declined by 147.47 points or 0.25 per cent to settle at 59,958.03.
Among the Sensex firms, ITC, SBI, Titan, Power Grid, Larsen & Toubro, Tata Motors, Hindustan Unilever and UltraTech Cement were the major laggards.
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The June quarter numbers of the country's largest listed healthcare services provider, Apollo Hospitals Enterprise (Apollo), were in line with Street estimates on the operational front. Net profit estimates, however, missed expectations due to higher interest and tax outgo. The revenue performance of the core hospital segment was robust, registering a 13 per cent increase over the year-ago quarter.
Equity benchmarks snapped their six-session rally to close marginally lower on Thursday amid profit booking in banking and energy counters. Investors also stayed on the sidelines ahead of the RBI's policy meet outcome on Friday. In choppy trade, the 30-share BSE Sensex ended 51.73 points or 0.09 per cent lower at 58,298.80. During the day, it hit a low of 57,577.05 and a high of 58,712.66.
Investors' wealth fell by Rs 2.39 lakh crore on Monday in line with a weak trend in the global equity markets. The BSE Sensex tanked 861.25 points or 1.46 per cent to settle at 57,972.62. During the day, it tumbled 1,466.4 points or 2.49 per cent to 57,367.47.
The weak April-June quarter (first quarter, or Q1) results of the largest listed specialty chemical maker, SRF, and multiple global headwinds for the sector are expected to weigh on the prospects of Indian specialty chemical companies in 2023-24 (FY24). Stocks in the sector (down 7-18 per cent) have underperformed the benchmarks (up over 10 per cent) in the past three months, and given the multiple challenges, the trend is likely to continue. Kotak Institutional Equities expects a very weak quarter (Q1FY24) for the sector due to destocking, demand weakness across certain critical end-use industries, and price erosion amid intense competition from Chinese suppliers.
Kotak Mahindra Bank was the biggest loser in the Sensex pack, sliding 2.68 per cent, followed by Tech Mahindra, Mahindra & Mahindra, Axis Bank, Hindustan Unilever, Tata Motors, Tata Consultancy Services, Bajaj Finserv, Bajaj Finance, Nestle and Titan. In contrast, NTPC, Power Grid, Larsen & Toubro, HDFC, Reliance and HDFC Bank were the gainers.
Axis Bank was the top loser in the Sensex pack, shedding around 2 per cent, followed by Reliance Industries, Kotak Bank, Bharti Airtel, Titan, Dr Reddy's and M&M. NSE Nifty fell by 100.55 points to 17,898.65.
India recorded economic growth of 7.8 per cent in the April-June quarter of 2023-24 against 13.1 per cent in the year-ago period, as per the National Statistical Office (NSO) data released on Thursday. India remains the fastest-growing major economy as China's GDP growth in the April-June quarter was 6.3 per cent.
Benchmark stock indices Sensex and Nifty jumped over 1 per cent on Wednesday amid foreign funds turning net buyers of domestic equities after a long gap and positive opening in European stock markets. The 30-share BSE benchmark index climbed 616.62 points or 1.16 per cent to settle at 53,750.97. During the day, it rallied 684.96 points or 1.28 per cent to 53,819.31.
From the Sensex pack, Infosys, HCL Technologies, Infosys, NTPC, Mahindra & Mahindra, Tata Consultancy Services, Nestle, Tech Mahindra and Bajaj Finance were the major gainers. Power Grid, Larsen & Toubro, Maruti, Titan, HDFC Bank, Wipro, HDFC and ITC were among the laggards.
Benchmark indices Sensex and Nifty closed down by half a per cent on Friday following losses in IT and banking shares amid overall weak global market trends. The BSE Sensex declined 316.94 points or 0.52 per cent to settle at 61,002.57. During the day, it fell 508.84 points or 0.82 per cent to 60,810.67.
After a sequential fall in November, due to high base and waning of the festival season effect, credit card spends have picked up again in December, recording over Rs 1 trillion for the 10th consecutive month. Latest figures released by the Reserve Bank of India (RBI) show that credit card spends in December 2022 touched Rs 1.26 trillion, up 10.21 per cent compared to November. And, on a year-on-year (YoY) basis, spends were up 34.31 per cent during this period.
Stocks of new-age companies have seen a mixed performance thus far in calendar year 2023 (CY23). While those of One97 Communications (parent company of Paytm), PB Fintech and Zomato have surged up to 63 per cent year-to-date (YTD), FSN e-commerce, the parent company of Nykaa, however, has dropped 14 per cent YTD. By comparison, Nifty50 and Nifty 500 indices have advanced 7 per cent and 8.7 per cent, respectively, during the period, ACE Equity data show.
After being underweight on domestic agrochemical companies and preferring global plays, brokerages believe that the former may perform better in the quarters ahead. Domestic crop protection companies have faced multiple headwinds over the past year and a half, given high inventory costs, pricing pressures, lower realisations in the generic segment, increased stocks due to lower infestations, and demand-led hits to volumes. Some of the overhang from previous quarters was reflected in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24) as well, with aggregate revenues and operating profit for the sector down 12 per cent and 27 per cent, respectively.
Equity benchmarks pared initial gains to end lower on Friday, recording their third day of decline, amid weak trend in IT counters. The 30-share BSE Sensex tumbled 452.90 points or 0.75 per cent to settle at 59,900.37. During the day, it tanked 683.36 points or 1.13 per cent to 59,669.91.
Equity benchmarks declined on Thursday after a two-day rally, mirroring a weak trend in the US markets and fresh foreign fund outflows. Weak US consumer data and hawkish comments from the Fed's policymakers dragged markets lower. The 30-share BSE Sensex dropped 187.31 points or 0.31 per cent to settle at 60,858.43.
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