The rupee tumbled 3 per cent against the US dollar in 2024 as concerns over slower economic growth and a stronger greenback in global markets weighed, but it was among the least volatile currencies in the world and the headwinds may be less intense in the coming year.
Global trends, trading activity of foreign investors and domestic macroeconomic data announcements would dictate terms in the equity market in a holiday-shortened week ahead, analysts said. Equity markets would remain closed on Wednesday for Gandhi Jayanti. "Looking ahead, it will be interesting to monitor Foreign Institutional Investors (FIIs) and their flow into India.
The Reserve Bank of India's (RBI's) interest rate decision, West Asia conflict and trading activity of foreign investors are the key factors that will dictate investors' sentiment in the market this week, analysts said. Moreover, quarterly earnings from IT bellwether TCS, domestic macroeconomic data and movement in global oil benchmark Brent crude would also guide trends in the market. Worsening tensions in the Middle East and foreign fund outflows were the major culprits behind the equity markets sharp fall last week.
Godhwani's exit comes at a time when the company's fund raising plans and proposed related party transactions are under scrutiny, says N Sundaresha Subramanian.
Pennsylvania-based Customers will buy shares worth $22 million from the founders.
Among the 30 Sensex firms, Mahindra & Mahindra, IndusInd Bank, Bharti Airtel, Axis Bank, Tata Motors and ICICI Bank were the biggest laggards. In contrast, Tata Steel, Tata Consultancy Services, NTPC, JSW Steel, Asian Paints and Reliance Industries were gainers.
The group's testing lab chain SRL Ranbaxy has been renamed as Religare Super Laboratories. RanAir, its charter aviation company will be known as Religare Voyages. About 15 group companies, including joint ventures like Religare Macquarie Private Wealth, Religare Aegon and Vistaar Religare have come under the umbrella brand Religare.
Quarterly earnings of corporates, trading activity of foreign investors and inflation data are the key factors that are expected to drive the momentum in the equity markets this week, analysts said.
If technical analysts are to be believed, the index has more room for a slide down to 72,000 levels in the worst-case scenario, wiping out all the gains made in 2024 so far.
Benchmark Sensex hit the historic 83,000 level for the first time on Thursday and the Nifty settled at a lifetime high after a rally in blue-chip shares, surge in global markets and foreign fund inflows. A sharp fag-end rally drove the 30-share BSE Sensex to the 83,000 level for the first time. The barometer surged 1,593.03 points or 1.95 per cent to hit its lifetime intra-day peak of 83,116.19 in the last hour of trade.
Religare, a Ranbaxy group company providing financial services, has joined hands with Dutch insurer Aegon to set up life insurance and asset management venture in the country.
Malvinder Mohan Singh and Shivinder Mohan Singh, the promoters of financial services firm Religare Enterprises, will spend Rs 857 crore to acquire another 8 per cent in the company through a preferential allotment of shares and purchases from the open market.
Financial services group Religare Enteprises Ltd on Tuesday announced a top level management rejig with promoters - incumbent Chairman Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh - stepping down as members of the board.
The Burman family, which runs Dabur Group, has denied any involvement or role in an illegal cricket-betting app as alleged by the Mumbai police in a complaint filed last week. The family said vested interests were behind the police complaint and they wanted to scuttle their (Dabur's) move to acquire Religare Enterprises, a financial services company. "We have not received any formal communication on any such FIR
The US Federal Reserve's interest rate decision is the biggest event that would drive sentiments in the domestic stock market this week, besides a host of macroeconomic data from the global front and trading activity of foreign investors, analysts said. The Indian equity market had an exceptional last week, with both the Nifty and Sensex hitting their all-time high levels on Thursday.
Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses
Release of key macroeconomic numbers, monthly derivatives expiry, and global cues are likely to drive stock market movement this week, according to analysts. Markets will also be reacting to remarks made by the US Federal Reserve Chair Jerome Powell, they said. "This week, we expect the market to witness a gradual up-move with stock-specific action.
Benchmark equity indices Sensex and Nifty slumped over 1 per cent on Friday, tracking a weak trend in global markets and fresh foreign fund outflows. Falling for the third day running, the 30-share BSE Sensex tumbled 1,017.23 points or 1.24 per cent to settle at 81,183.93.
Financial services firm Religare Enterprises on Wednesday said it will acquire a part of Citigroup India's home loan portfolio for Rs 500 crore (Rs 5 billion), representing 5 per cent of the latter's total mortgage book.
In the midst of a tax probe into finances of IPL, authorities have issued notices to several sponsors of the first edition of the Twenty20 event, including DLF, Adidas and Religare for non-payment of service tax.
With the absence of any major immediate domestic trigger in sight, investors would focus on global trends and trading activity of foreign investors for further cues in a holiday-shortened week ahead, analysts said. Movement of global oil benchmark Brent crude and rupee-dollar trend would also guide the market. "This week is a truncated one with no major triggers expected. However, we anticipate sector-specific movements amid budget-related buzz.
The board of director at their meeting held on Tuesday approved the proposal to discuss, negotiate and finalise the terms of acquiring 100 per cent or majority equity shareholding of Lotus India AMC, Religare said in a statement. The company has agreed to acquire Lotus India AMC from its majority shareholders, Alexandra Fund Management (an affiliate of Fullerton Fund Management Company Ltd) and Sabre Capital.
'As the markets are expected to remain jittery in the near term, we advise investors to use this opportunity to enter quality largecaps from a long-term perspective.'
Both Fortis and Religare are controlled by billionaire brothers Malvinder Singh and Shivinder Singh, but are different companies in the healthcare business.
Equity markets will take cues from global trends and trading activity of foreign investors, while in the latter part of the week the first quarter earnings from IT majors TCS and HCL Technologies would guide investor sentiments, analysts said. Markets may consolidate after the record rally last week, experts added. "On the domestic front, the Q1 earnings season begins this week. Key companies such as TCS and HCL Technologies will release their earnings on July 11 and 12, 2024, respectively.
Financial services provider Religare Enterprises on Wednesday surged 182 per cent over the issue price on its debut trade on the bourses and settled for the day at Rs 521.75 on the Bombay Stock Exchange.
According to the report released by brokerage firm Religare Securities, the festive discounts and promotional offers by the builders will boost the volumes, which may also result in an upside of about 10 per cent in the property prices.
Equity markets may witness a gradual up-move this week with some volatility as both election and earnings season are nearing their end, analysts said, adding that global trends and trading activity of foreign investors would hold significance in dictating investors' sentiment. Benchmark indices, which had a record-breaking rally last week, would also track global oil benchmark Brent crude and the rupee-dollar trend. The monthly derivatives expiry on Thursday may also fuel volatility in markets.
Mantra plans to connect cities that are out of the radar of most airlines.
The ongoing fourth quarter earnings season, global factors and macroeconomic data would guide the trends in the equity markets this week, analysts said. Markets would also take cues from trading activity of foreign investors, rupee-dollar trend and movement of global oil benchmark Brent crude. "Domestically, the next batch of Q4 earnings reports will drive stock-specific movements, Hero MotoCorp, Larsen & Toubro, BPCL, State Bank of India, Eicher Motors and Tata Motors are some of the big names in the list and the next phase of voting," said Pravesh Gour, senior technical analyst, Swastika Investmart Ltd.
The bias for the BSE benchmark index, technical charts suggest, is likely to remain bullish as long as the index holds above 75,600 levels for the rest of the year.
The US Fed interest rate decision, domestic inflation data and global trends would be key driving factors in dictating movement in the market this week, as the Lok Sabha elections outcome and the RBI policy decision are behind us, analysts said. The past week was a roller-coaster ride for investors as markets swung sharply in both directions before closing with strong gains.
It did come as a surprise when, last week, Religare Enterprises (promoted by the former promoters of Ranbaxy) decided to acquire a majority stake in the ailing Lotus India Asset Management Company. This is the first deal in India since the financial crisis caused the market to crash 23 per cent in October, and Lotus' assets under management from Rs 7,000 crore (Rs 70 billion) to about Rs 5,000 crore (Rs 50 billion).
Domestic macroeconomic data announcements, global trends and trading activity of foreign investors would guide market sentiments this week, analysts said. After a record rally, markets may face volatile trends this week amid elevated valuations and investors would also keep a track of global oil benchmark Brent crude and rupee-dollar movement for further cues. "Potential volatility in the stock market is anticipated this week. Elevated valuations remain a concern, with investors now focusing on monsoon progress and its impact on the rural economy.
Religare Enterprises, the financial services group promoted by Malvinder Singh and Shivinder Singh, was in advance talks with the Ajay Piramal group to buy a 60 per cent stake in the latter's private equity and fund management venture, Indiareit Fund Advisors, for Rs 175 crore, said an executive close to the development.
"We are in talks to acquire the 210 year old broking firm Hichens Harrison and have offered Rs 285 per share. At this price the deal value will be about $110 million or about Rs 440 crore," Group Chief Operating Officer Religare Enterprises Shachidra Nath told PTI. The deal would broaden the global distribution base of the company. Besides the acquisition would also add up to the bottomline of the firm, Nath added.
'Those betting against PSUs will likely be punished in this upswing.'
Worries related to the Iran-Israel conflict, quarterly earnings and foreign investors' trading activity are the key factors that would dictate stock markets this week, analysts said. Besides, trends in Brent crude oil and movement of the rupee against the dollar will also be crucial factors. This week will be crucial for the market amid ongoing worries about the conflict between Iran and Israel, said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
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