Noting that Indian firms face a high risk of mark-to-market losses due to a volatile forex market, a brokerage firm has named telecom major Reliance Communications and auto giant Tata Motors among five blue-chip companies estimated to have suffered the most during 2008-09.
However, the IT firms will get some benefits, as software exports from their Chinese campuses will yield more in local currency
The group began to outperform the broader market only with the onset of the pandemic in March 2020 while earlier it was largely keeping pace with the Sensex. The group's market cap is up 164.4 per cent since the end of March 2020 against a 105 per cent rally in the Sensex.
The NSE Nifty is at 5,148, up 82 points. The prominent gainers were HDFC Bank, Wipro, HUL, NTPC, Sterlite and Tata Power, up 1-2% each.
Thirty stocks from various sectors form the Sensex.
Among the sectoral indices, realty and metal indices lead the rally.
The NSE Nifty ended at 3,643, up 3 points.
The Sensex took less than two years to rally from the 10,000-mark it first hit in February 2006 to double that on that New Year's Eve.
The Q1FY24 earnings season has started on a dismal note for corporate India. The early-bird companies' revenue growth has been at a 10-quarter low, while the combined earnings of non-BFSI (banking, financial services, and insurance) companies seem to have hit the ceiling. The numbers suggest corporate India is entirely dependent on BFSI companies and the IT services sector to drive growth in revenue and profit while other sectors are showing signs of stagnation.
Midcap stocks continued to remain on buyers' radar with BSE Midcap index up 0.1%.
In 2008, the 13 companies on the list accounted for 34 per cent of the overall m-cap.
Textile and telecom shares have gained ahead of the Cabinet meet later today which is likely to announce new measures for both the sectors.
Quite a few large- and mid-cap stocks are yet to recover from the note ban, pharma, banking and rural demand-based industries among laggards.
Adani Enterprises' proposed Rs 20,000 crore (Rs 200 billion) fundraising via fresh issue of equity shares through a public offer would be the fourth biggest by Indian companies, excluding banks and non-banking financial companies.
Private equity investments into domestic companies fell sharply year-on-year by 42 per cent to $23.3 billion in 2022, which is the lowest since 2019, when it was $15.8 billion, according to an industry report. The numbers reflect the overall funding winter that the startup space in particular, and the overall foreign investments in general have been witnessing since the Ukraine war began last February. Private equity investment inflows into the country fell by a sharp 42 per cent in 2022 from last year to $23.3 billion -- the lowest annual inflows since 2019 when it was a low $15.8 billion, but still relatively elevated compared to historical levels, said Elaine Tan, a senior analyst at Refinitiv, the LSEG business arm that provides financial markets data and insights.
After a turnaround in performance by Indian equity markets since July that has seen the S&P BSE Sensex and the Nifty50 wipe out the year-to-date losses, analysts suggest investors start nibbling into stocks that are focused on the domestic economy. While they say intermittent corrections, led by policies of global central banks and other economic data, cannot be ruled out, analysts expect India's relative outperformance among global equity markets to continue as it looks better placed with a healthy economic recovery, and remains one of the fastest growing major economies. In this backdrop, Neeraj Chadawar, head of quantitative equity strategy at Axis Securities, believes that amid global slowdown, aggressive tightening by the central banks, and preference for domestic interests first (by the local government), export-oriented themes are likely to be muted or will deliver conservative returns in the near-term.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Market breadth turned negative with 1,779 declines over 884 advances on the BSE
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
This measure will ensure that the price of a scrip cannot move upward or downward beyond a limit set for the day.
FIIs pump in Rs 2,075 crore in past three trading sessions.
Most of the session's gains for both the indices were wiped out as investors rushed to book profits ahead of F&O expiry on Thursday and also due to concerns over stretched valuations.
Both the indices ended at their highest levels since February 1.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Some leading Indian companies are likely to see their earnings declining if the Indian currency depreciates further, analysts and finance heads say.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
In the Sensex kitty, ITC turned star performer by surging 2.45 per cent, followed by NTPC rising 2.19 per cent.
The 30-share Sensex ended up 1 point at 27,459 and the 50-share Nifty ended down 1 point at 8,341.
Sun Pharma dipped 2% to Rs 615 on the BSE, its lowest level since November 9, 2016
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
The S&P BSE Sensex gained 57 points to end at 26,064 and the Nifty50 climbed 17 points.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Infosys was the top gainer in the Sensex pack, rising 2.36 per cent, followed by HDFC Bank up 1.39 per cent.
More than 10% (40 of 498 companies) have lost at least half their market value.
Index heavyweights ITC was the top gainer along with RIL and HDFC
In first half of year, firms raise more than banks on low US treasury rates.
Telecom shares rallied on hopes that they would hike tariffs after huge investments to acquire spectrum.
Muted quarterly earnings, mixed cues from global markets and unabated foreign fund outflows added to the volatility
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