Despite gold prices hitting record highs, analysts aren't gung-ho about the outlook for gold financiers Muthoot Finance and Manappuram Finance. This, they said, was due to intense competition from banks, coupled with stagnating loan books and likely pressure on margins.
Reminiscent of the past two years, the market has made positive strides ahead of the Union Budget 2023-24 (FY24). The benchmark National Stock Exchange Nifty has gained 1.8 per cent in the last month. Typically, markets tend to gain ahead of the Budget as investors build in optimism.
The Sensex finished above the psychologically key 60,000-mark while the Nifty surged past the 18,000-level on Monday on across-the-board buying amid a mixed trend overseas. A depreciating rupee and concerns over the US Federal Reserve hiking rates later this week failed to quell investors' appetite for stocks, traders said. The 30-share BSE Sensex rallied 786.74 points or 1.31 per cent to settle at 60,746.59.
The share of public sector undertakings (PSUs) in the total market capitalisation of listed companies--at an all-time low of 10 per cent currently --- may get a leg-up from the government's divestment push. Recently the government announced the successful sale of national carrier Air India to Tata Sons, India's first privatisation of a PSU since 2002-03. The transaction is expected to be completed by December.
The one-year returns for equity-oriented mutual fund (MFs) schemes have largely mirrored the gains made in the secondary market. However, schemes that invest in infrastructure (infra), small-cap, and public sector undertaking (PSU) banks have emerged standout performers, with gains in excess of 100 per cent in some cases. Of the total 484 equity schemes, 353 have managed to beat the Sensex, reveals the data provided by Value Research. Around 20 have delivered returns in excess of 90 per cent and six schemes have given returns of over 100 per cent in the past one year. The S&P BSE Sensex Total Return Index (TRI) has given returns of 51 per cent in the last one year, ended October 29.
Adani Enterprises became the fourth listed company of Gautam Adani Group to cross Rs 4 trillion market capitalisation (market cap), as the stock hit a new high on the BSE in Tuesday's intra-day trade. At 01:24 pm; with Rs 4.04 trillion market cap, Adani Enterprises stood at number 15th position in overall market cap ranking on the BSE, data shows. Adani Transmission is at top of the group companies list, with market cap of Rs 4.48 trillion, followed by Adani Total Gas (Rs 3.96 trillion), and Adani Green Energy (Rs 3.72 trillion).
'A soft landing of the Indian economy would be a long-term positive for the equity markets.'
Sena president Uddhav Thackeray on Thursday attacked the coalition partner on issues like Pakistan, beef, Ram temple and inflation but ruled out walking out of the Maharashtra government any time soon.
The outbreak of the Omicron variant of the coronavirus and unprecedented lockdowns in China have roiled its equity market and also that of Hong Kong. After the crisis-hit Sri Lanka, China and Hong Kong are the worst-performing stock markets in Asia on a year-to-date basis.
An average 59.24 per cent voter turnout was recorded as of 5 pm on Thursday across 89 assembly seats in the first phase of Gujarat elections, officials said.
Samyukt Kisan Morcha (SKM), an umbrella body of farmer unions, has organised protests in different states on Friday to mark the first anniversary of the farmers' movement against three central farm laws.
sharper-than-expected economic recovery back home, analysts say, can fuel a further rally in domestic cyclicals, industrials, and financials as global central banks continue with their easy money policy.
'While foreign institutional investor flows are still negative, they will turn positive in the latter part of 2023 as India's resilient growth becomes perceptible.'
Pakistan's National Assembly resumed its crucial session on Monday after a two-day recess where Opposition is likely to formally table the no-trust motion against embattled Prime Minister Imran Khan amidst fluid political situation in the country.
The BSE Sensex maintained its winning run for the fourth session on the trot on Wednesday to reclaim the 60,000-level after a gap of over four months as investors remained upbeat amid softening crude oil prices and persistent foreign fund inflows. A strengthening rupee and positive Asian markets further bolstered sentiment, traders said. The 30-share BSE benchmark jumped 417.92 points or 0.70 per cent to settle at 60,260.13 -- closing above the psychologically key 60,000-mark for the first time since April 5 this year.
Benchmark equity indices Sensex and Nifty rallied for a third day in a row on Wednesday on buying in Reliance Industries, Infosys, HDFC twins and ICICI Bank following gains in global equities amid hopes of a breakthrough in Russia-Ukraine peace talks. The 30-share BSE barometer index surged 740.34 points or 1.28 per cent to settle at 58,683.99. During the day, it jumped 784.13 points or 1.35 per cent to 58,727.78. Similarly, the broader NSE Nifty climbed 172.95 points or 1 per cent to settle at 17,498.25. Among the 30-share pack, Bajaj Finserv, Mahindra & Mahindra, Bajaj Finance, Power Grid, HDFC, ICICI Bank, Nestle, Maruti, Reliance Industries Limited were among the lead gainers. On the other hand, ITC, Tata Steel, Tech Mahindra, Bharti Airtel and Titan were among the laggards.
Bank shares were the top gainer in early trades with Bank of Baroda up over 4%.
Paring its early gains, benchmark BSE Sensex fell by 304 points on Wednesday as investors booked profit after recent gains amid concerns over inflation and supply constraints. Despite a firm start, the 30-share BSE barometer declined by 304.48 points or 0.53 per cent to settle at 57,684.82. During the day, it tanked 420.71 points or 0.72 per cent to 57,568.59.
Benchmark indices failed to hold on to early gains and closed in the red for the seventh straight session on Thursday, with participants remaining in wait-and-watch mode ahead of the RBI's interest rate decision. Unabated selling by foreign funds added to the pressure, though a modest recovery in the rupee cushioned the fall, traders said. After rallying in early trade, the 30-share BSE Sensex came under selling pressure in the afternoon session and closed 188.32 points or 0.33 per cent lower at 56,409.96.
'The recent correction in indices has made the markets cheaper to invest for the long term.'
Emerging markets, including India have been large beneficiaries of global monetary easing.
The ruble has recouped most of its losses and become the top-performing currency globally. It continues to gain and is up 60 per cent against the US dollar from its lows in the first week of March. The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7.
The numbers, however, appear to be in favour of the ruling dispensation to get these bills passed from Rajya Sabha, while the lower house has already cleared them despite a key NDA member Shiromani Akali Dal vehemently opposing them.
Amid the ongoing farmers protest at the Delhi borders, Congress General Secretary Priyanka Gandhi Vadra is set to attend kisan mahapanchayat in Uttar Pradesh's Saharanpur district on Wednesday.
Nirmala Sitharaman's messaging was clear when she presented a well-balanced Budget with an eye on state elections in nine states followed by a general election next year, observes Ramesh Menon.
'There is a lot of interest from potential clients who have remained away from the markets in past years.' 'They are evaluating whether this is a good time to enter, especially since there are very few alternatives to earn meaningful returns.'
Don't catch falling knives or chase bear rallies no matter how enticing those eight pc green blips look. They may be mouse traps, warns Sonali Ranade
'Valuations are very attractive, and most companies are cash-rich with strong dividend yields.'
Gold, which lost its sheen to some extent in the second half of 2021, is likely to regain the glitter in the New Year and cross the Rs 55,000-per-10-grams level amid pandemic woes, inflation worries and stronger US dollar. After a stellar run up in 2020 when the yellow metal touched a record high of Rs 56,200 on the MCX in August, the prices are near Rs 48,000 per 10 grams now. This is roughly 14 per cent lower from the all-time highs and 4 per cent lesser compared to January 2021 levels.
Sensex, Nifty put up a good show in closing trade.
Broader markers outperformed their larger peers.
Extending his support to the farmers agitating in the national capital against the three farm laws, Delhi Chief Minister Arvind Kejriwal on Sunday accused the Bharatiya Janata Party workers of perpetrating the violence that took place on Republic Day at Red Fort during farmers' tractor rally.
The non-food component in the price basket will continue to keep inflation at a high level and result in a "long pause" in interest rates, a foreign bank said on Wednesday. The central bank is likely to pare the pandemic-driven emergency response as well, the report by Singaporean lender DBS said. It can be noted that the high inflation driven by the food prices has forced the RBI to go for a status quo in rates for the three consecutive reviews of the bi-monthly policy meetings, even as growth continues to be in the negative territory.
Tikait said the farmers are ready to talk with the government on the farm laws but made it clear that the discussions should be held without conditions.
The current up move, according to analysts, closely resembles the rally post the global financial crisis in 2008-09, not just in quantum and speed, but also the way small-and mid-cap indices outperformed large-cap peers.
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The broader consensus was that the Fed would cut the monthly stimulus of $85 billion by $10-15 billion.
If the central banks act harshly now, the markets will crash and then rally. If they are hesitant, the pain will be prolonged, predicts Debashis Basu.
The report, which was submitted to the apex court on March 19, 2021, was made public on Monday. The three-member committee had also suggested many changes in the laws, including giving freedom to states to make Minimum Support Price (MSP) system legal.
Among the many exits from the billionaire's club in 2022 are D Uday Kumar Reddy of Tanla Solutions (net worth down 66 per cent), Sushil Kanubhai Shah of Metropolis Healthcare (down 65.7 per cent), Vijay Shekhar Sharma of One97 Communications (down 66 per cent), and C K Birla (down 43.4 per cent).
Equity benchmark Sensex ended marginally higher after a choppy session on Friday as concerns over the economic impact of the second wave of Covid-19 and pace of vaccination weighed on investor sentiment.
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