The number of mergers and acquisitions (M&As) in August that involved private equity (PE) funds was the lowest in nearly three years. There were 26 such deals last month, according to data from tracker Refinitiv (part of London Stock Exchange Group). The last time monthly deal numbers were so low in recent times was January 2021 when Covid cases were picking up during the second wave of the pandemic.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
The decision will embolden populists across the continent.
The situation on the bourses seems to be getting gloomier with every hour. Just when it seemed that we were over with the day's selling activity and the Nifty seemed to be stabilising around the 5000 level came the clincher in the form of the European markets.
After three consecutive years of infusing huge funds, foreign portfolio investors retreated from the Indian equity markets in a big way in 2022 with the highest-ever yearly net outflow of nearly Rs 1.21 lakh crore. The huge outflow, which surpasses by a big margin the previous record of Rs 53,000 crore net withdrawal in 2008, came amid aggressive rate hikes by central banks globally but 2023 is expected to be better on positivity about overall macroeconomic trends in India, experts said. Apart from global monetary tightening, volatile crude, rising commodity prices along with Russia and Ukraine conflict led to an exodus of foreign money in 2022.
High valuation of stocks is another big concern that is keeping investors on the tenterhooks.
After 3 weeks of consecutive rally, this week was a breather for the index, which corrected by almost 1.5%.
Investors went looking for bargain in banking, oil and gas and auto stocks.
These have been selected based on the earnings growth prospects and favourable (buy) ratings by brokerages
Any correction in Indian equities is an opportunity for investors to put in money for the long term
In the last nine sessions, the Sensex had lost 1,940.73 points and the Nifty has given away nearly 600 points.
The NSE Nifty ended at 4,394, down 65 points. The market beadth was marginally negative, out of 2,713 shares traded, 1,490 declined and 1,134 advanced and 89 were unchanged on the BSE.
The value of the foreign portfolio investors (FPI) holdings in the domestic equities reached $592 billion in three months ended June 2021, a surge of 7 per cent from the preceding quarter, according to a Morningstar report. This was largely on the back of robust net inflows from FPIs, coupled with the strong performance of the Indian equity markets. "As of the quarter ended June 2021, the value of FPI investments in Indian equities stood at $592 billion, which was considerably higher than the $552 billion recorded in the previous quarter, a spike of around 7 per cent," the report noted. As of June 2020, the value of FPI investments in Indian equities had been $344 billion.
Dealers said besides higher opening in local equities and selling of the US currency by exporters, euro's gains against the American currency on positive developments in Greece supported the rupee.
The breakdown of talks between Greece and its international creditors raised fears of Greece's exit from the euro zone.
The broader markets, however, outperformed their larger peers.
While mid-cap and small-cap funds have given category average returns of 73.3 per cent and 89.8 per cent respectively over the past year, large-cap funds' returns have been lower at 53.9 per cent, points out Sarbajeet K Sen.
Johnson Controls-Hitachi, Voltas, Blue Star, Whirlpool recently recorded new 52-week highs but still haven't lost their steam
India's aviation industry could return to profitability in 2023-24 for the first time since the pandemic. The industry may pare aggregated net loss by 75-80 per cent year-on-year (YoY) to between Rs 3,500 crore and Rs 4,500 crore in 2022-23 (FY23), compared with Rs 17,500 crore of net losses in 2021-22 (FY22). A combination of recovery in passenger volumes and easing cost pressures due to stable fuel and foreign exchange (forex) costs could spark a turnaround. CRISIL says domestic and international passenger traffic recovered to 90 per cent and 98 per cent, respectively, of pre-pandemic traffic (2019-20, or FY20), in April-December 2022, compared with April-December 2019.
More than 90 per cent stocks in the NSE 500 universe are currently trading above their 200-day moving average (DMA). Experts say this is a sign that the market has become overheated and can lead to a correction or sideways movement for a long period. The 200-DMA is a key technical indicator used by traders to get a sense of market direction. A level, which is roughly a 40-week average, often acts as key support or resistance.
'Four times in Indian history, in 1992, 2000, 2007 and now, markets are at 25 times price-earnings.'
At the BSE, 1,964 stocks declined and 871 advanced while 99 remained unchanged.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
Oil prices have already fallen over 70 per cent since the downturn began in mid-2014.
Following a strong performance in the 2022-23 January-March quarter, publicly listed paint industry giants displayed a mixed performance in the 2023-24 (FY24) April-June quarter. While Berger Paints India outperformed its peers and reported results in line with expectations, market leader Asian Paints and Kansai Nerolac Paints fell slightly short of expectations.
'We expect the bull run to continue until economic growth continues.'
The Indian business community seems unenthusiastic about the new plan, but it's unclear how much more the government can do
The number of issues were the lowest since FY15, compared to 45 in FY18.
Implementation of the Seventh Pay Commission recommendations, One Rank, One Pension are the other triggers going ahead, analysts say
Tata Steel was the top loser in the Sensex pack, shedding over 2 per cent, followed by Sun Pharma, ICICI Bank, SBI, Kotak Bank and Dr Reddy's. NSE Nifty dropped 151.75 points to 15,727.90.
Indian companies are planning to increase investments in the new year to expand capacity, acquire companies, and go on a hiring spree, a survey of top executives showed. They, however, cited rising costs, weak consumer demand, and increasing interest rates as major concerns for 2023 which may impact their plans.
'While the country has been hit hard from a strong second wave of Covid, we believe the markets are willing to look through that.'
HDFC twins, Axis Bank, ICICI Bank and SBI from the financial space gained between 1-2.7%.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
A recovery from lower levels in the last hour of trade led by buying in banking, metals and realty stocks, capped losses.
Wiping off nearly Rs 4 lakh crore of investors' wealth during the day, benchmark Sensex crashed on Friday.
Before resigning as an auditor of an Adani Group firm, Deloitte had sought an independent external examination of allegations made by a US short-seller but the company said the allegations had no effect on financial statements and the reasons cited for quitting were not convincing to warrant such a move. In a 163-page filing with stock exchanges relating to Deloitte Haskins & Sells LLP's resignation, Adani Ports and Special Economic Zone (APSEZ) said that in meetings with its leadership, Deloitte indicated concern over a lack of a wider audit role as auditors of other listed Adani companies. However, the firm conveyed to the auditor that it was not within its remit to recommend such appointments as other entities are "completely independent".
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