Experts Financial News

Indian Hotels Company Ltd. traded 1.48 per cent down in Friday's trade at 01:55PM (IST). Around 89,193 shares changed hands on the counter.

Sebi) chairperson Madhabi Puri Buch on Friday said the inclusion of Indian sovereign bonds in the global indices would not just help the government raise resources but also deepen the country’s corporate bond market. Speaking at the industry body CII’s Global Economic Policy Forum event in the capital, Buch said: “This is hugely important for us as a country, not only because it will help the government raise resources, but once the Indian yield curve is established globally, on the back of that, the corporate bond market can also get a lot of traction, and a lot of interest from foreign investors.” “And so we are hoping that down the line, it will be a case of my name is bond. Indian bond,” she added. Finance minister Nirmala Sitharaman had in October said JPMorgan’s decision to include Indian government bonds in its widely tracked emerging market debt index could potentially lead to annual inflows of about $23 billion into the country. JPMorgan will start adding the securities from June 28, 2024 and India will have a maximum weight of 10% on the index. Same-day settlement Buch said Sebi wants to introduce the same-day settlement of trades on the bourses--or the T-plus zero regime--by the end of this fiscal year. The capital markets regulator also aims to move towards the instantaneous settlement regime within 12 months after that.

Bajaj Holdings & Investment Ltd. traded 1.44 per cent down in Friday's trade at 02:05PM (IST). Around 827 shares changed hands on the counter.

Colgate-Palmolive (India) Ltd. dropped 0.61 per cent to Rs 2292.15 at 02:00PM (IST) in Friday's trade. The stock has hit a high of Rs 2317.0 and low of Rs 2274.3 so far during the session.

Stocks extended gains to fresh record highs this week, as the local election results are seen diminishing risk of political upheaval in national polls next year. The NSE Nifty 50 Index is up 16% so far this year, outperforming most Asian peers as investors bet on strong earnings growth and improvement in domestic consumption as well as the likelihood of Modi winning a third term. Common futures trades by overseas investors target the Nifty 50 and Nifty Bank Index, among others.

Bandhan Bank Ltd. traded at Rs 235.15 on BSE at 01:14PM (IST) on Friday, down 1.3 per cent. The stock quoted a 52-week low price of Rs 182.2 and a high of Rs 272.0.

Adani Power Ltd. slipped 4.67 per cent to Rs 535.75 in Friday's trade. It hit a high of Rs 570.0 and low of Rs 530.5 during the session.

Mahesh Patil, CIO, ABSL AMC, says “a lot of the domestic sector focus are looking good, especially the kind of value what we have seen in the industrials, capital good, the power stocks, the backbones of the economy. If that is starting to recover, then we could see the broader market sustaining. But the recent rally has primarily been in the largecap space which was lagging behind. We have seen a good amount of money flow in the mid and smallcap space, That seems to have turned around. “ It has been a historic week, stepping into a historic month. What is the market construct looking like to you? So, yes, I think this month has been fairly good. We have seen positive results from the electorate in the state elections. The markets have taken a positive outlook that the election outcome would be slightly favourable and globally, also, despite all the concern about growth slowdown, we have seen a decent amount of rally.

Earlier the market regulator had alleged that IIFL Securities failed to segregate client funds, and mixed its own funds with client funds, and misused credit balances in clients’ funds for the benefit of clients having a debit balance. Sebi had alleged that IIFL Securities used pool accounts. Meanwhile, in the latest order, SAT has said there has been no misuse of client funds and «since there is no failure on the part of the appellant to segregate monies of the client nor monies of the client have been misused by the appellant for its own purposes, no penalty could be imposed.» However, it added that IIFL Securities failed to change the nomenclature of the bank accounts of the client as required to be done under the 1993 circular. «Considering the aforesaid that it is only a technical breach, we are of the opinion that in the given circumstances for the two show cause notices, a penalty of Rs 20 lakh in total would be sufficient for the purpose of this case,» it said. The company further clarifies that the issue about the nomenclature of the client accounts has been rectified and the company is compliant with the applicable Regulations/Circulars. At 11.46 am, the scrip was trading 6.6% higher at Rs 125.8 on BSE.

The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% in its December Monetary policy which is also its last for 2023. While retaining its stance of withdrawal of accommodation, the Central Bank's decision to leave rates unchanged was unanimously voted by the 6-member MPC panel, while the need to retain the stance was voted by 5 out of 6 members. While the policy was pretty much in line with the Street's expectations, here is how experts reacted to Governor Shaktikanta's monetary policy speech: Santosh Meena, Head of Research, Swastika Investmart In response to RBI policy decision and Das' confidence in economic growth, our market continues its bullish momentum, with the Nifty reaching a significant milestone of 21,000.

Shriram Finance Ltd. traded 0.22 per cent down at Rs 2029.0 on Friday at around 12:43PM (IST), while the benchmark BSE Sensex advanced 188.25 points to 69709.94. As many as 9,951 shares changed hands on the counter with a total value of Rs 2.03 crore.

Varun Beverages Ltd. fell 0.51 per cent to Rs 1070.8 in Friday's trade as of 12:33PM (IST) even as the benchmark Nifty ruled at 20955.15, up 54.0 points. The scrip had closed at Rs 1076.35 in the previous session.

Shree Cements Ltd. fell 0.66 per cent to Rs 27804.65 in Friday's trade as of 12:27PM (IST) even as the benchmark Nifty ruled at 20948.55, up 47.4 points. The scrip had closed at Rs 27991.95 in the previous session.

RBI MPC meeting outcome: In 5th monetary policy meeting of teh financial year 2023-24, the Reserve Bank of India (RBI) has decided to keep repo rate unchanged at 6.50 per cent. In fact, the RBI raised its gross domestic product (GDP) forecast for current fiscal by 50 bps, which has gone down well among markets and economic experts.

Bank of India (RBI) kept the repo rate unchanged at 6.5 per cent and maintained the policy stance of 'withdrawal of accommodation' on Friday, December 8. The standing deposit facility (SDF) rate remains at 6.25 per cent and the marginal standing facility (MSF) rate and the bank rate at 6.75 per cent. Besides, the RBI raised its real GDP growth projection for FY24 to 7 per cent from 6.5 per cent earlier with Q3 GDP at 6.5 per cent (against the estimates of 6 per cent earlier) and Q4 GDP at 6 per cent (against the estimates of 5.7 per cent earlier).

GAIL (India) Ltd. slipped 0.28 per cent to Rs 141.6 in Friday's trade. It hit a high of Rs 144.9 and low of Rs 141.25 during the session.

Prashant Biyani, V-P, Institutional Equity Research,Elara Securities, says “I would not say one should be aggressively buying it. But yes, we do not expect any further fall from here because especially on the larger ones, the impact could be limited to the extent of maybe 15% on EBITDA and PAT over the next 12 to 18 months. But due to other events like sugarcane SAP being due for revision, some amount of sentiment being negative around ethanol, I would not suggest buying sugar companies as of now.” Sugar companies cannot use sugarcane juice or syrup for ethanol with immediate effect which means mills will have to resort to B-heavy or C-heavy molasses or ethanol production. What about the contracts already signed for supply using sugar juice? The contracts which have been signed will now be lapsed with immediate effect for juice-based ethanol with the caveat that whatever is the existing stock like, lying with the sugar companies that might be taken up by the OMCs.

SRF Ltd. traded 0.28 per cent down in Friday's trade at 11:42AM (IST). Around 13,881 shares changed hands on the counter.

Sugar stocks continued to correct on Friday for the second day following the curbs by the government on ethanol production. Among the top losers were Shree Renuka Sugars which plunged over 7% in the opening trade amid high volumes, followed by Balrampur Chini, Rana Sugar, The Ugar Sugar Works and Dwarikesh Sugar, which lost up to 3%.

But was it liquidity alone that drove this rally in stocks or were there fundamental reasons as well backing them? One possible way to find this out would be to see the earnings performance of the companies. Data crunching done by ETMarkets showed that 23 companies reported atleast a double-digit year-on-year (YoY) growth in both revenue and profits for three consecutive quarters. And guess what? About seven of them have given multibagger returns year-to-date, and five of them have done that only in FY24. The seven ninjas of Dalal Street are Kaynes Technology, Neuland Laboratories, Wonderla Holidays, Elecon Engineering Co, Safari Industries, Sonata Software, Sanghvi Movers, and Power Mech Projects.

SBI Cards and Payment Services Ltd. traded at Rs 769.7 on BSE at 11:36AM (IST) on Friday, up 0.23 per cent. The stock quoted a 52-week low price of Rs 690.9 and a high of Rs 932.35.