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The Sensex dropped over 500 points, while the Nifty slipped nearly 150 points in early trade, with most sectors trading in the red.
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00:00good morning and welcome to the market opening show this is our collab show between business
00:19today and india today television i'm sakshi batra and this is the 9am show we're going to be
00:23getting you all the opening action but first up let's take a look at what's hot in the corporate
00:27and the financial space right now spotlight again on the 12 psu bank counters as finance minister
00:37nirmala sitaraman confirms merger talks between public sector banks says india needs a lot of
00:42big banks and that talks are on with the rbi for consolidation in the sector the nifty psu
00:48banks index is already up 20 in the past three months
00:51donald trump says he will consider alternatives if the supreme court rules against his tariff
01:03statement comes a day after a nine-judge bench of the top u.s court questioned the legality of
01:09the sweeping tariffs trump says their removal will be devastating to the united states
01:14indian markets likely to see another day of a red as asian stocks stumble after a sell-off on the
01:24wall street a cooling labor market and fears of high valuations keep investors in the u.s also jittery
01:31the ongoing u.s government shutdown is also making the markets quite nervous
01:35elon musk is all set to be the world's first trillionaire tesla shareholders have cleared the
01:46largest payout ever to a corporate leader with more than 75 percent votes cast in favor of the
01:52proposal but he must have tesla hit 8.5 trillion dollars in market value to get his big paycheck
01:59morning viewers let's uh straight away look at the big breaking news this morning this is as far as
02:09the flight disruptions at the new delhi airport is concerned atc system failure has grounded a lot
02:16of aircrafts we have seen software glitches at atc air traffic control is operating now manually
02:24remember average delay of 50 minutes in departures is being seen at the delhi airport and for more on
02:32this we are also now joined by my colleague karishma sudhani to get us the latest updates on that
02:38karishma what exactly are you hearing as far as the atc disruptions are concerned atc is operating
02:45manually at this point in time what we are also given to understand this is as far as software glitches
02:51have emerged at the atc and therefore this has led to a lot of grounding of aircrafts at the delhi
02:58airport as well flight disruptions are being seen at this point in time as well what we are also given
03:03to understand that even though landing of aircrafts is happening but it is the takeoffs that are getting
03:09delayed almost 50 minutes of a delay in departures is being seen at this point in time as well what we
03:18are also given to understand is that there has been a clear advisory that has been issued to the
03:23passengers as well karishma is with us for more on this karishma help us understand what caused this
03:30glitch on the softwares as far as atc is concerned for how long have we been facing the disruption what
03:37has this led to um so actually this is something that has been happening in fact since uh yesterday
03:44and there has been a software glitch with the atc imports due to which a lot of flights have been
03:52going under a delay uh yesterday at the delhi airport the situation went on for two hours and
03:57then was resolved but it has returned back this morning a couple of reasons uh one the fact that it's
04:03a technical glitch uh the aai is working towards it the ministry of civil aviation is being involved
04:08but a second uh prominent issue that's coming in is uh probably uh a situation of spoofing that
04:17we have also reported on business today television uh yesterday while officials are yet to confirm us
04:23on details we have been told that dgca has been collecting uh data along with the atc and this
04:30temporary outrage could also be because of that now difficult to say when will the situation be
04:35resolved because if we are talking about a software glitch a technical glitch then this could go on
04:42longer than we are thinking but currently manually the passengers are being boarded in so do expect
04:47departure delays at least for today what advisory has been issued to the passengers at this point in
04:52time from the atc and the gmr airport at this point akarishma what are the details there
04:56uh so actually the passengers have been advised to check on their updated schedule with the airlines
05:03and also to contact uh in fact uh the airlines are also cooperating and they have sent out
05:09an advisory on their respective twitter handles asking the passengers to stay updated but also to
05:15stay patient on the fact because this is something not in their personal uh purview no cancellations at
05:20this point karishma very little cancellations to do because it's a 50 to 60 minute delay being seen
05:28but even then at this point uh a 50 minute delay is a lot to take in especially if we look at busy
05:34sectors like that sure and we're getting the latest updates now the delay is 53 minutes of course we'll
05:41keep you all updated with all of those details karishma keep at it and keep getting us all those
05:46details as far as the delhi airport is concerned but getting back to the markets we are hoping to see
05:52another uh start on a weak note
06:17all right let's quickly look at how the stock markets are trading at this point in time it's the
06:22pre-open trade that has given us a sense that again we could be seeing a lower start for the
06:27indian markets and below 25 450 at this point point three percent of a decline let's quickly go across
06:34to our guest now this morning mayoresh joshi head of equity research at william o'neill india is now
06:40joining in to share with us his views on the markets marriage warm welcome good morning to you good to have
06:44you with us um and shell is also with us on the program uh shell patnagar um you know editor for
06:50markets is also joining in good morning to both of you uh thanks a lot for joining in let me quickly
06:55take um first uh your thoughts as far as the markets are concerned how are you looking at this uh
07:01weakening trends in the markets and where do you think um you know the markets are headed
07:07morning sakshi morning shell i think two things one i think because of the weak uh global handover
07:13you're probably feeling the pinch as far as the markets are concerned but as well as what probably
07:19happens with the bhar elections that is what is probably on the market's mind as we speak uh
07:24outside that i think the other things have been uh pretty decent so far i think from a q2 perspective
07:31earnings are largely held up and in fact in some pockets uh earnings are relatively better so in my
07:37opinion again i think as we wade through uh these events over the next few weeks uh and with the
07:43the expectations of the second up earnings being uh relatively stronger uh on what q2 has delivered
07:49my own sense is that i don't see a structural downside for the indian markets uh okay if the markets do
07:54come off uh i think there will be good buying opportunities as far as uh medium to long-term
07:58investors i can say okay shell getting you in a last trading session of this week we've already
08:04seen two consecutive days of a decline in this truncated week what exactly is the action that you're
08:08looking at today well uh sakshi i think there is still more downside on the nifty uh 25 330 25 400
08:21is what uh things look going to but uh defensive counters are doing immensely well dabar tata consumer
08:29in particular the pharma space is alive on the long side via ipka via sanofi divi's lab as also newland
08:37labs so the market is completely defensive bottoms and uh sell-offs in the psu banks and the metal space
08:46in particular hindalco national aluminium look good as also the four frontline banks in the psu basket
08:54which is sbi canada banker baroda as well as canada bank indian bank absolutely and psu banks is going
09:03to be a big theme to track today mairesh how are you looking at the psu banking story at large of
09:09course we've been seeing some uptick in the last three months alone the index has gone up by about
09:1420 odd percent that reflects a lot of activity that is buzzing there um of course there's an
09:19understanding that the merger could be in place uh we'll in fact come to you because we're just about
09:24three seconds away from the market opening we'll quickly look at the market opening action and come to
09:28you on that 25 423 so we are down by about uh you know 100 or points right at the open viewers we are
09:36inching closer to 25 402 sectorally the action is looking in the red for a large part of sectors
09:43you have even the broader markets the banking story that's in the red today you have the metal stocks
09:49that are in the red infrastructure real estate barring i think pharma rest of the sectors are all opening
09:55lower uh in trade at this point in time what's on the nifty you see apollo hospitals post earnings up
10:021.3 percent the top mover there sun pharma up by one percent similarly to what shell was pointing out
10:08the market's turning uh clearly defensive at this point in versus triram finance these are the other
10:12stocks that are holding up but on the downside you have bharti airtel you have hcl technologies you
10:17have tech mahindra from the it pack uh the danny enterprises you have bharat electronics i mean look at
10:23all these stocks that are actually down by about one odd percent in trade so the sentiment is largely
10:28broad based weak at this point in time shell what else are you picking up right at the open any key
10:34stocks that you'd like to highlight uh sakshi i think it's a half a percent downtick on the nifty
10:45that's a 150 point gap that we are looking at so 25 350 which i was looking forward to is already
10:53on the screens uh this would mean basically the correction seems to be over at this point of time
10:58uh let's look at you know the positives in life and those are fairly active as far as the nifty 500
11:06is concerned uh sugar company triveni engineering five percent higher uh industrial gas maker linde india
11:14three and a half percent higher lupin as i had mentioned doing very well apollo hospitals you've
11:18already marked uh there is strength in pharma that's the only index that is in the green and you have
11:26sun pharma one percent higher uh loris labs in the green lupin post earnings a percent higher and of
11:33course you have uh loris labs about 981 consolidating near record highs i think you should be looking on the
11:42alongside as far as the broader markets are concerned uh sakshi absolutely in fact let's
11:48actually go across to finding out what finance minister nirmala sitaravan has said as far as the
11:53psu banks merger is concerned uh finance minister has already confirmed what the markets was uh
11:59acting all along i mean an impending merger among the 12 public sector banks according to the minister
12:05india definitely needs lots of big and world-class banks and the government has already begun the work
12:11on it by initiating discussions with the reserve bank of india and banks are going to be seeing how
12:16public sector bank amalgamation can now be taken forward for more on this we're also joined by my
12:21colleague uh but let's first listen into what finance minister had to say india needs a lot of big banks
12:30world-class banks and for that of course we will have to sit and talk with the reserve bank and also with
12:38the banks themselves to see how they want to take it forward um and also discuss with rbi about how they
12:50have a idea of taking or idea of building larger banks so there's a lot of work to do prior to my saying
13:00yes i've taken a call or government is looking at this way or that way and in that work has already
13:06commenced we are discussing with rbi we are discussing with banks it's not by creating from among
13:13those which exist today just by amalgamation that can also be one of the route but you need an ecosystem
13:20and also an environment in which more banks can operate and operate to grow so that environment is
13:30actually well established in india but i need it to be a bit more dynamic so some work is happening on
13:37it coming to you mairesh on psu banks what exactly is your thought there and are you looking at the
13:43space positively as well well absolutely i think our take is that uh purely based on numbers uh numbers
13:52and i think delivery has been stellar for psu banks so far uh and on all camps i think you're looking at
13:58advanced deposit growth if you're looking at the casa deterioration which is largely behind us the
14:04provisioning and the excess provisioning that they've done on the balance sheet the stability and
14:08asset quality and therefore i think the commentaries that are coming through in terms of names and
14:14spreads being maintained or able that the banks will be able to maintain and decent growth going forward
14:20with valuations and risk reward at their side i think the rating rankings distribution holding parameters
14:25that we see in markets for india all all look good obviously i think how the dynamics will work
14:30going forward in terms of mergers for each individual bank will depend on the ratios that
14:35ultimately get worked out but generally as a space we remain extremely constant okay let me also go
14:41across to my colleague karishma yet again to give us all those details as far as the psu banks merger
14:46is concerned karishma what are you hearing what could be the timeline what could be the proceedings
14:51that we could now look at and how the processes will develop uh so actually it's uh definitely
14:59nothing new in fact consolidation has been a part of the 10-year agenda of this uh government we were
15:05sitting we were at the helm of about close to 23 banks we've got them down to 12 in the last 10 years
15:12and now the word is on that the government may actually bring it down to close to eight or nine of
15:18these in fact um uh one big two big initiatives that uh the department of financial services has
15:26been holding is one to allow more foreign investment in uh psvs that has been the top of the town and
15:33my sources hint me that could be well expected before budget and if that happens it will definitely
15:39pave path also in a lot of interest that is coming towards psvs in india the second one is also
15:45participation of private sector employees as a part of a psb board recently there was one announced for
15:53sbi finance minister has reiterated the fact that uh indian banks need to go global and currently it's
16:00just one of them uh that stands to be in the top 25 list uh the efforts are on to bring more and more
16:07public sector banks uh as the front-running image of the country all right karishma thanks a lot for
16:14all that update of course this is one space that uh it will be in focus for some time uh you know up
16:19until the announcements start to pour in on the amalgamation on the psu banking story as well um you
16:26know shell i'll come back to you as well we've been seeing how karishma pointed out that uh from 23 banks
16:31we're down to 12 and now we're going to be seeing some more action on the merger front as well uh you
16:37know we have been seeing a lot of technical analysts also bet big on psu banks over the last couple of
16:41weeks too what exactly is uh the understanding there the top banks how are they doing and the second
16:46rung banks how are they doing at this point uh i think sakshi uh two important things will happen
16:55let's look at those banks which will survive this merger and uh acquisitive bid and become bigger so
17:03definitely state bank of india because it's uh uh the uh 26 of indian banking is owned by sbi you
17:10have indian bank already at a record high that's according to you is uh according to the market a
17:16winner now that leaves us with canada bank and banker baroda canada bank has listed two of its
17:22subsidiaries which is the insurance space with hsbc life and its mutual fund um with rebecca my
17:29understanding is that canada bank will also be amongst the survivors and of course bank of baroda so
17:35these are the four big ones that will definitely survive uh one or two more regional giants maybe bank
17:42of maharashtra so these are the five winners that are there and when you look at how these valuations are
17:48compared with private sector peers there is definitely definitely a scope for further upside
17:54on psu banks this is what the broader market is thinking uh sure fair point so mayurish coming back
18:01to you as well um you know re-rating on the cards as far as these psu banks are concerned
18:06and how would you play them ahead of the merger there
18:10well absolutely i think as i said constructive because of the various factors that i pointed out
18:14uh but again i think the larger banks will have to absorb the uh mid-sized banks so i think uh
18:21how the ratios will stack up uh that is going to be paramount actually in terms of the uh entire move
18:27going forward the merger ratios will play their part as far as the price action is concerned for
18:32most of the mid-cap stocks but it's very obvious as shell was also pointing out i think a whole most of
18:37these mid-cap stocks will get merged into the larger banks and therefore i think selectively the
18:43names that shell has pointed out i think uh there the rating rankings look extremely extremely strong
18:48even at our end at markets absolutely what else are you looking at for opportunities in the current
18:54market mayurish that you'd like to highlight for our viewers today so consumption is a theme
18:59sakshi is going to grow significantly uh we all know because of gsc rationalization and demand is
19:05expected to come back very very strongly both in urban and rural areas so consumption can be played through
19:10various means one i think hotels as a space can show a very decent comeback when you're probably
19:16looking at earnings pedigree going forward you've obviously got fmcg as a pack and selective stocks
19:23within those where volume growth should come back reasonably the unorganized market had enjoyed the
19:29benefits because of the higher gst rates for the organized players with gst rationalization happening
19:35i think there will be unorganized uh market share gains that the organized players will do so there
19:40will be a marginal volume uptake but more so on the margin and bottom line growth the uh the third
19:46aspect obviously will be footwear and local apparel players where our take is that as consumption
19:50patterns start driving higher i think these players will incrementally benefit going forward both outside
19:56dsu banks uh nbfc selectively as a space will benefit because of lower pouring costs uh from banks and
20:05balance sheets actually strengthening to a large extent uh and last but not the least i think a few
20:10of these capital goods players uh a few of the capital good manufacturers uh power equipment
20:14manufacturers ancillary players that is where government capix will continue very very strongly
20:20so to build that up i think some ancillary plays within cement uh as an example railway infrastructure
20:26power manufacturers that's very clear sure i think this is where openings can go fantastic
20:32mairish always a pleasure to have you with us thank you so much for your morning commentary on the
20:36markets and of course giving us all those opportunities there we'll have you back soon on another edition
20:41there time for a short break viewers but before uh that we'll leave you in the company of the world's
20:46first trillionaire tesla has voted to approve the largest payout ever to a ceo with more than 75 percent of
20:54the votes cast in favor of the unprecedented pay plan which will ultimately hand over more than
21:00a quarter of the company's stake to the founder over the next decade but to achieve that full payout
21:06musk will have to deliver on massive targets to significantly expand tesla's market value
21:12revive its flagging car business and get the fledgling robo taxi and optimist robotics
21:18efforts off the ground as well let's listen in sixth and final thank the tesla board for their
21:24immense support we have a fantastic board fantastic group of shareholders thank you all
21:30and uh and and what we're about to embark upon is not merely a new chapter of the future of tesla but a
21:40whole new book and i'm going to talk about that we're going to launch on uh the the fastest production
21:51ramp of of any product of any large complex manufactured product uh ever
21:56um and starting with building a million unit production line uh in in fremont um and uh that's
22:07that's that's that's line one um and then a 10 million unit uh per year production line here on the
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