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Despite market swings, corporate earnings have remained strong. But experts say another quarter is needed to clearly assess the impact of GST rate cuts.
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00:00good afternoon and welcome to the market closing show this is our collab show between business
00:19today and india today television i'm sakshi patra and this is the 3pm bulletin where we are going
00:23to be getting you all the stock market closing action but first up let's take a look at what's
00:27hot in the corporate and the financial space stock markets in india back into the green after three
00:37days of losses it pharma and metal stocks lead the charge as nifty inches towards 25 650 mark
00:44investors buy the dip as asian markets recover on the news that the u.s government shutdown may end soon
00:57mcx gold rates also rise sharply about two percent in trade to 1 lakh 23 130 rupees per 10 grams and
01:05silver is also up by about three percent at 1 lakh 52 000 mark both rise as positive global queues as
01:12well as rising expectations of another rate cut by the u.s federal reserve next month yes
01:17much hyped lens cut ipo cracks on listing opens at a three percent discount to the issue price of 402
01:29rupees meanwhile another buzzing ipo grow will finally have its allotment today and list on the 12th of
01:35november but its gray market premium has also fallen to four percent from 18 percent earlier
01:40it's the charge of the defense brigade on d street today both public and private sector companies are
01:53big gain as after massive push into the research and development by defense ministry allocation doubled
01:59to more than 32 000 crore rupees for the next five years
02:03also letters demand proof of payment of hundred thousand dollars have started to appear in mailboxes
02:16for all those seeking an h-1b visa experts say even those applicants who do not have to pay are getting
02:24the demand note in the absence of clarity indians account for three-fourths of the applicants are also
02:31the worst impacted
02:32beta may dive into the stock markets and see how the mood is towards the end of this monday trade well
02:48when we look at the nifty we are still at about 25 583 even though we have slipped from the day's high
02:53point holding up three-tenths percent higher largely on the back of gains in it stocks today that's the
02:58top moving sector pharma stocks are also higher in trade metals are shining bright you also have the
03:03broader markets the mid and the small cap indices both in the green as well we're also looking some
03:08gains in the auto space in the infrastructure space oil and gas as well but what slipped lower
03:14psu banks were already down from the morning trade now coupled with it you have fmcg and the real
03:19estate stocks and the media stocks that are hovering slightly below the flat line which are the top
03:24gainers on the nifty well you have a lot of moves that are coming in from the it pack like infosys
03:30like hcl technologies but those are the top laggards on the screens for you as well so infosys hcl tech
03:35bajaj finance these are the top gainers in trade two two and a half percent of move that can be seen
03:39grassim vipro these are the declining trends that we are spotting at this point in time as well
03:44asian paints is also picked up hero moto cop tcs from the it pack all of that is up and about in
03:50trade but let's straight away go across to our guest now abhishek basu malik the co-founder and
03:55fund manager of sri rama managers pms is now joining in to share with us a fresh perspective on the
04:00markets welcome to you abhishek good to have you with us first up your sense on the markets do you
04:05finally see um that yet again the attempt towards uh picking up pace on the markets is concerned
04:11will try to see some higher levels or will we again be in a volatile consolidative zone this new
04:18week as well uh good afternoon to you and all your viewers very difficult to uh you know say whether
04:25uh we are going to finally uh you know get out of this uncertain zone uh as yet because ultimately i
04:33think medium to longer term uh we will get out of the uncertain zone once the u.s tariff situation is
04:40clear uh before that i think uh we will continue to sort of uh you know keep going up and down
04:47a few days up a few days down and and that's how it's going to continue
04:52okay any clear pockets that you are finding some green shoots in you know we are at the fag end of
05:00the earnings season what do you think has reflected some optimism this time around abhishek
05:05i think uh you know uh a lot of companies actually have uh performed quite well so that has been quite
05:13heartening uh you know results from uh a number of uh sectors have been quite good in fact uh the
05:24overall median uh you know uh the pat number that i was looking at uh you know pat growth uh has been
05:32above uh nearly about 12 percent uh which is which is uh you know fairly good uh compared to what
05:40we've seen in the last uh in the in the previous quarter so uh things are getting better uh i think
05:46uh we need another quarter to actually see the impact of uh uh the gst rate cuts coming through
05:54so that uh you know we will be able to figure out uh how things uh especially in the consumer
06:01segment uh uh i mean how things are uh by the end of this quarter hopefully
06:07okay got that another pocket that's on the buzz today is the defense space remember all these
06:14stocks have been in focus as the ministry has now revealed a massive allocation for research and
06:19development defense minister rajnath singh is currently meeting defense psus to chart out the
06:24roadmap for the next five years while the majority of the r d funds will now be plowed into public
06:30sector units private firms are also expected to be a net gainers my colleague ashwarya patil is now
06:36joining in to share with us more details on the same ashwarya what are you getting and gathering from
06:40the government at this point in time and uh could you give us a sense of uh what is the speed at which
06:46this will be incurred going forward well uh today in trade if you notice actually all of these uh
06:53the defense pack in fact all of these were trading in the green uh these 16 psus specifically uh top
07:00ones uh hel bl bl bl all of them were trading in the green now defense minister rajnath singh is about
07:07to conduct an annual review meeting of all of these 16 psus uh defense psus in specific uh at this
07:16uh annual meeting they will be reviewing the performance of the last 10 years they infused
07:21about uh over 30 000 crore rupees uh over the last decade and uh alongside they will also be looking
07:28at the next five years and uh the plan they will chart out as far as the roadmap for this for these uh
07:3416 key psus are concerned as far as the defense space uh is concerned they will also be looking at
07:40a renewable energy report uh how sustainably these uh some of these companies can be run in the future
07:46and discussions around increasing investments as well as uh manpower as far as r d of all of these
07:53companies is concerned uh is about to be doubled down the investment uh proposed investment in fact
08:00uh is projected at over 32 000 crore rupees for all of these psus as well uh so that's part of the
08:07agenda as far as defense minister rajnath singh is concerned uh we'll take a quick look at some of
08:13the defense uh stocks uh absolutely ml bl etc all of them trading in the green right ashwarya thanks a
08:20lot for that the index itself is up by about one and a half percent at the day's high is what we are
08:24looking at yet again some more good news coming in for the defense space talks uh abhishek let me come
08:29back to you and help our viewers understand what's your fresh view on the defense space you know over the last
08:34couple of months even though the entire sector-wide momentum is missing the way we had seen in the year
08:392024 this time around the focus on larger um you know orders that are coming in from the government
08:45uh dac clearing massive projects and now we are also hearing the doubling of r d uh spends will also
08:51be seen for a lot of these companies how are you looking at the defense back i think uh defense is poised
08:57to do very well over the next few years uh not only the for domestic consumption as well as uh you know
09:05exports uh but having said that a lot of these defense companies the valuations are uh not cheap so you
09:13need to uh you know get that part correct when you are investing uh you need to be able to understand
09:20uh you know what you are getting into because uh the the stocks definitely are not uh cheap
09:27absolutely so that's one factor one has to definitely look at whether the valuations will
09:33justify more good news coming in or is it already priced in one will have to look at all of that
09:37aspect as well but apart from uh the entire stock market bust that we are talking about the other
09:43asset classes like gold and silver are also seeming to come back into action after some one to two weeks
09:49of consolidation now mcx gold prices have also risen about two percent in trade to one like 23 000 rupees
09:55what we are also seeing is that silver prices are also higher in trade both of uh these assets are
10:00also up reflecting the positive global cues and for more on this we have a special guest who's also
10:05joining in into the conversation mr ajay kedia md and director of kedia advisory is now with us on
10:11the program ajayi warm welcome always a pleasure to have you with us first up give us a sense of the
10:16gold and silver prices we had seen some correction over the last one week 10 days or following diwali
10:22but now seems like you know the action is picking up pace yet again what's the sense that you have
10:27on gold and silver right now and the path ahead uh very good afternoon shakshi definitely gold and
10:33silver in the month of october have seen a new lifetime high in global market and domestic market
10:38on the eve of we can say diwali the demand from physical market was too good even silver prices
10:44has tested the level of two lakh rupees on domestic market gold was around 132 and in the anticipate
10:52some correction was required and we have seen almost 11 correction from the high in gold and
10:58whereas silver has corrected around 18 percent but currently we have seen u.s shutdown is still going
11:04on uncertainty still prevailing so after this fall market has started moving again on a positive side
11:10whatever the factors up till now we have seen has been subsidized right now so i think during this
11:15week we can see some good news from u.s side whether this shutdown will continue or it could be
11:21on words of completion so i think a little bit bounce has been there it could be a technical it could be
11:27on the anticipate that december there will be a rate cut so i think gold might get a level like 41 40 41 15
11:35in international domestically we can see a bounce towards 125 000 as uh follow-up buying has been
11:42observed and year-end is nearby then definitely we can see some portfolio recycling but some sense of
11:48uh positiveness can be seen in this week okay what about silver do you expect an anticipated surge there
11:56as well yeah it's uh very important for silver because in 1980 2011 we have never seen prices closed
12:03about 50 dollar mark so i think uh one uh inter uh in international also we have seen short squeeze
12:09that is why prices has really up till now with a very good bounce timing we expect some correction
12:15was been there in the market a little bit bounce to the level of 51 can be observed in comics whereas
12:21on domestic side 155 000 should be the immediate target but be cautious because as we uh comes near to
12:29the year end maybe portfolio can be revamped again and we may see profit booking in gold and silver
12:35once again but right now this week is going to be positive for gold and silver this week is going
12:40to be positive for gold and silver meanwhile viewers what's also happened is that the capital markets
12:45regulator sebi has also warned investors on the risks of digital gold sebi has warned investors about
12:52digital gold uh that are sold on fintech apps and websites calling it unregulated and risky as well
12:58so what exactly is digital gold and why has the sebi called it risky is what we will try to understand
13:04today remember digital gold works like if you want to buy a small fraction of gold that's much lower
13:10than even one gram of gold um say even for a meager amount of 500 rupees then there are lots of
13:17fintech apps that allow you to fraction by uh such gold as well these companies claim to store
13:23equivalent valley uh you know value of gold in a vault with a custodian some of the platforms will
13:29also let you convert your holding into physical gold much later once you have accumulated a certain
13:35amount now the problem is that there is no uniform rule book for who checks who audits and guarantees
13:42that the gold exists in the vaults as well of such companies there also is no clear legal framework
13:49that defines what happens if the platform goes bankrupt now remember unlike mutual funds stock brokers
13:56who must follow sebi's strict rules and maintain segregated client assets and also submit regular audits
14:02digital gold platforms are essentially self-regulated for now now remember sebi is saying is not saying
14:09that don't buy gold or don't buy digital gold completely or is it illegal it's only saying
14:14that don't buy unregulated gold without knowing the risks as well so let's try and understand this on a
14:20broader footing with both our guests ajayji first up to you how do you see this advisory and do you have
14:26also a lot of clients that have called you up and tried to understand what is this regulation for
14:32what are the aspects that are going to come under this uh advisory see why we need this advice why this
14:39advisory is out and why we need this uh uniform uh framework because uh in last uh 10 uh 10 years
14:46we have found gold as a asset class prior to that we generally buy gold from the physical jeweler
14:53and we used to consume we don't buy gold we consume gold in india but in last 10 years we
14:57have uh we have seen gold could be a good asset class where there could be a proper entry proper exit
15:04and in last 10 years we have seen various product that has evolved in gold segment like uh hgb which
15:11was the one of the best uh product i used to say then mutual fund we have multi-asset we have etfs
15:17available and we have digital gold also but right now digital gold are being uh we can say self-regulated
15:24by jewelers and b uh as a savvy uh they required at least there should be some regulator on that either
15:32rbi or the either savvy should be there because uh it is a very big market so i think uh looking to this
15:39only savvy has came out with the advisory that if you are buying that should be a proper uh channel
15:44should be there absolutely absolutely uh you know abhishek i'll also bring you in over here into the same
15:50conversation and try to understand uh you know there are a lot of investors there are so many
15:55fintech apps that have generated over the last five to ten years just like how ajayji has pointed out
15:59people can just spend minimum amounts and you know hope that they are accumulating a lot of gold
16:05what happens to those kind of apps there are so many apps like jar good luck that are getting very
16:09popular among a lot of investors there what happens to those after this kind of an advisory uh do you
16:15think investors now who have had such an exposure preemptively should now shift their money to what
16:21the sebi has pointed out to say um you know options like mutual funds or maybe options like gold etfs
16:28that come under the regulated assets from the mutual funds or the amphi radar yeah i think uh you know the
16:34the uh you know sebi's guideline uh or the uh direction is very very welcome because ultimately see the
16:42problem is uh you know i'm not talking about any individual app or individual fintech uh platform
16:50but if there is some problem at the company level and that company sort of uh you know goes down then
16:57there is no recourse for that individual investor uh at all uh and the point is that if you have an
17:06alternative uh you know by buying through mutual funds etfs etc uh why go through the unregulated uh
17:14you know process where you know if something goes wrong then you don't really have any recourse at all
17:22i think uh you know it's a very very good uh uh directive that sebi has come up with okay ajajji do you
17:28think a lot of jewelry companies even the likes of bigger brands like tanishk and all they also
17:34have a section of digital gold on their websites as well maybe a lot of people explore that will
17:40that also come under this ambit of advisory yeah i think uh it would be a part of that advisory but
17:47again the question is why we why jeweler need this digital because now we have a gen z with us and they
17:54and also the gold is slightly unaffordable at this current level so what uh jeweler want that
17:59customer should be continue to be in touch with them with a digital gold they can at least make
18:05sure that small small buying could be there and whenever they want a physical requirement they can
18:11convert this digital gold to uh physical gold the major object is that but it should be in a regulated
18:18environment that is why i think it has been taken care because many jewelers see
18:22uh company what name you have mentioned is definitely going with a regulate uh self-regulatory
18:29but there are many other jeweler also which are having some uh we can say uh different way
18:36how they are taking this scheme that is why we need a proper environment to grow this market
18:42okay we'll understand from both of you towards the end as far as the gold uh question is concerned
18:47abhishek ji uh what is the advice that you would like to give to all our india today viewers at this
18:52point in time so far they had only started to pick up to believe what ajay ji mentioned in the
18:57beginning that gold has started to be seen as an investment asset rather than a consumption asset
19:02as well and we have been talking so much about these newer forms of investing in gold via mutual funds
19:09via sovereign gold bonds up until now and even via etfs as well how should they be going about their
19:15investments now yeah i think first of all most people who are investing in gold are doing it
19:22primarily because the price is going up so it's some kind of a trend chasing that's going on uh as
19:29and when uh you know the prices stabilize i think that uh you know this incremental uh buying of gold will
19:38reduce having said that in india i think uh you know is a huge market for jewelry uh that has not
19:46changed even though we keep saying that uh the newer you know the younger generation etc don't buy gold
19:53or don't wear uh you know jewelry at all but uh uh you know reality is that uh sales for all uh jewelry
20:03companies are going up so i am not sure who is buying if uh you know the younger generation are
20:08not buying so i i mean probably the reality is that uh uh everyone in india uh because of whatever
20:17reasons uh you know social reasons uh uh historical reasons they they do buy gold and uh it and uh the
20:28the gold that they buy is not really an investment bike it is more absolutely you know it's an asset
20:34right and uh probably that's a good way to look at it uh in a traditional sense of having gold jewelry
20:43as an asset is actually a good idea right 30 seconds to you ajay ji uh you know what would you
20:49advise investors to buy into now uh physical vis-a-vis these uh newer forms of gold yeah one thing is very
20:57much because if you want to consume gold uh if you are having marriages at home immediately buy and
21:02consume but if you are looking for an investment then etfs and these mutual funds are very good
21:09but please try to understand a 20 allocation should be there in your equity portfolio i'm not against with
21:15the equity but 20 allocation will definitely give more alpha and reduce beta in your portfolio
21:21fantastic ajaj ji we'll leave you at that thank you so much for being with us and of course giving us
21:26all your insights into both the outlook on gold and silver as well as uh understanding helping us
21:31uh understand this entire issue uh in fact we'll continue our conversation with the abhisik ji in
21:37just a bit remember this is today's market master series has been on and my colleague shell but nagar has
21:43exclusively spoken to devina mehra who's the co-founder and cmd of first global to get her sectoral
21:49outlook on the current market environment she's actually said that market leadership is actually
21:53shifting and investors now need to be more selective let's listen in to what she had to say
21:59in the statistical modeling that you do of the market ma'am what are the top three sectors that are
22:06coming on the long side and what are the three sectors that you think are avoidable from the point of
22:13view of uh earnings momentum and market participation so i told you where we are overweight has been pharma
22:21healthcare auto components we've added some more in auto fmcg and uh it's also another sector where we
22:29are overweight banking we are not overweight but it's looking uh much better than it usually does
22:36uh uh it probably now the under performance phase is over i would i would uh hazard that guess uh where
22:45we do not have much exposure or things like uh real estate media and things like that and even uh some
22:53of the durable sectors also we would not have much uh partly also it's a risk call it's not that real
22:59real estate never does well the real estate company realty companies but uh uh this is it's usually
23:06a volatile whiskey space where we are a little defeated about taking exposure
23:14all right coming back to our conversation with abhishek ji abhishek ji um you know let's also
23:19understand from you the top uh sectors that are actually throwing us more opportunities for investors
23:24how have you assessed some of the underperforming ones so far do you think finally uh their turn has
23:30come names like it pharma do you think those are the sectors that will finally start to perform now
23:37uh i think it uh is not in a very bad uh you know position right now a lot of the bad news is
23:45probably already in the price uh already we've started seeing mid-cap it some of the numbers coming
23:51out to be better than that what was expected right so uh mid-cap it looks to be uh an interesting
23:59place to be uh cement manufacturing uh defense uh banking uh you know all of these look uh fairly
24:10interesting uh from the short to medium term so now focus a little bit on the ipo space as well
24:19abhishek ji today we've seen a disappointing listing of lens cart uh we had been discussing
24:24about this issue and the lofty valuations debate that was surrounding it uh massive subscriptions
24:30and despite that we have actually seen uh you know lens cart making a muted debut we have grow
24:35coming up ahead what's your thoughts there uh as a business i think grow is uh fundamentally much
24:42much much better uh you know they have uh you know very good business going uh if i look at the
24:50number of uh investor growth in the last decade i think roughly it has grown from one crore uh individual
24:58investors in india to about 12 crores uh as per the last uh you know semi report that i was uh reading
25:05so in the last 10 years the number of investors has grown 12 fold and uh even if we assume that
25:14in the next 10 years it's going to go up you know maybe 2x 3x 4x from here uh the opportunities
25:22for market related players whether it's brokers whether they are amcs wealth management uh the entire
25:30space looks uh you know fundamentally there is a lot of growth uh that is possible in these areas and
25:38and and grow is one of the market leaders in the broking space so uh you know it's not a bad option
25:46it's not a bad business uh so we'll have to take a look you know call on the valuations of course
25:54okay a minute to go before we end the stock markets trade for the day we'll come back to
25:59abhishekji with viewers choice questions right after but right now if you look at the nifty it's
26:04about 79 points higher in trade although we have slipped from the high point of the day we had
26:09crossed over beyond 25 600 right now three tenths of percent higher is what we are holding on to
26:15but clear visible signs of pressure at the higher levels again was seen even though we
26:20entered today's session on the green note uh in fact a flattish close for the nifty bank today
26:25on your screens it's just about 0.02 percent high in trade again slip to the days low point
26:31it stocks however have maintained their move about one and a half percent higher is what they are at at
26:37this moment this is the top moving sector in trade today followed by pharma as well as the metal stocks
26:42even the broader markets the mid and the small caps are also up and about in trade there are many others
26:47that have supported autos for instance infrastructure financial services have also moved up looking at the
26:53top movers you have it names clearly infosys dropping the charts hcl technologies that is also
26:59up and about in trade bajaj finance that's also up cold india as well that's also on the move and
27:05asian paints these are all the stocks that are actually hovering much higher in trade but on the
27:09downside when we look at the laggards today you have trench that has actually slipped by about seven
27:14and a half percent in trade um you know one of the sharpest declines that we've seen for trent
27:19in this year on a single day uh max health care uh tata consumer products eternal and even apollo
27:25hospitals has also slipped by about one and a half percent in trade and that's how the closing action
27:31is on the markets let's get back to our viewers choice questions our first question for raphishek
27:36ji is from ananya from kolkata uh she says uh sir could you suggest long-term investment stocks
27:42uh and ideas in defense how are they placed how is hindustan aeronautics and bel if i have to invest
27:49in for the long term abhishek ji yourself i think both uh hl and bel are uh you know very good options
27:57for long-term investors uh they are going to be uh the the two most important uh companies that the
28:06government is going to rely on for uh the entire defense uh uh you know for a so good good options
28:16to uh you know uh and the other thing that as you know long-term investors if somebody wants to invest
28:24in defense there are good defense uh you know sector specific funds that uh they can look at uh
28:32sector specific etfs as well so you know they can be more diversified and lower their risk uh if
28:40they're not very keen on picking individual stocks okay we have one more query coming in and that's
28:46from shives from yamuna nagar shives says how is how are you seeing the entry of so many young
28:52investors in the stock markets is it a good sign or does it indicate overheating into the markets
28:57abhishek ji how would you advise that one no i i think it's it's actually very good because uh you
29:03know ultimately in uh we need as a country to channelize our household savings into investments
29:13the previous generations our parents generations uh the entire uh saving used to go into fixed income
29:21but ultimately uh we need to uh as a growing economy right ultimately businesses will always outperform
29:30uh you know uh you know fixed income so it's it's important that especially the young you know they
29:38invest money in businesses uh in the stock market for the long term not i'm not talking about you know
29:45trying to do fno trying to do day trading etc but if they are if they come in with the investment
29:50mindset uh they will definitely uh benefit over the next 10 15 20 years when the country grows
30:00okay fantastic well on that note thank you so much abhishek ji for being with us on the program
30:06and with that viewers it's a wrap on the business today show and in case you too have any questions
30:10like our viewers have been asking about investments in mutual funds having your sips your stock related
30:16queries or your gold related questions then please to send them to us on the number that's flashing on
30:21your screens as well and with that it's a wrap on this special edition do stay tuned as the news
30:25coverage continues on the outside
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