- 7 hours ago
Demand may rise in the second half, and ongoing capital expenditure could support the positive trend, said expert.
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NewsTranscript
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 3 p.m closing action we get you
00:24everything all the updates right here first up let's take a look at what is hot in the corporate
00:29as well as the financial space global queues pull indian markets down after six days of gains small
00:38and mid-cap as well as most sectoral indices are in the red metal it and fmcg stocks also drag
00:44morgan stanley has some good news though says sensex will hit one lakh seven thousand by december
00:502026 that's a rise of 60 percent in a year meltdown in cryptocurrencies as bitcoin crashes below the
00:5990 000 level in the trade for the first time in the last seven months it was down by a whopping
01:04three percent in trade today 13 down this week alone gold is also down for the fourth straight
01:10session and there's also nervousness on the wall street with analysts now fearing a drop of up to
01:1510 on the u.s stock exchanges
01:17twin warnings by the chief of national stock exchange
01:23ashish shohan warns the rules for foreign portfolio investors may be too tough and intrusive
01:28and could be keeping them away also says the derivatives market needs now more regulator
01:33encouragement and it is not the largest in the world
01:36yet another blockbuster listing on the bourses physics wala gives listing gains of nearly 50 percent
01:46on debut day promoter alak pande assures investors his company will not go the way the other edtech majors have
01:58max healthcare announces big expansion plans for fy26 will commission four new facilities this fiscal
02:04year will also expand bit capacity by 30 percent this year to 6500 beds by the end of the fiscal year at
02:11mumbai saket lucknow as well as a greenfield capacity in gurnkao by the end of this fiscal year
02:27let's straight away look at the big breaking this afternoon viewers market representatives have sought a lower
02:33you know stt tax on the cash market our trades are compared to the derivatives as well now remember
02:40in a meeting earlier today with finance minister nimal asita raman market players have put several
02:44demands including increasing household allocation to equities from five percent to eight percent and
02:50levying buyback tax only on profit not the total payout for more on this we are now joined by business
02:56today's uh karishma sundani who's been tracking all these updates there karishma what are sources really
03:01telling you their pre-budget consultations already underway and this time there are proposals for some
03:07relief for uh the investors in the stock markets well uh sachet's procedural that the pre-budget
03:14consultations usually happen about two months before budget and today was the fourth meeting and
03:20um a group of journalists who have been covering this for years we know how important it is when
03:25representatives of capital markets meet finance minister and like you have already mentioned
03:31that the representatives have sorted lower security transaction tax on cash market trades compared
03:37to that of uh derivatives one of the key proposals that has been submitted by them is to align uh the
03:45short-term dividend tax for uh uh domestic investors and uh for nris at a similar uh uh it is to align at
03:53a similar rate to similar range right now the difference is that of close to double nris pay 20 tax on
04:00short-term dividends while domestic investors pay up pay up to close to 42 percent there was also a
04:06discussion on increasing household allocation to equities from that of five percent to eight percent
04:12and uh uh as uh for years they've been asking uh the representatives also proposed that buyback tax be
04:20levied only on the profit component and not the total payout what happens is now these proposals uh
04:26uh which have been given by the representatives to the finance ministry are then consulted within the
04:31ministry and closer to the budget uh announcements are uh of course finalized absolutely thanks a lot
04:39karishma for all of those details of course uh like you see the proposals are going through uh from various
04:45segments and sectors and from the capital markets the proposal is to reduce the stt as well as
04:51uh to of course bring parity when it comes to both nri and domestic investors when it comes to uh the
04:58kind of taxes they pay on short-term dividends as well let's actually now welcome our guest on
05:03board sneha podar vice president research analyst at motilal osal financial services is now joining in on
05:09the program with us uh there seems to be some kind of a proposal going from uh the lobby of capital
05:16markets and we are hearing that this time around they are pushing for uh the budget to really give
05:21some tax relief uh to the capital market investors even by way of stt or by reducing the dividend taxes
05:29there remember all through this entire year of 2025 we've had so many tax reforms both on direct and
05:36indirect side but i think it was the capital markets that was left untouched and only in the past
05:42we've seen taxes just growing there uh do you see some relief coming in for the capital markets
05:48investors in the upcoming budget okay good afternoon sakshi so uh hearing at the proposals which are being
05:56put forward so if it actually comes through this will be really positive uh for the market which is
06:01already gearing up but uh with these uh like you know if any of these proposals are taken up
06:06definitely it will push up the uh liquidity in the uh market especially from the uh retail investors
06:12so uh so this will be sentimentally uh uh positive as well and uh more uh like you know uh the uh
06:19retail participation per se will uh increase a lot so uh hopefully let's uh keep the fingers uh
06:26crossed i mean it's too early to anticipate whether any of these proposals are taken up because uh
06:32every year uh the uh like you know uh the proposals are put forward but it's only uh one of the years
06:38when like you know it's finally uh get hurt so hopefully this year we give you the other good news
06:44absolutely uh you know what uh we'll also focus a bit on the markets uh you know after six days of
06:49gains we are seeing some profit taking again in trade today at the same time what we are also given to
06:54understand is that global brokerage houses are now penciling in higher targets for the stock market
07:00exchanges like the sensex we have morgan stanley now penciling in one lakh seven thousand for the
07:05next year as well giving us hope that uh beyond the near-term volatility that we've been facing in
07:11we may be able to see much higher levels for the stock markets back home in india do you see a
07:16possibility there yes it's quite possible sakshi uh so basically even we are quite bullish in the
07:23market because what we feel is that on the domestic front uh everything is pointing towards the
07:28recovery government has done his homework uh uh he has taken a lot of steps in order to revive the
07:34consumer demand and moreover the earnings have uh the q2 number especially if we see it hasn't quite
07:40healthy and uh uh slightly ahead of the estimates uh so uh of the recovery is expected from h2 onwards
07:48and uh if the uh if the consumer demand does get a revive uh which seems to uh looking at the uh
07:56initial uh festive demand so uh the consumer demand is expected to pick up and if the government uh
08:01again initiates the uh investment towards the capex uh then uh at least on the domestic front uh there
08:08seems to be no uh uh reason to held back onto this uh positive momentum uh the only uh like you know
08:15concern which i find is the uh u.s india trade deal which is also likely uh to close down soon so
08:22once it uh happens i mean i believe um no unless until the consumer demand doesn't pick up or the
08:28capex doesn't revive that might derail the uh journey but otherwise there's no reason as to uh believe
08:34like you know why we should not move ahead because next year if i 27 even we are expecting double
08:40digit kind of earnings growth and market ultimately follows the uh earning trend so looking at the 14 15
08:47kind of earnings expectations similar kind of trend can be expected on the market front okay you know
08:54one of the other key aspects that's actually keeping the markets uh in a consolidation mode
08:59is the heavy sell-off that we've actually seen from fpis and fii's thus far and on the same now nse
09:07md and ceo has actually raised a major concern over foreign portfolio investors selling in the indian
09:13markets due to very intrusive norms is what mr ashish kumar trohan has said which he also believes are
09:20forcing them to stay away he has also raised concerns over the tight norms for derivatives
09:26saying india should focus on measuring the market in premium terms rather than notion volumes as well
09:32let's listen into what he had to say we think we are the largest market in derivatives we are by far not
09:39uh america on premium terms uh in stock options alone does around five times more than india every
09:47month tesla alone does sometimes more than entire india so we have just made up in our mind and then we
09:54are going only for those kind of all sort of statistics which is creating wrong policy making so i just wanted
10:01the policy makers all three are here so hopefully we will have some understanding of how actually where we
10:08stand whether it is still large or not how to remove it how to reduce it how to make it more
10:13safe secure less people less knowledgeable people should not come all those things are over and above
10:20that but once we have right statistics to look at then we will have a what i call right policy coming out
10:26so that was one part the other part is that the fpi regulations have become very tough over the last
10:33several years uh and the amount of information we ask for uh is uh very very uh sort of intrusive and
10:42many of them uh do not want to uh actually give that information uh and so they are staying away
10:51all right now coming to you on that how would you really look at these concerns that have been raised by
10:57mr ashish kumar johan of course we have seen already massive outflows of about two lakh crore rupees from
11:04the fias already in the indian markets uh you know of course one of the worst sell-offs that we have seen
11:09record sell-off in a lot of parameters as well um you know and now he's penciled two key uh reasons why
11:17he sees this is happening one he's saying that uh there are very intrusive norms that are forcing
11:22fias to stay away as well and these tight norms for derivatives also uh he's saying that there
11:28should be a focus on measuring the market uh premium uh in premium terms rather than notional
11:34volumes at this point in time he's raised a very particular uh question that you know india is really
11:39not the largest derivatives market as now how would you look at this and do you think these are the
11:44key reasons with neat attention if we want to get the fias back into the india indian markets
11:49okay uh so sakshi uh like you know uh these norms have not been uh just like you know uh recently
11:56implemented it has been there in the market for quite uh like you know many years but still like
12:02you know fis they have been participating in the market so this is over last only one year that we've
12:07seen such a sharp uh fi outflow and the primary reason for this is not uh like you know the stringent
12:15norms but this is largely because uh the uh like you know the uh the major cues uh on the domestic
12:21front were also not very uh lucrative for fis to stay invested compared to the uh us and the other
12:27emerging markets like our markets had become actually quite expensive uh when we compare to
12:32the global market so we have to keep that in mind definitely if we ease out the overall uh norms that will
12:39uh like you know attract more new fis but at least from the existing fi point of view uh this is not
12:46the only reason uh the uh the overall uh uh like you know the uh the domestic and the global cues were
12:53responsible for the fis uh pulling out and in terms of uh derivatives obviously uh like you know
12:59with the stringent norms that we have in case of uh derivatives and uh more stringent uh the government
13:05was uh like you know uh is uh trying to uh make it uh so obviously that uh could uh like you know that
13:12in future if uh like you know implemented uh can have a repercussion on the fia flows but uh till the
13:18time it's uh not really put in action it will be really difficult to say but uh so far uh the uh like
13:25you know fis uh they have like you know again started uh turning uh to be buyers uh not completely but
13:32then the participation is coming back because india again is uh has started looking attractive
13:38compared to the other global markets uh on the domestic front as i mentioned a lot many positives
13:43are visible and if the trade deal goes through then obviously like you know and with the global uh
13:49like broking houses uh putting out the buy call on india so obviously right uh the fis will again
13:55return back to india okay so that's as far as the fia space is concerned now viewers there's also
14:01another aspect that everybody is watching out for especially all the investors the buzz in the
14:06primary market space the new debut stock uh today has been physics wala uh physics wala has truly uh
14:13defied the market expectations with a 33 premium listing far stronger than the gray market premium
14:18had indicated now the spotlight quickly has also shifted to a bigger question can it steer clear of
14:24the missteps that actually dragged down india's earlier tech tech giants like by juice for instance and
14:30here's what the co-founder of physics wala had to say when asked about comparisons with the past
14:35industry failures
14:40capital market can be a very common question
14:44how to face is that this sector has seen a lot of failures
14:47Once and for all, I would like to settle in this question by saying,
14:57The guy is good, the problem is bad.
15:02The guy is good, the problem is bad.
15:06But now the problem is changed.
15:09Now I am in top 500 companies of which is a public listed companies.
15:16Now my comparison should be made by consumer internet.
15:20Now my time, my growth, my profitability should be made by consumer internet companies.
15:29Right there, you had it very confident management there talking about how he is looking forward to the competition among the largest listed companies in this space and worldwide as well.
15:42155 currently for Physicswalla viewers, 43% higher on the debut day today.
15:48We had actually seen the stock shoot up about over 160 odd levels in the morning as well.
15:53And now it's again inching up towards those levels too.
15:56How would you look at Physicswalla and this stellar listing that we have seen on the stock as far as day one is concerned,
16:04despite all the talk about whether valuations and like the co-founder also talked about whether EdTech companies will be able to stay on course?
16:11Okay, so as rightly mentioned, so far EdTech companies, we haven't really seen any good offering, but this clearly stands out because given its success that we have seen over the last few years, especially like, you know, I mean, 60% kind of CAGR, which we had observed in the last two years in the number of paid users, that really talks about its success.
16:40So the business model which they are offering and the way they are offering really stands apart and the kind of like, you know, the valuation with which they have brought to the table, so even like, you know, that leaves something for the investors.
16:55So, I mean, I mean, I believe like, you know, probably there's a new beginning for this sector with Physicswalla and probably like, you know, I mean, from here onwards, we might see a few more like, you know, good listings, which may happen over here.
17:15But, so this is like, you know, the kind of business model which they have formed, that really speaks about it, the way they are expanding and the way the number of users are getting like, you know, I mean, the way the entire user base is expanding, that really speaks about the company.
17:33Okay.
18:03In fact, the market cap in comparison to most of the other brokerage firms listed on the exchanges, barring yours, of course, Mutilal Oswal has a bigger market cap.
18:14But when we look at others, they are much smaller.
18:17And when we combine a lot of them, they would still be able to just close in on grow as well.
18:21How would you look at that?
18:22In fact, it's closing in on BSE market cap as well.
18:26How would you look at this?
18:28Okay.
18:29So, like their business model is obviously, I mean, like, you know, quite different from the full-fledged broking houses and the kind of success that they have recorded in just a small span of time that really,
18:42like, you know, speaks about their entire this thing.
18:46But, like, you know, post a sharp run-up, I mean, the valuation is looking quite expensive.
18:51Even at the time of listing, we were a little skeptical with regards to the valuation.
18:57And now, like, you know, the kind of run-up that we've already seen.
19:02So, like, my suggestion would be one should actually, like, you know, start looking at booking some profit and let the valuations settle down a little.
19:12And then probably it can be evaluated again.
19:14But, like, you know, looking at the other broking houses, obviously, like, because of the various, like, you know, various discussions which are going on with regards to the derivatives, like, you know, stricter rules and all.
19:32So, the other broking houses have not really participated, like, you know, angel one and all.
19:38But looking at grow, even, like, the momentum has built up in those stocks.
19:44But still, the grow valuation is way ahead of the peers.
19:49So, valuation-wise, obviously, the comfort is not there.
19:53Absolutely.
19:54And right now, it's also the time to look at the fag and earnings that are coming in, viewers, on the stock markets.
20:00We're almost wrapping up Q2 earnings season.
20:03And just wrapping up on a high note, I would say so, because Max Healthcare has delivered a strong quarter to profit.
20:10That's on higher outpatient and international patient revenue as well.
20:13In fact, earlier, I spoke to Abhay Sohi, the CMD of the company, on whether there has been also an uptick in pollution-linked occupancies in Max Healthcare hospitals.
20:24And what will be the key growth drivers for the company going forward?
20:27Let's listen into what he had to say.
20:31Well, you know, it's difficult to sort of look at, you know, so we haven't had any significant pollution-linked occupancies.
20:38Actually, this year, we have not had the seasonal flus as well.
20:43As you're aware, monsoons kind of graduated into winter straightaway.
20:48So, you know, there wasn't the kind of climate which is there usually for mosquitoes, etc.
20:55So, I think it was one of the positives is that perhaps the seasonal surge in occupancy wasn't there because the diseases wasn't there.
21:04I think so, that's one.
21:05Having said that, you know, we are going to the drivers going forward.
21:10We'll be the, I mean, I won't say occupancy, but occupied bed days because, you know, although occupancy levels are 77%,
21:18we will be rolling out significant amount of capacities in the coming quarter itself.
21:24You know, just a few weeks ago, we rolled out 168 beds in Mohali, in Punjab.
21:31Over the next couple of days, we will be rolling out another 270 beds in Mumbai at Max Nanavati.
21:38As well as within 30 days, we will be loading out about 400 beds in Max Saket, which is Max Mart at Saket.
21:47So, that's a significant capacity expansion.
21:50Before the end of the year, an additional 100.
21:54So, I think more than sort of occupancy levels, the occupied bed days would be the thing to look out for.
22:10All right. So, that was the chairperson of Max Healthcare talking big about the capacity addition in terms of beds when we see by the end of a fiscal year as well.
22:21And before we go back to Sneha, I want to just help all of our viewers all to understand when it comes to Japan,
22:27one of the largest and most active bond markets in the world, that of Japan, has actually tumbled to its lowest in several years today.
22:34Worries have deepened over fear that a big economic bailout package announced by Prime Minister Sanayi Takeshi could damage the nation's public finances.
22:44Yields on 40-year bonds have also jumped 8 points to 3.68 percent, the highest level since the securities were listed in 2007,
22:54while a 20- and 30-year debt each has risen to at least four basis points.
22:59The 30-year yield is just a few basis points away from record high.
23:03The bailout is expected to exceed $90 billion and the yields also assume importance as they were near zero till a couple of years ago.
23:12And a large number of borrowers are now faced with higher interest payments, which could partly precipitate global economic pain as well.
23:20So that's as far as the Japan bonds are concerned.
23:24Let's come back to Sneha and try and understand what would this mean for the larger audiences.
23:30Indian bond market still is, you know, at a nascent stage at this point in time.
23:36It's not as developed as some of these developed countries outside.
23:40How would you really look at the impact that this could probably have globally, Sneha?
23:45See, globally, this could create negative sentiments because Japan is one of the major economies.
23:54So at least in the near term, this could have some repercussion.
23:58Already, we are seeing some sort of profit booking across the markets, which is, like, you know, some is led by the, obviously, the U.S. government shutdown.
24:10And, like, I mean, post which, like, you know, the key datas which got, like, you know, delayed and they're most likely likely to have an impact on the next year Fed cut as well.
24:24So, I mean, apart from those data points, obviously, this will further add to the negative sentiment.
24:29And this might, like, you know, lead to the overall global markets into a consolidation mode.
24:37Anyways, we have seen strong momentum over the last couple of months.
24:42So, like, we might take a pause before some good news does set in.
24:48All right, viewers, let's focus on the markets closing, Sneha.
24:51And we'll come back to you right after the closing bell, 126 points of a loss.
24:56So, we've slipped below the 25,900-odd mark.
24:59You can see we are at the low point of the day by the end of this session.
25:03We've had a very, very choppy session.
25:05We tried to pull up again, but we have slipped to the low point yet again.
25:08Look at the Nifty Bank.
25:09That's also slipped lower in trade.
25:12And you can actually see 58,856-odd levels.
25:15Remember, this is all after Nifty Bank and even the mid and the small cap indices have been buoyant all through last five, six sessions.
25:22IT stocks have also slipped to the day's low, over a percent losses for this one.
25:27Look at the mid caps that's down by nearly 0.6% as well.
25:30A very, very choppy session that has unfolded even for this.
25:32Remember, the mid cap 100 index had also hit record high levels in yesterday's trading action.
25:37But right after that, we have seen some pull down.
25:40You can also see small caps that have dropped about a percent lower in trade.
25:43And pharma stocks have also dragged.
25:45In fact, all the sectors have slipped in trade today.
25:48Let's actually pull up in front of you all the top gainers as far as the Nifty is concerned.
25:53And then we will also focus on the top laggards in trade as well.
25:56So let's pull up some of those stocks there.
25:58Bharti Airtel is the top mover, 1.6% higher.
26:01Axis Bank and Sriram Finance from the banking and NBFC space also near about 1% higher in trade.
26:07Asian Pays that continues to soar higher post-its earnings.
26:10Titan and Maruti Suzuki, consumption-oriented baskets.
26:13It's seeing some uptick, just about minor gains of about 40% odd in the trade today.
26:18Reliance Industries flat with a positive bias at 15.19 in trade today.
26:22Dr. Reddy's in power, great among the other gainers.
26:24Let's look at the laggards now and see where the pressure is coming in from.
26:28Tata Consumer Products, so from the FMCG space, that's dragging.
26:31You can see Tech Mahindra and Geofinance also down by 2% odd in the trade today.
26:37We can also look at Infosys from the IT pack.
26:39Cipla, Apollo Hospitals also from the Pharma and Healthcare pack.
26:43Seeing some cuts in today's trading session as well.
26:45Wipro, so you can see IT, Pharma, a lot of those names.
26:48And even those big Bajaj twins from the NBFC pack that have a cut down in trade.
26:53You can see 25,910 as the last level on which the Nifty has shut shop, about 103 points lower in trade.
27:02And therefore, stalling those six days of a winning streak that we have been looking at and enjoying in the past six sessions for the markets.
27:09Will we rebound from here tomorrow is the key question there.
27:12Coming back to Sneha.
27:13Sneha, quickly, if you could help us understand your take on the markets rebounding for the rest of the week.
27:19Or do you see still some selling pressure?
27:23Okay, the selling pressure might continue for some time because on Thursday, the non-farm payroll data is awaited,
27:29which is the key data point going up ahead to a Fed meeting in the month of December.
27:36So, anyways, the sentiments have turned negative with regards to, as such, no cut is expected in the December month.
27:42And moreover, the data which we get from the non-farm payroll on this Thursday, that would further, like, you know, confirm the thing.
27:51So, until that is out, probably we might continue in the consolidation mode.
27:56Absolutely.
27:57So, we end the weekly expiry session for the NSE contracts lower.
28:01But let's see some questions that are coming in from our viewers for Sneha.
28:04Ananya from Hyderabad asks you, Sneha, are prices of gold and silver expected to fall further in the wedding season that is underway?
28:13Three or four consecutive sessions when we've seen gold and silver prices ebbing lower.
28:17What's your take, Sneha?
28:19See, I'm no expert on the commodities.
28:22But, like, you know, with regards to the silver, in general, there's a lot of industrial demand which is coming in.
28:29So, though we are seeing some sort of profit booking, but then the trend for silver should, like, you know, be on the positive side,
28:37especially keeping in mind the kind of industrial demand which is kicking in and with U.S. actually declaring silver as one of the critical minerals.
28:46With regards to gold, I mean, it really depends upon the central banks.
28:52So, the more buying which is done by the, like, you know, the central banks across the country, so that will boost the gold prices.
29:00And if the buying actually starts reducing, then that could pull down the prices.
29:05Okay.
29:06All right.
29:06Sahana Dube from Bengaluru says, is it a good time to enter IT stocks or should I wait for the U.S. trade deal?
29:12It's a very good time to actually, like, you know, enter the IT stocks because once the trade deal concludes,
29:18then probably we might not be able to actually enter into this stock.
29:23So, probably, like, you know, through one or two stocks, I mean, and what we really like is HCL Tech in the large cap
29:28and Coforge or Persistent in the mid cap where one can create the positions.
29:33All right.
29:34Thanks a lot, Nestea, for being with us on the program and helping us with all of those insights on the markets.
29:39Viewers, that's a wrap on the Business Today show.
29:41In case you, too, have any questions about your investments in mutual funds, your SIPs, stocks or gold-related queries,
29:47then please do send them to us on the number that's flashing on your screens.
29:50And tune in on the 9 a.m. show for the market trading action and trading setup opening action with Ababa Kaya tomorrow morning at 9 a.m.
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