- 18 hours ago
Expert says that a sharp fall does not automatically make IT stocks good buys and, while traders may see short-term bounces, long-term investors should remain cautious.
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00:16good afternoon you're watching the business today's show the market closing action with
00:21me sakshi but we're here to get you everything that you need to know about the closing half an
00:25hour on the d street first up let's take a look at what's hot in the corporate and the financial
00:32world benchmark indices nifty and the sensex trade sharply lower in today's trading sessions
00:37extending losses amid heavy selling pressure the nifty has plunged over 300 points while the
00:43sensex has cracked nearly 1200 points in trade the decline has largely been led by sharp cuts in the
00:49it and the auto stocks with the it pack now tumbling over five percent as persistent ai related concerns
00:55continue to weigh on investor sentiment investors have lost about six lakh crore rupees in the session
01:01today
01:05textile stocks deep into the red after the government has slashed the export benefits dgft
01:11has notified a 50 cut in remission of duties and taxes on exported product scheme exporters
01:17also say that it could lead to a one to two percentage surge in costs and could also magnify
01:23the impact of higher u.s tariffs the tariff double whammy for donald trump continues after the u.s supreme
01:33court has said his reciprocal tariffs were illegal corporates now seek refund global logistics giant
01:39fedex is the first one to file a lawsuit into the u.s court of international trade for a refund
01:44named u.s customs and border protection and the u.s of america as defendants in the lawsuit
01:56prime minister's office is likely to decide on a proposal which could rob electric vehicles of the
02:02zero emission tag under the new norms the new rules will include power consumption for charging the
02:08vehicle in the emission numbers any modification in the norms could also hit manufacturers and their
02:13portfolio planning
02:19salary hikes are likely to be better this year than the last the annual aeon survey has put the average
02:26increments in 2026 at 9.1 percent with the real estate infra nbfc sectors leading the list chemicals and
02:35technology consulting industries will be the laggards straight away looking at how the markets are trading
02:50in the last 21 minutes of trade the nifty is continuing to hover about one percent lower viewers
02:55we are at 25 414 so for a small part of the session today did slip below that mark but
03:02we are now holding
03:03on to that mark of 25 400 at least for now is the nifty bank that has also now slipped
03:10lower remember
03:10for the large part of the session it was hovering on 0.5 0.6 percent lower in trade but
03:15now it's down
03:16by nearly half a percent it's the india wicks that's up by one percent and that's leading to a lot
03:20of
03:20volatility of course it's the it stocks that continue to face the pressure right now down by 4.88
03:26this slight buying at the absolute low level on the it stocks as well real estate is also down by
03:32about two percent you can see with the media stocks infra stocks and even the broader markets mid and
03:36small caps are losing in trade today but this is the metal stocks that are outperforming bucking the
03:42trend in an otherwise weak setup the oil and gas stocks that held on since the morning trade are
03:48hovering about higher by about 0.4 percent looking at psu banks and pharma the fmcg stocks also that have
03:55garnered some strength towards the end of the session today on the gaining front you have ntpc as
04:00the top winner on the nifty today followed by coal india jsw steel titan and hindalco so a lot of
04:07these metal power related names that are hovering higher and of course on the downside you have all
04:12the it names infosys tcs hcl tech all of them down in trade along with this it's also eternal that's
04:18down
04:18by over five percent and trent also among the losers today but let's welcome our guest on board
04:23mr ashumadan the md for jm financial is with us warm welcome to you ashore good to have you with
04:27us as always give us an understanding of how are you reading through the route in the it stocks
04:32particularly that's really dented the overall investor sentiment back home it all started with
04:38anthropic about two weeks back and continued updates from anthropic are hurting the sentiments
04:44across it space not just in the domestic markets but even on wall street we've seen what happened
04:49overnight and today the whole day we've been looking at panic selling there so what would
04:53you say here i think the best case is sakshi stay away from it stocks still i mean a trader
05:00can still
05:01look for some bounce back and look for some maybe a small opportunity here and there but other than
05:06that i think it's just because they have corrected a lot does not mean that they are a good bias
05:10at this
05:11point in time absolutely not and you were getting some kind of uh i mean in last one one and
05:18a half
05:18year five six quarters they were not doing well i mean they were making lower lows lower highs and the
05:24and finally this accident so i think just because this sector is in a limelight and because it has
05:30taken a lot of beating not necessary that we have to go to this sector i mean this has gone
05:35bad right
05:35now i mean end of the day after a couple of weeks or couple of months one may come out
05:40with the fact
05:40that maybe somebody would have stuck their neck out and bought these stocks at this level i mean
05:46i'm making some returns but i think there are so many necks who are already deep into it and losing
05:52a lot
05:52of money and probably if you look at majority of uh sakshi the it stocks are large caps they're
05:59frontline stocks i mean they're very few mid caps and they are the i mean leading funds are holding these
06:03stocks so look at the uh in plight of the people who are already holding only already holding these
06:08stocks directly indirectly so i don't think so there is no point uh entering into stocks at this
06:12level no point in entering into it stocks or thinking that one could really bottom fish at this
06:17point in time it's better to stay uh you know away at this point in time is what mr madan's
06:23clear
06:23viewpoint is there is a lot of disruption at hand and the world is recognizing it and therefore the
06:28pain so let the dust settle and only then take a call right there but which are your safe bets
06:33at
06:33this point in time so badan you know what's happening with the overall markets is that despite
06:37um you know some good news that came in on the tariff front again there is a lot of confusion
06:42back
06:42and forth happening again and therefore the markets are confused again as to whether we are on the good
06:46side of the trump tariff deal or not as yet uh so how would you look at that broad aspect
06:52and look at
06:52the markets then so actually if you look at the broader market i mean okay if you say a particular
06:58stock
06:58sector i mean it's very difficult to say but another day i keep i i keep sticking my neck out
07:03and say that led by psq banks sbi that's the only thing which i like uh recently which we have
07:10discussed
07:10multiple times during last couple of months but other than that sakshi nobody's ready to accept and
07:15believe that india has become a trading market 25 000 to 25 000 to 26 300 that's the range it'll
07:23keep
07:23playing that range tariff coming tariff not coming tariff going tariff reducing tariff increasing
07:29everything is pricing into that i mean uh first of all sakshi i mean it's been one and a half
07:36years
07:36now i mean saying the same thing and probably i don't know for how long i have to say one
07:40has to
07:40get out of this syndrome of long term the traditional or the conventional definition of return of a long
07:46term was very different in the next long term or the future long term or the new long term will
07:52be
07:52very different one has to align to this reality only then they will realize that india is an
07:57underperforming market it's a trading market one has to become a trader now sakshi look you tell me
08:03how much how many lakhs of market cap has i mean been eroded in the last couple of days i
08:09mean it's
08:10more than five lakhs one and a half lakh of annual loss of derivatives people start being playing
08:15derivatives because they are quantifiable that one and a half lakhs of uh retailer 90 percent retailer
08:20have lost money and 1.5 lakhs and 5 lakhs or 10 lakhs of market cap as they rotate single
08:26day today
08:26six lakh cross single day same retailers have not money but no but nobody uh blames the cash market
08:32because the conditioning of our long term is so strong that we don't blame cash market ever for
08:37losses so i i think india is a trading market one should not i mean we we keep i mean
08:42we as a research
08:43house as a broking horse which keep coming of the bets which are absolutely in short term of nature
08:47weekly expiry monthly expiry and that's nothing beyond that and one should not take a bet beyond
08:52that as of now okay that's a very important aspect that mr madan has shared viewers uh the concept of
09:00long term is truly changing and in the age that we are in the kind of scenarios that we are
09:06looking
09:06at into the market right now india is becoming a trader's market rather than a long-term market so one
09:11has to be very very careful with the kind of position one really takes and uh of course uh you
09:17know one has to keep going back to the financial advisor to really take a view there because it's
09:22not uh as as easy to make money as it was maybe a few years ago into the markets as
09:28well we'll come
09:28back to that conversation and of course take more details from mr badan on that but let's also focus
09:33on coal india which is also among the top gainers in trade today viewers coal india is now set for
09:39the
09:39second listing of its subsidiary after the blockbuster success of the first one as well this one is
09:47secl southeast uh southeastern coal fields limited that is looking to go public in the next few months
09:54now and early in january we had already seen bccl that's bharat cooking coal which had listed in the
10:00stock markets at a massive 94 premium now business today television's aishwarya patil has spoken to the
10:07company about their plans particularly in the rare earth space when it comes to secl so let's listen
10:12to an excerpt from that is it close or near or too far to say that you will see uh
10:22robo miners or
10:24engineers in the future because we saw a lot of innovation there at ai summit we are planning we
10:30have in talks this is a conceptual stage we are in talks with the companies which can provide that
10:37stage by stage it will come which will provide us a dozer a recompense which will be a human
10:43intervention free auto automatic operation already some some of your minds are already testing it at
10:49present it's not that but we are in talks and probably if you come next time will be able which
10:55companies are uh are providing these robots we saw some adverb and few other companies even shell as
11:00well we are in talks with caterpillar and similar companies and within a year you will be definitely
11:07in your how many are we going to see sir uh initially we'll start with one it's a pilot project
11:13and
11:13and subsequently will enhance as per the required what's that one uh revenue target you have post listing
11:20because uh secl has a huge uh opportunity and of course a responsibility towards the shareholders what
11:27should they be looking uh looking out for next year next year total our um profit one thing we we
11:35are
11:35more concerned about is our profit this year was around 4 500 and next year we are planning to
11:41increase it to more than uh 5000 and gradually it will increase because we have plans by two 2030
11:50our total production will be around uh 200 more than 200 million ton and this way uh with the demand
11:59and with the total our infrastructure resources available with us man and machine the largest
12:06equipment and with the technology latest technology we are using we will be improving our efficiency and
12:12definitely all stakeholders will be happy with this most of the psus are transitioning into bigger energy
12:19companies than just a coal miner as well so uh what's the what's the business model going to look like
12:25in
12:25a couple of years because critical minerals is also something everyone's looking at so just feed us
12:31in the coming years we are also in talk with the chhattisgarh government and with uh chhattisgarh government's
12:38policy aggressive policy in the coming times we will be opening a few projects uh mineral critical
12:45mineral projects graphite already we have identified i mean under auction we have acquired coal india has
12:51acquired that and we'll be operating that project and other minerals any offshore uh talk so far
12:58no at such not but it is an initial stage all right so there you heard it from secl management
13:05the
13:05company is gearing up for an ipo this is the subsidiary of coal india the second one that will be
13:10uh going public very soon into the markets as well uh let's go across to mr madhan to really understand
13:16how should one be really viewing this as an opportunity in the future of course we've already
13:20seen uh what happened with bccl and investors who lost out on the opportunity really regretted that 94
13:27listing gain now you know you rarely find such instances where investors truly make money on the
13:32listing day or nearly doubling their money there but traditional companies now talking about ai and a lot of
13:39robo miners now coming in what kind of opportunity do you see for b for both coal india bccl and
13:45now secl
13:46that will be coming in soon they are definitely stable much better than i mean all these uh last few
13:52months uh they were in the recommended list of most of the people analysts i have seen and they have
13:57performed well so i think they'll continue to do well and such i mean one should realize that gradually
14:02you'll come back to the uh probably the theme will change back and for some time the defensive
14:07or the traditional themes or the stable themes the irreplaceable companies will will get more value
14:13what has recently happened uh to tech and to uh most of the new age companies also what is happening
14:19so
14:19gradually you realize that the traditional brick and mortar model i mean see what the sorry state of
14:25affair sakshi is that i mean if you if you talk to me ask me i mean a company like
14:31steel authority or bpcl
14:32or musk ground rock or or maybe cochin refinery or core india can they be replaced i mean can somebody
14:38recreate them it is almost impossible to i mean replace these companies whereas i mean today if
14:44there's ola you can make uber you can make rapido you can come out with blue and that is where
14:50the value
14:50goes and that is where the people make money and that is where they go bust also i mean today
14:55yeah it was
14:55swiggy then tomorrow it is eternal and day after there could be something else also so these are the
14:59companies which are easily replaceable are thematically the current uh genre but end of the
15:05day people make money and if this if they're stuck with that also they lose money in those companies
15:09also and the traditional companies which are i mean actually they're they're not getting valuations
15:14or probably the beta which market should give so some point of time this restructuring will happen
15:18and we'll see those companies also getting back into labor and probably that's what if we let's let's
15:23uh i mean jointly we'll wait for this this will happen right you did talk about the new age tech
15:28space and the stocks that come to mind are the likes of eternal and swiggy eternal today has taken a
15:34beating about five five and a half percent lower in trade volume led losses can be seen here um
15:40is valuation a key picture here that's emerging yet again or are there other deeper concerns that one
15:46has to be aware of because uh we have seen time and again the stock go back to 300 but
15:51again it loses this
15:52team and comes back to the level that it is trading in right now and it again faces the resistance
15:57at higher levels what is your outlook on names like zomato see uh people have to understand as a
16:05company zomato i love that but as a valuation i don't so around 300 nobody can say buy at the
16:11lowest
16:11and sell at the highest i mean last quarterly result i think it was in december it touched 360 and
16:16from
16:16360 when it came down to 310 or 315 or 300 plus levels i mean we decided to get out
16:23of it nobody
16:23can i mean get the best profit or the best selling price since then i am not recommending eternal at
16:30all i don't know for how long it can remain low i don't know what level it can go down
16:35but 300 plus
16:36i mean the discipline says that one should book profit and get out of this stock and just watch as
16:40a fence sitter or as a spectator that is the problem because that once you see once you make
16:46that kind of a money because a lot of people have entered into a stock at 100 100 levels they
16:49have
16:49made that kind of money so that they get into a comfort level unless they get cut uh uncomfortable
16:54they'll not be able to sell that and that is where the misprofit and the psychology says whenever if
17:00they've seen a particular price at the top nobody can sell at the top you can you cannot keep
17:04pitting that you should not do you should look at your profit and get out of it so around 300
17:12we are
17:12out of eternal and i i'm not positive on this stock as of now okay so a clear message there
17:18for all
17:19investors if you've seen your favorite stock really touch a high and it's now been struggling for a long
17:24time to reach that particular point don't hold on to that mark just decide upon the kind of profits
17:30that you should be happy with get out of it if it is getting stuck really and if there are
17:34valuation
17:35issues like uh you know mr padan pointed out in the case of zomato that he's been finding we do
17:40know
17:40that it touched 360 but he took a decision to get out of at 310 or so and probably just
17:47now see whether
17:48there will be another uh space when it can further re-rate itself going forward from here there will be
17:54another time that you can probably look at but don't hold on to your own uh levels that you want
17:59to book
18:00your profits at is a clear message there let's shift focus to electric vehicles now there's a key
18:05you know special uh change that one may really be looking at here electric vehicles may actually
18:11lose their zero emission status now and this is under the upcoming cafe three norms as well with the
18:16pmo now reviewing the proposal the debate is over whether evs should continue to be treated as zero
18:21emission vehicles or whether grid-based emissions should be factored in into the compliance calculations
18:27and for more on this now i'm joined by my colleague chetan bhutani who's been tracking the story very
18:31closely now this could be a big change chetan um evs which used to first get subsidies a lot of
18:38government push a lot of policy related support um you know a lot of discounts there at the dealerships
18:44as well to entice more viewers to come out of petrol and diesel ice vehicles to shift to evs now
18:51if the
18:51zero emission tag also goes away what are the things that one has to really look forward to
18:56uh well sakshi you know the matter is purely contentious and not a very negative not a very
19:03positive news coming in for the electric vehicle space especially uh when we were thinking and
19:07expecting that more stops would be pulled out from the government's treasury and given towards uh
19:11electric vehicles but now the government's logic is also completely right and fine because
19:14what the government is saying that another cafe three norms which is the corporate average fuel
19:18efficiency norm which goes into effect from 2027 which means stricter emission norms would be
19:23calculated so in this category the government feels that since electric vehicles now get charged through
19:29the main grid which is also powered by coal and coal being a polluting agent one of the biggest
19:34polluting agents of course does not give a complete uh you know benefit to evs because they're getting
19:39charged by the main grid instead of a a greener energy source that charges the electric vehicle so the
19:44government is now uh wanting that uh ev should not be fully treated as a zero tailpipe emission
19:49car it should be treated little bit lesser than the petrol and diesel but yes it should be
19:53given that face value and their benefit that means the car companies that used to get bigger advantage
19:57of selling evs and offsetting the emission norms by selling their ice vehicles also will not be getting
20:02that big of an advantage that used to get earlier also lastly sakshi uh earlier the you know big
20:08these companies to auto companies used to sell bigger cars in comparison to their evs which would
20:13actually offset the impact but now since uh the impact would be limited we will have to see and
20:17watch out what really government does in fact the prime minister's office has himself intervened and
20:21is calling for the oems to understand the matter along with other ministries and stakeholders as well
20:27absolutely this calls for a deeper attention and understanding of how evs will be looked at from
20:33your on will they be seen as completely zero emission vehicles a complete climate friendly or will there be
20:39a caveat there as well and what will that lead to in terms of oem's focus plans on ev expansions
20:45and uh you know of course a large part of population looking at evs as an opportunity or their next
20:51vehicle purchases as well so that's something that we'll keep an eye out on as well shifting focus to
20:55the textile companies now most of the shares of textile companies were down today and this was after
21:00the government slashed the benefits of the schemes for exporters in an order issued last night we've seen
21:07the government cut benefits for exporters under remission of duties and taxes on exported product
21:13scheme for textiles for gems jewelry by 50 percent this allocation was for the scheme was cut in this
21:20month's budget to 10 000 crore rupees from 18 200 crore rupees earlier and according to many analysts
21:25cutting the benefits in the scheme is likely to raise the export cost by up to two percent as well
21:30and
21:30that's something that you should be focused on let me go across to mr madhan now and try and understand
21:35on both these aspects how should one be really looking at first the ev space uh do you see this
21:41as a major concern or will this be just absorbed um you know as as uh something as part and
21:47parcel of
21:48the policy regulatory change and it's it's not anywhere going to be impacting the ev uh focus that the
21:54government has or the consumers also have no i think ev alpha is already priced in most of the stocks
22:01as
22:01far as industry is concerned so actually so i don't think so it will be a uh it will be
22:06of a much
22:07effect and uh i think the even even if there will be a marginal effect that will be absorbed and
22:12i
22:12don't think so there could be any negative impact because thematically i think it is the theme is still
22:17on and theme is still very fancy and people are going for it so end of the day company will
22:22be able to
22:23i mean adjust to this uh i mean effect so i don't think so there will be any major effect
22:28second
22:28is about textile you're asking yes absolutely the government uh cutting the benefits i think today
22:35textile probably today is not just because of this uh change in numbers it is also because of the
22:42the uncertainty again on the tariff front so how and what will uh happen so i think today probably it
22:50is too early so see textile sector is under pressure i mean they they are looking for a lot of
22:55uh
22:56reduction and a lot of favors right from the government and in the global sentiment also
23:00and which is not easy to get so i would not uh ban too much on textile stocks yes obviously
23:06when they
23:06were down and out and one sign of recovery there was a very special sign of recovery because of on
23:11because of the tariff front but beyond that i don't see there's any major uh uh thing happening
23:17because once bangladesh gets settled it could again be different there are so many moving parts
23:22uh as far as textile is concerned so i mean uh you you you cannot cannot find a beggar stories
23:28there so
23:29one should simply watch absolutely let's uh focus to the market closing now 25 459 on the nifty
23:36we're about a percent lower on the nifty and that's where we have shut shop at 253 points of a
23:42loss there
23:42although just slightly improved from the day's lowest point so we have seen some buying happen
23:46at the low point of the intraday trade today but almost a percent low loss for the nifty today when
23:53we look at the nifty bank that was better off 0.28 percent of losses there that also dipped towards
23:58the middle of the session today but improved towards the end as well and buying was seen both on the
24:02nifty and the nifty bank towards the end of the session as well when we look at the it index
24:07that's
24:07the one where the pain emerged today and the epicenter of the fall 4.4 percent lower at uh you
24:14know
24:1430 158 today almost 1400 points gone today but this has also seen some improvement from the day's
24:21low point we've also seen some of the other sectors including the mid and the small caps that have
24:25dragged in trade today but if you look at the mid caps they've ended at the day's highest point even
24:29though it's still three tenths percent lower similarly for the mid caps as well small caps as well that's
24:34also lifted from the day's low point ended about half or percent or giving us some sense that buying
24:39may return in case there are sharp losses in trade but it was the metal index the oil
24:44and gas index that continued to move up but these are the top gainers on the nifty in front of
24:48you
24:48have ntpc coal india indus in bank as among those gainers one to almost two percent higher in trade
24:54look at jsw steel indalko even hero moto as among those winners in trade but on the downside clearly
25:00no prizes for guessing it's all the it names that have dragged today tech mahindra six and a half percent
25:04lower look at six percent losses on hcl tech zomato of course we've seen the valuation concerns that
25:09mr madan also talked about five percent lower emphasis tcs lnt these are all the stocks that
25:14have been dragging in trade today anywhere between three and a half to four odd percent in trade as
25:19well but viewers let's shift focus to what may interest you in case you are an employee and are
25:26looking forward to the salary increments in the upcoming appraisal cycle where salary increments this
25:32year could be better than the last one this is as per the a on salary survey one of the
25:37leading in
25:38this field that is forecast a 9.1 average hike across india this year and this is higher than
25:44the 8.9 figure for 2025 now employees in real estate infrastructure and the non-banking finance
25:50sectors can actually expect the best raises in their salaries and appraisals this time around
25:55according to the survey the attrition has also fallen in 2025 and has reverted to the pre-covid levels
26:01as well the estimates now show a more than 10 percent hike for at least two sectors with the auto
26:06industry
26:07engineering design and retail sectors following also closely as well all right and we'll now
26:14shift focus to some queries from our viewers for mr ashumadan ria sharma from their adun has sent the
26:19question for you mr madan and she asks you is it the right time to buy physical gold and silver
26:25we have seen of course both the precious metals cool off from their highest level but still there is an
26:31inching higher because geopolitical tensions are still right
26:37so satchi i think we covered a bit of it last time a lot of money has gone into gold
26:42and silver and any
26:43asset class which this this see this kind of inflows i mean goes sideways for a considerable long time so
26:50i think that is the reason if you look at the decent developments also whenever there is an issue because
26:55of iran war
26:55there was hardly any impact on gold and silver so satchi i mean the kind of flows i have noticed
27:01i
27:02mean the retail the housewives that people who were never into the market whichever we've seen the signal
27:06that kind of a signal i've seen the flows into gold and silver etfs so somehow i'm wary of
27:12investing at these levels uh unless there is a meaningful dip in gold and silver that is the time to
27:18buy
27:19otherwise a lot of people are stuck with the positions and because we have just seen recent highs
27:24and the kind of euphoria and frenzy they were in gold and silver so my personal advice would be to
27:29wait for some time don't rush wait it out yes next we have akash varma yeah absolutely next we have
27:36akash varma from delhi asking you where should i invest in this volatile market i think you need to
27:40an answer to that a lot of our viewers would add that question for you ashore i i think see
27:47the way the
27:48sectoral uh accidents are happening in the way a time uh time and now we see i mean accidents
27:54happening in idfc and the things i mean it is very difficult for a normal person to uh i mean
28:00to
28:00safeguard themselves so for me for a retail investor it is definitely uh advice would be to buy through
28:07etfs and the best is probably nifty or bank nifty etfs if you want to invest in the market that's
28:12where you
28:13can you can be a little uh safe on in terms of global and domestic volatility absolutely thanks
28:22a lot then ashore for being with us always a pleasure to host you and to seek all those insights
28:26on the
28:27markets with that viewers it's a wrap on the business today show in case you too have any
28:30queries about your investments in mutual funds in your sip stocks or gold related queries then send them
28:36to us on the number that's flashing on your screens many thanks for tuning in stay tuned i'll be
28:40getting you all the market opening action tomorrow morning at 9am stay tuned for that too
28:45presented by national stock exchange
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