- 14 minutes ago
On the Business Today Show, host Sakshi Batra tracks Dalal Street closing action alongside key corporate developments. Top global rating agencies, including S&P, Fitch, ADB, and Moody's, have raised India's FY27 economic growth projections to around 7%, triggering a rally across domestic equities. Sensex and Nifty closed firmly higher, led by gains in metals, real estate, FMCG, and PSU banking stocks. Market expert Abhishek Basumallick discusses how global rating revisions impact sentiment, the influence of elevated crude oil prices hovering near 100 dollars a barrel, and investment opportunities in the metals and consumption sectors. Additionally, the broadcast reveals that no retail petrol or diesel price hikes are planned by the Indian government despite rising crude volatility. The report also highlights corporate updates, including Airtel Money's planned London Stock Exchange listing, Microsoft job cuts across Xbox teams, and significant single-day moves in shares of Whirlpool India and Optiemus Infracom ahead of the upcoming National Stock Exchange listing.
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NewsTranscript
00:01Good afternoon, dear viewers. You're watching the Business Today Show with me, Sakshi Patra.
00:05This is where I get you all the stock market closing action on the Lull Street.
00:08But first up, let's take a look at what's hot in the corporate and the financial world.
00:14India's growth outlook gets a booster as top global rating agencies raise their FY27 forecasts
00:20after Moody's, nowadays S&P and Fitch that have raised India's growth projections.
00:24Moody's and S&P now see India's growth at 7% for FY27,
00:29while Fitch has raised its forecast from 6.4% earlier to now 6.9%.
00:37Markets see strong buying interest after the growth forecast upgrades.
00:41Sensex surges 250 points to trade near 74,800 mark,
00:46while the Nifty is also up 80 points to trade near 23,400.
00:50Metals, FMCG, PSU banks and real estate stocks lead the rally.
00:58There's relief for the bank customers right ahead of the proposed strike with public sector and regional rural banks
01:04are all set to remain open on Sunday, that's September 27.
01:08The three-day strike is scheduled from September 28 to September 30.
01:17Airtel Money plans to list on the London Stock Exchange in what could be the first for Indian company listing
01:23overseas in nearly a decade.
01:25The IPO will be an offer for sale by existing shareholders with no fresh capital raised.
01:34Microsoft cuts another 268 jobs across Xbox, taking the company roughly three quarters through its 3,200 job restructuring.
01:43The latest cuts hit Halo Studios and other first-party teams,
01:48while Activision takes over the development of the next Halo game.
01:59Let's welcome our guest on board.
02:00We have Abhishek Basumali, co-founder and fund manager at Srirama Managers, joining in on the program with us.
02:05Welcome to you, Abhishek. Good to have you with us.
02:07The markets have bounced back.
02:08We are looking at 23,400 back upon us.
02:11This is despite the fact that the Brent crude prices are still hovering higher at around $100 a barrel.
02:16At this point in time, the markets are also looking up to a lot of positive factors with the global
02:24ratings agencies now raising the forecast.
02:27How meaningful is this for a recovery that could take place in the markets, Abhishek?
02:32I don't think it's very meaningful at all.
02:35In fact, it's been very surprising that India with its growth, with the resilience it has shown in the last
02:43few years,
02:43not only very recently, but post-COVID, the fact that the global rating agencies has not raised ratings for India
02:57actually does not mean much from foreign flows, in my opinion.
03:02It's just a sentient booster.
03:04Obviously, it's not going to harm, you know, inflows, but I don't think it's going to either stem the outflows
03:13or it will encourage investors to invest fresh money into India just because of the rating upgrade.
03:22Okay.
03:22And how are you looking at the current, you know, texture and tenor of the markets right now,
03:28back at 23,420 odd levels?
03:30Do you still see there is a lot of recovery and an upside or do you still see some headwinds
03:35right here?
03:36See, I think, you know, like we've been discussing many times, the market overall is stuck in a range,
03:44especially Nifty and the larger caps.
03:47If you look at, you know, the stocks just below them, the mid caps, small caps, micro caps,
03:54most of them are holding up reasonably well, corporate results have been good.
04:01I think the biggest challenge in India right now is the crude related challenge.
04:07You know, that's the headline fear and if that is in some way, you know, taken care of,
04:14I think then India should, you know, Indian market should start outperforming.
04:19Okay.
04:20Let's actually look at some of the pockets that are outperforming.
04:22Metals have been shining since morning, over 2% gains there.
04:27We're also looking at several other pockets like real estate, like FMCG, PSU banks and even pharma stocks going to
04:32be moving up.
04:34Broader markets are throwing in some names as well.
04:36So, you're looking at small caps up by 0.8%.
04:38Mid caps also about 0.5% higher.
04:41It's a broad-based rally that you're seeing in the markets today.
04:44Abhishek, which are the pockets that are attracting your attention in this recovery?
04:48See, you know, pharma, healthcare has been consistently doing well.
04:52What has changed recently is, I think, realty has started picking up.
04:58Metals have been doing well.
05:00So, essentially, people probably are putting more money into, you know, brick and mortar, into, you know, real asset-based
05:09plays.
05:09So, I think that's where, you know, there is a lot of interest.
05:13So, you look at anything related to steel, copper, you know, zinc, aluminium, etc.
05:20All the metals, you look at chemicals.
05:23Some of the chemical names are doing really well because news coming out of China is talking about a lot
05:31of price rises that's happening.
05:37So, realty again, you know, realty in pockets are doing quite well.
05:42All right, okay.
05:44We'll continue to focus on these pockets that are showing us some improvement as far as the sentiment is concerned.
05:49But, you know, looking back at what's really happened, I want to give out more details as far as India's
05:55growth outlook is concerned.
05:56We've got a booster shot from S&P, Fitch and ADB raising their FI27 growth forecast.
06:04Today, we've seen S&P raising the forecast by 40 basis points to now 7% for FI27.
06:10Fitch has raised its forecast by 50 basis points to 6.9%.
06:14We've also seen ADB raising the FI27 growth forecast by 40 basis points again at 7% and OECD raising
06:22its 2026 India growth forecast to 7.1% from 6.3% earlier.
06:28This all follows Moody's raising its forecast from 6% to 7% last week as well.
06:34So, what is truly driving this upgrade for the Indian growth story and what does it mean for India's growth
06:39outlook?
06:40Let me actually go across to my colleague, Karishma Sudhani, joining in with more details on the same.
06:45Karishma, just two weeks back, back home in India, there was so much of debate around Q1, FI27, GDP numbers
06:52of 7.8%.
06:53How do you see global rating agencies now raising a toast to India's growth story at this point in time?
07:00What is, in fact, working for them in their higher upgrades and projections right now?
07:04This is despite the fact that West Asia crisis has dented a lot of sentiment for India and countries like
07:11us which import crude oil.
07:13Crude oil prices are still elevated.
07:14Inflationary pressures are still going to be hovering around us.
07:17What is it that they are betting big on when they revise these projections?
07:23Actually, I think I echo to what Abhishek mentioned and this is the common thread here is the resilience of
07:30the Indian economy and these upgrades, which has been exposed on the upside, optimistic parts, have come in the back
07:37level.
07:38Strong GDP results that have come in just last month, which did make a lot of changes in the country.
07:47But let's not forget that the global rating agencies have also kind of flagged and that it is a caveat
07:53in this, that it does not mean the challenge is paying for us.
07:56The second half is something to be watched for, things to moderate.
08:00We have challenges around, we have challenges with food inflation, with energy prices, because the situation in West Asia has
08:08not been stabilized.
08:09And also deciding on what RBI comes with its next monetary policy.
08:15Let's also see what the IMF unit talks about in its world economic outlook, which is said to be really
08:22next month.
08:24Absolutely. Thanks, Karishma, for getting us those details.
08:27Abhishek, let me come to you again.
08:29You know, a lot of viewers would actually be wondering what's happening when domestically there's so much of debate around
08:35whether our data is projecting the right fashion of growth that's coming in.
08:39Global ratings agencies revising India's forecast to around 7 percent.
08:44First of all, how does one really look at it from Indian economy point of view?
08:49And, you know, with this kind of a growth figure, India would be back on track as far as the
08:55fastest growing major economy in the world.
08:56What should that really tell us about the economy?
09:01See, I think the challenge that we or the debate that we saw in the last couple of weeks about
09:08the GDP data was more about people, you know, debating the fact that there was a change in the base.
09:22Right. And that is where the debate started from.
09:25So it was more a discussion on, you know, the baseline is more more a mathematical discussion rather than whether
09:33the number is right, wrong or we are in the ballpark.
09:38So, you know, my the way I look at it is it's not meaningful whether it's seven or seven point
09:44one or six point eight.
09:45The general trend is more important.
09:48And within that, what is happening across the industries, because we are more focused on markets and on businesses, we
09:59need to look at what are the, you know, what the business or the what what the industries are telling
10:04us, what the industry results are telling us.
10:07I think that is more important rather than looking at these headline GDP numbers.
10:13All right. OK, we'll continue to focus on how the earnings growth for India Inc. also point out as we
10:18move forward into the next quarterly numbers in just about 15, 20 days from now.
10:22But let's also focus on the entire oil space that's going to be in focus.
10:29There is an exclusive update that Business Today television has for you viewers on India Today.
10:34There is no petrol or diesel price hike on cars.
10:38That's what sources have told Business Today television.
10:41Despite the fact that crude oil prices are seen volatile till the U.S. midterm elections, the diplomatic push to
10:47keep Hormuz fuel flows open and the government may actually subsidize OMCs if needed.
10:53That's what sources are telling us.
10:54Let me actually go across to Chetan Bhutani, my colleague, who has all these exclusive details for you viewers.
11:01Chetan, this might sound as very good news coming in for viewers.
11:05Over the last two weeks, we've seen crude oil prices soar above $100, $105 a barrel.
11:12That again raised a lot of anxiety among people whether the fuel prices will be raised again.
11:17But sources are telling you that no price hike is on cars as far as petrol and diesel is concerned.
11:25Well, that's right, Sakshi.
11:26We've been seeing that Indian crude basket hovering about between $100, $215 per barrel.
11:31So, that's definitely not a good news for the oil marketing companies because anything above $80 means significant losses for
11:38OMCs.
11:38However, we currently know that under-recoveries for diesel stand at about 20 to 25 rupees per litre, whereas petrol
11:45stand at about 5 to 10 rupees per litre.
11:47That's causing significant amount of losses to oil marketing companies.
11:50And that would continue further because what sources are telling me that as of now, there is no plan within
11:55the government to hike prices of petrol and diesel at the retail, which is, of course, as you mentioned, good
12:00news for the consumers.
12:02But, of course, not a very good news for the oil marketing companies.
12:05What the government is saying that they are trying to diversify the crude basket.
12:09The energy security of the country remains the top priority for the government.
12:13And at a later stage, the government might plan to subsidize the oil marketing companies for the losses.
12:18But, yes, the Russia procurement is stable.
12:21They are probably looking forward to diversify the basket from Iraq and Saudi Arabia.
12:26And, of course, the energy security remains the top priority for the government.
12:30That's what sources are telling us.
12:32All right, Chetan.
12:33Thanks a lot for getting us those exclusive details.
12:36Abhijay, a very quick comment right here.
12:38Crude oil prices elevated, energy security is the top priority for the government back home.
12:43How are you looking at the oil and gas sector as a whole?
12:46You did point out that crude oil prices remaining volatile is a big watch for us as to how things
12:51really shape up in terms of inflationary pressures going forward.
12:54If the prices remain volatile, the government will also have to probably shell out some more to support the oil
13:01marketing companies because the under-recoveries are still very high.
13:04How would you look at what's happening?
13:07See, I think, you know, multiple things.
13:09One is, like, you know, you mentioned, till the U.S. midterms, there's probably going to continue to be news
13:18flow around oil, around what is happening in Iran-U.S.
13:21So, it's going to remain volatile.
13:24Right, I think, in the beginning of 2027, we will have state elections coming up in India, which is, again,
13:34you know, something where, in the past, we've seen central government reluctant to raise petrol and diesel prices because that
13:43becomes sensitive, you know, for the voters.
13:46So, overall, and, of course, you know, we've not seen a runaway, you know, price and crude.
13:53So, it's not that it's 130, 140 as of now.
13:58It went up to 110, 12.
14:00Now, it's back around 100.
14:01So, it's not completely unmanageable as of now.
14:05So, I would say that, you know, it's unlikely that the government is going to take price, petrol, you know,
14:13pump price hikes.
14:15And, as far as industry, I think you continuously need to look at companies which are going to get affected
14:23negatively because of this hike in petrol prices.
14:28And, of course, there are companies which are going to get benefited by it.
14:32You know, a lot of these chemical companies are getting benefited, et cetera, because their, you know, end product prices
14:39are going up.
14:39Some other companies are getting, you know, so, for example, any company where, you know, power and, you know, heating,
14:49et cetera, is a major part of the cost, they will face margin trouble.
14:54So, basically, you need to look at it industry by industry and look at it that way.
14:58Okay.
14:59We'll take some questions of our viewers now with you, Abhishek.
15:02Pratik Sharma from Bhopal has asked the first question.
15:04He wants to know from you on metal space itself that is it worth investing in metal stocks for the
15:09next three to six months?
15:12I am personally, I think, quite positive on the steel cycle right now.
15:18I think steel looks quite interesting.
15:21So, some of the, you know, better steel companies might do well for the next three to six months.
15:28Okay.
15:29Next, we have Akriti Shah from Vadodra asking you,
15:32what is your view on the online shopping stocks or the e-commerce stocks ahead of the festive season?
15:39In general, I, you know, I think they'll do well.
15:42But in online shopping, I think, who are the listed players?
15:46I think you have Misho and you have Naika.
15:50Right?
15:50Pretty much these two.
15:52I think, you know, Misho looks interesting because, you know, it's a value retailer.
15:58So, my sense is in India, the two extremes are doing well.
16:02One is the luxury segment and other is the value segment.
16:06You know, both the sides are doing well.
16:09So, you know, Naika is probably on the upper end of the spectrum.
16:13Misho on the lower end of the spectrum.
16:15So, yeah, I think, you know, they could continue to do well.
16:19Okay.
16:20We'll take Surindra Agarwal's question next.
16:22He's from Kota and he says, I'm a new investor.
16:24I want to know which three sectors are relatively safer for long-term investment for a new investor like me.
16:32So, I mean, my honest advice for any new investor is to actually go through either, you know,
16:39the mutual fund route or buy a Nifty 50 or a Nifty 100 or a Nifty 500 ETF.
16:47If you really want to get into stocks, individual stocks, maybe, you know, start off with sectors which you are
16:57personally comfortable with
16:58or you have some knowledge of, you know, you can look at overall FMCG, you can look at banking,
17:08you can look at consumption, themes which are easier to understand and pick out one or two stocks from there.
17:18But my sense is for new investors, the best option is to go, you know, through the mutual fund or
17:25the ETF route
17:26till the time you, you know, are able to gain some knowledge on individual sectors, stocks.
17:34Then you should start investing in direct stocks yourself.
17:38Okay, I hope this answers your question.
17:40Before we let you go, I just wanted to mark out a few stocks that are truly buzzing in the
17:44session today.
17:45Abhishek, Whirlpool has surged about 20%.
17:47This is right after promoter Whirlpool Mauritius is eyeing a full exit.
17:51This is what some of the reports are indicating right now.
17:54News reports also indicate that Whirlpool Mauritius is all set to sell its entire 39.76% stake
18:00with large investors and major multinational consumer durables companies now in the race to grab that stake as well.
18:07The stock is up by almost 20% now and has hit, say, 865 odd levels.
18:12How do you see this development?
18:15So, this is the first time I'm hearing of this right now.
18:17But I think Whirlpool is a very, very prominent, very strong, long, you know, established track record brand in India.
18:26So, if they will sell it and hand it over to some Indian brand who's capable of, you know, has
18:34a good manufacturing base,
18:35is able to distribute properly, then it can end up being, you know, a good company to look at.
18:41But that's, you know, all I know.
18:45I don't know the details of what, you know, if there are any announcements or if anything that has happened.
18:51So, we'll have to wait and, you know, study that accordingly.
18:54Okay.
18:55One very interesting stock that has come into focus over the last couple of sessions and even today is Optimus
19:00InfraCom.
19:02Now, this is the company that actually makes mobile screen guards, the temp guards that you make, the screen protectors
19:09that you have.
19:10Now, the company has given some statements out in the public talking about how they are eyeing a 2,000
19:17crores revenue by FY28 from screen protectors.
19:21And the stock is already up, you know, for the second straight session, up by almost 20% up.
19:26It's 17% higher today.
19:28Last five days will actually show you what kind of a momentum has been generating.
19:32Have you been tracking this stock at all?
19:33Does it look interesting in terms of business and what lies ahead?
19:36So, I actually started looking at it last week because, you know, I was reading somewhere that they were, you
19:44know, they have a tie-up with Corning Glass, you know, making these mobile, you know, glass covers.
19:51But the stocks ran up too fast for me to do anything.
19:56But, yeah, I mean, these are interesting businesses, small niche businesses that one ought to track.
20:01And at some point, you'll get an opportunity if it really does well for many, many quarters, many, many years,
20:09then you'll get an opportunity to buy.
20:12So, you know, you don't need to rush and chase a stock which is running, you know, too fast, too
20:18hard.
20:19Got that.
20:19You don't need to chase anything.
20:21All right, Abhishek.
20:22We'll thank you on that note.
20:23Thank you so much for appreciate your time for all the guidance and insights you've shared with our viewers.
20:27The markets have shut shop.
20:2823,431 looks to be the final price.
20:31102 points higher as far as the Nifty is concerned.
20:34Most of the sectors managed to end higher with metals, FMCG, real estate, pulling up anywhere between 1 to 2
20:41.5% higher.
20:42On the Nifty, you had a lot of metal stocks gaining ground, Bajaj Finance.
20:46You also had Apollo Hospitals, Power Grid, Grasim as among those top winners in trade.
20:51In the broader markets, you saw some of the big debut performers.
20:54SS Retail, 76% higher on the day one.
20:58Jindal Supreme, about 36% higher.
21:00We discussed Whirlpool India and many such stocks that managed to pull up in the session as well.
21:0523,446, that's where the price seems to be settling at as far as the Nifty is concerned.
21:11About 117 points higher in trade.
21:14So, the midweek trade has panned out to be pretty positive for the markets.
21:18Let's hope that this continues for the rest of the two days.
21:21Tomorrow, of course, viewers, is a big day.
21:23NSC gets in the listed space.
21:26We are going to be tracking the National Stock Exchange as it itself begins its journey on the stock markets.
21:31We'll wrap it up on that note on the Business Today show right here.
21:34Do send us your questions.
21:35If you have your questions around investments in mutual funds and stock markets,
21:40we'll be happy to get market experts to guide you.
21:42But stay tuned on India Today.
21:44News coverage continues on the other side.