- 11 minutes ago
Indian equity benchmarks surged at the opening bell, tracking a sharp tech-led rally in US markets following midterm election results. The Nifty opened higher above the 24,300 mark, supported by gains in banking, financial services, auto, and IT stocks, alongside an easing in crude oil prices and a stronger Indian rupee against the dollar. Bullion prices also saw gains ahead of Dhanteras and Diwali. In regulatory developments, the Securities and Exchange Board of India announced relaxed Know Your Customer norms for Non-Resident Indians, Overseas Citizens of India, and eligible foreign nationals from Financial Action Task Force-compliant nations, enabling completely digital onboarding with video-based verification from 3 December. Meanwhile, the Food Safety and Standards Authority of India accused prominent energy drink brands, including PepsiCo and Monster, of misleading consumers over high levels of caffeine, sugar, and taurine.
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NewsTranscript
00:15good morning dear viewers you're watching the business today show with me Sakshi Batra this
00:20is where I get you all the stock market opening action on the last street but first up let's take
00:25a look at what's hot in the corporate and the financial world US markets rally as tech stocks
00:33celebrate victory of the Democrats in US midterm polls adds more than 1 trillion dollars to their
00:38value also as investors hope for lower AI and data center spending Tesla and Nvidia are the only big
00:49losers bullion rebounds after the election results in the US gold surges over forty one hundred dollars
00:55again silver is up seven percent in just thirty six hours dollar is down against nearly all global
01:02currencies first signs of foreign investors returning to the street net cash buying in the last four
01:11trading sessions is nearly twenty one thousand crore rupees and domestic investors turn net sellers
01:17after months of accumulating stocks as well sebi relaxes kyc norms for nris ocis and foreign nationals
01:29allows digital onboarding for eligible overseas investors there's no need to travel to India now
01:34new rules to kick in from the third of December big allegation by FSSAI in the energy drinks case Reuters
01:45indicates the food regulator has accused PepsiCo and monster of dumping duping consumers also claims high
01:53dosage of caffeine sugar and taurine can cause health problems
02:04straightaway bringing you the Indian rupee breaking viewers the rupee has opened at ninety four point
02:08three five per dollar vis-a-vis ninety four point six four per dollar close that we saw so a
02:14twenty
02:14nine pesos stronger opening for the Indian rupee as well let's actually look at the precious metals
02:19too they're surging right ahead of dhantiras yet again there was some cool off in the previous sessions
02:23and now we are seeing some pickup take place mcx gold has risen twenty three hundred rupees to
02:28now trade at one point four five lakh rupees per 10 grams mcx silver has gained twenty six hundred
02:34rupees to now trade at one point nine lakh rupees a kilo in fact we are now joined by our
02:39special guest
02:40gaurang shah senior vice president georgeat investments to share with us a fresh take on the
02:44markets good morning to you gaurang good to have you with us happy festivities ahead of diwali and
02:49dhantiras um so the market share is also back we're also looking at the u.s midterm election
02:55results uh fuel some more uh you know share onto the global markets as well as Indian markets as well
03:02they're celebrating uh you know trump's also losing some power in the senate now
03:09it's actually thank you so much for hiring me on your show good morning to all your viewers and to
03:12you
03:13happy festivities and season's greetings and uh uh prosperous new somewhat to you to your entire
03:19team and all the viewers of uh india today uh small disclosures actually that all recommendations
03:25that i'll be sharing with you this morning on your show they're part of our fundamental research team
03:28recommendation from a long-term point of our company jivijit or myself we don't have any kind
03:33of personal investments no financial interest no conflict of interest but we share similar investment
03:38ideas with our clients they might have their investment interest so in fact
03:41i think the Indian equity markets had started celebration way earlier before the actual numbers
03:47came out in terms of the results of the midterm polls in the u.s and uh this is the
03:55reality
03:55of life sakshi when you have so much of overconfidence when you consider citizens who have settled in
04:07america from other countries as a piece of dirt and the only thing that you want from them is the
04:13vote
04:13that you want and the kind of statements on the contradictory side you make uh forgetting that
04:21you and your parents have also come into u.s from another country uh so it's really uh
04:31uh i'm i'm quite happy and satisfied to be very honest i've been very verbal about my opinion about
04:38the trump administration and mr donald trump uh what happens here on after is something that we need to
04:47watch out for how things pan up in u.s how does this midterm polls result will have an impact
04:56on the
04:56geopolitical situation and crude oil prices which is very very important to me and the third important
05:01thing sakshi is that uh the long-awaited uh trade deal between bharat and u.s how is that going
05:10to
05:10shape up and i'm so very glad sakshi that our government did not rush into it did not succumb under
05:16pressure and put the signature and seal on a agreement which was one way we have always maintained a stance
05:24bharat and bharat government has always went at a stand that it is going to be a win-win situation
05:28for the people of both the countries rather than having beneficial advantage for the government of
05:32both the countries so let us see how things pan out it's good to see crude oil specifically brand
05:38below hundred dollars a barrel and similarly sakshi uh indian rupee has maintained its momentum in
05:46terms of gaining strength against the dollar fi flows they have come in over the last couple of
05:51days but i think it will be a little bit premature to assume that from now on we are going
05:56to see
05:56only positive flows so and i'm at least bothered about what the fys do i look at what domestic
06:02institutions are doing just to give you a number sakshi i think from jan 1st till date as of recent
06:08times fys have sold somewhere close to about 450 000 pros plus and on the flip side what we don't
06:15talk about surprisingly is the buy side figure of the domestic institutional is no uh players which
06:21have pumped in much more than what the fys have sold so i would rather look at this situation as
06:27glass half full rather than glass half empty absolutely and look at how the markets are settling
06:34in right ahead of opening 417 points of a gap up opening start is what is being indicated the nifty
06:41could open well above 24 370 odd mark a sharp 1.7 percent rally is what is being indicated in
06:49just
06:49about seconds from now we will see how the markets really open up it will be important to see how
06:53the
06:54sectors are take action also the it stocks will be important to be tracked after the big tech rally that
06:59we saw in the u.s markets overnight that will be important to be seen as well and of course
07:04a lot of our
07:05stock specific action on the back of the earnings that we have been seeing from various sectors
07:10that will also be continuing to be in action as well just about a few seconds and you'll be able
07:15to see how the markets open up but after that big u.s move last night there is a bumper
07:20move or a gap
07:21up that's expected on the nifty there goes the opening bell and you do see the nifty at 24 333
07:28at the moment so one and a half percent higher 350 points of an uptick that you can see in
07:34the early
07:34move nifty bank also up by 1.6 odd percent at 56 800 odd levels look at nifty it index
07:421.9 percent higher
07:43zooming ahead all the sectors definitely moving in action looking at the private banks that's the top
07:49mover almost one almost two percent higher financial services 2.2 percent higher now real estate one and
07:55a half percent up all the sectors of the nifty are buzzing barring just about slight losses on the
08:00pharma index india weeks is down by three and a half odd percent so indicating lower volatility that's
08:05good for us on the nifty top movers indigo six and a half percent higher major relief just like how
08:12gaurang mentioned on two dollar prices really creating an impact on all the sectors that derive
08:17crude as raw material so indigo is up almost six six and a half percent asian paints is up almost
08:23four
08:23and a half five percent you're looking at the banking financial name stream finance vijaj finance up in
08:28action you're looking at tata motors passenger vehicles maruti suzuki auto names in action
08:33ultra tech cement lnt so a lot of those construction names real estate names and uh you know cement names
08:39the ancillary names they're all in action gaurang how do you see this massive start in the indian
08:44markets 380 points higher now at 24 338 well sir just to give you an input actually i was uh
08:53in
08:53conversation with your colleague and my good friend shail uh about two weeks back and uh when we were in
09:01discussion i was in amdabad uh we were conducting investor awareness programs nifty was at 22 400
09:08just about 12 to 14 days back and we are where we are right now and at that time i
09:14reinforced our
09:15confidence in the indian equity markets and we've been in conversation for a long time sakshi i've been
09:22always very optimistic about the indian equity market despite of their short to medium term
09:26headwinds that our economy and uh our markets had to face but i think the best support that has come
09:34in the recent time is from the q2 earnings searching uh we have to see a couple of large cap
09:40numbers today
09:40tomorrow day after and then next week we'll see broader market numbers by and large small cap and mid cap
09:45uh so to sum up whatever we've seen up till now for the q2 earnings has been supportive and i
09:52think
09:52that has actually turned the trend of the market and possibly turned the trend for the net net selling
09:59that our very good friends foreign institutional investors were you know straight from the beginning
10:05of the year and if this is the way and if things have to settle out on the global front
10:10specifically with
10:12geopolitical situation in crude oil then my sense tells me i hope i'm not pre-empting it sakshi but
10:18third quarter and fourth quarter will be much better and next financial should have a silver lining
10:25okay so brent crude now at 94 a barrel how are you looking at all those sectors that were reeling
10:31under
10:31the pressure with sharp uh uptick in crude oil prices and you finally see crude oil now prices now easing
10:37further with trump losing some power and there could be of course some breaks on the offensive
10:43actions against iran and you know the geopolitical tensions thereof and therefore can we expect a
10:49sustained cool down in the crude prices and how would you look at names within the oil and gas sector
10:54names within the paint sector aviation sector at large so i pray to lord almighty sakshi that now at least
11:03the american president will draw some wisdom and find sense of judgment
11:09and undo what he has done and take some sensible decisions
11:14i have too premature to comment on crude oil prices stabling at current levels because it is all
11:19event-driven sakshi what happens in the middle east not only now with iran and us but also with the
11:25houthis and the yemen and the saudi arabia uh that has also created a lot of disturbances in the global
11:34supply pipeline so unless and until we see some decisive uh resolve in terms of uh putting things at peace
11:44long-term durability i'm talking about uh and for our economy if i'm not mistaken
11:49uh crude has to stay below 80 or 90 dollars for us to have a little bit of more comfortable
11:56situation
11:57but yes having said that i think from 97 to a dollar rupee has gained to 94.25 or 94
12:04.50 so that has
12:07actually uh balanced a little bit of higher crude oil prices uh negative impact uh for the uh
12:17opportunities my sense actually is that i've always maintained this that markets give you
12:23seldom opportunities like this to create a very strong portfolio at reasonable valuation if you missed
12:30out it's not too late start nibbling into some strong fundamental companies have a very small
12:37portfolio rather than having multiple names in your portfolio wherein you don't know which is performing
12:41which is not performing but this is the investors market sakshi and i'm sure that we'll come out
12:46stronger from this all right okay viewers let's also shift focus to another big news that we are tracking
12:52for you in a major relief for overseas investors sebi has now eased the k by c requirements for nris
12:57ocis
12:58and foreign nationals in fact eligible investors residing in fatf compliant countries can now
13:04complete their k by c and onboarding digitally without having to travel to india the revised
13:09framework also allows video based verification simplifies the repeat k by c requirements the new
13:15norms will actually come into effect from december 3rd and for more on this i'm joined by natchi
13:19kate kilkar natchi kate go on and tell us uh what are the details that you can share with all
13:23our
13:23viewers there are so many of our viewers who are residing outside of the
13:28country they are under this nri oci brand so how easy does it get for them to continue to invest
13:35in
13:35india yes good morning sakshi and all the viewers uh it will be a big relief for non-resident indians
13:42overseas citizens of india and foreign nationals market regulators sebi has allowed them to complete
13:48the onboarding process digitally earlier physical presence requirements are during digital onboarding
14:05in india uh this will make a phone opening more convenient uh while uh maintaining verification and
14:15compliance safeguards do note uh that this requirement of a client uh being in uh in india
14:21during digital onboarding is being relaxed only for individuals located in india in india
14:25in a financial action task force or fatf compliant country also the authorized official of the
14:31intermediary will have to be present during video in-person verification of a client and the vipv
14:37process shall be subject to concurrent audit sebi has also uh is documentation requirements uh
14:43intermediaries can verify pan details through the income tax database without insisting on the original
14:49bank card or a physical copy so overseas addresses also will now be accepted as proof of address so
14:56a big relief there thanks a lot uh for getting us all of those details there but let's just focus
15:02back to the markets and spot some ideas with gorang uh gorang it stocks what your fresh take we've seen
15:08overnight u.s stocks rallying in fact hitting a three-month high um you know celebrating um you know what
15:16probably is being seen as us donald uh us president donald trump uh losing some power right there but
15:22it stocks back home how would you look at those so i think even before this view positive uh in
15:29terms
15:29of investment uh ideas in the it universe uh yesterday i think it was the greatest contributor on the
15:36downside if i'm not mistaken the it index so this flip-flop will happen over the next couple of days
15:43and weeks and months possibly depending upon what the news flow is both from the local and the global
15:47front but we remain positive uh sarshi from a long-term point of view on small cap mid cap large
15:53cap it
15:54names uh to name one one from each uh kpit tech from the small cap coforge from the mid cap
16:01universe and
16:04possibly tcs or hcl tech from large cap we do have many more names in the it universe but just
16:11to give
16:12a brief uh uh input in terms of what our uh selection in the it universes to benefit the viewers
16:20so
16:21but have a one and a half two year time horizon sakshi in case if you eventually understand and decide
16:26to
16:27invest in it center okay um before we let you go uh gorang we also have to understand you know
16:33since we
16:33are just uh up on um you know dhanteras and diwali new sambat will begin soon a lot of our
16:39viewers would
16:39be seeking from you where exactly should they be focusing on the new sambat how to rejig the
16:44portfolios where to put attention in terms of the key sectors and what kind of stocks to include
16:49especially at a time when the sentiment is now improving globally things are settling in in favor
16:54at least for now it might take some time to recover but like you pointed out you are still positive
16:59on
16:59indian markets recovery in the long term so how should investors plan for the next somewhat starting now
17:05well so again you know with all the closers in place sectorial investment ideas keep four or five
17:14sectors uh primarily these sectors are relatively less influenced by the volatility in the crude oil
17:20prices and geopolitical situation uh so uh banking and finance uh then uh defense related investment ideas
17:30the capital market related stocks uh if i have a little bit of elevated discapitate then autos
17:37because you know i'm quite positive that the multiple fts that bharat has signed with various countries
17:44other than benefiting other sectors auto sector will be one of them which will be benefited by this
17:50and if i have to put in one more sector then energy such i think as we go into the
17:55future you and me will
17:56consume more energy at individual level and the kind of aspirations that india bharat has in terms of
18:02becoming the largest manufacturing hub along with services energy is going to get consumed so you are
18:09going to need more and more energy and capacities are going to come up so these are some sectors keep
18:15your preference starting with large cap first and then possibly scale down towards some select mid cap ideas
18:23all right okay so you have uh the winning mantra right there coming in from gaurang viewers in case
18:29you're looking to plan uh your uh you know new some worth your new investment plans rejig your
18:34portfolios those are the sectors you can focus on for the long term gaurang always a pleasure to have
18:39you with us uh yet again passing on all the seasons greetings to you to your loved ones and to
18:44everybody at georgeth investments as well from the entire team of business today television we'll see
18:49you soon in the new sambat thank you sakshi wishing you all the same thank you so much all right
18:54viewers
18:55it's time to wrap up the business today show right here but don't forget to tune in at 3 or
18:585 pm for
18:59all the closing action on the last street presented by national stock exchange