- 26 minutes ago
Indian indices opened steadily with strong foreign inflows and banking sector gains. Financials and small caps led early, while IT and autos lagged. Bajaj Finance and MSCI rebalancing influenced markets.
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00:16good morning viewers you're watching the business today's show with me sakshi batra this is where i
00:20get you all the stock market opening action on the lal street but first up let's take a look
00:24at what's hot in the corporate and the financial world this morning
00:30after rebounding in the previous session u.s markets face renewed pressure as nasdaq 100
00:36futures slide amid a fresh sell-off in nvidia shares asian markets trade mix
00:40in early deals while brent crude prices hold near 92 dollars a barrel
00:49nvidia stock plunges 8 percent in the aftermarket trade after reports surface of jensen wang being
00:56in another relationship with the top company executive the board is reportedly meeting now
01:01to remove wang as the ceo
01:07good news for indian markets as fii fund flow deepens now net equity purchase yesterday exceeded
01:1312 500 rupees november estimates now hit 7 billion dollars domestic investors have meanwhile
01:21turned seller net sellers also booking profits
01:27massive demand for a chunk of the world's generative ai company the antropic ipo has already been
01:34subscribed multiple times reports indicate the final size could exceed even spacex making it the largest
01:40issue ever
01:45it's a blow for indian techies ibm ends immigration sponsorship for several roles after trump crackdown
01:51workers on visa and green card sponsorship to leave the u.s by the end of the year
02:02all right we'll straightaway look at how the markets are shaping up in the pre-open trade we just have
02:07five more minutes before the markets open up there could be a softer opening today but yet again 25200 is
02:13upon us a 41 point of a downtick is being indicated in the pre-open trade right now but nifty
02:18bank that really led the move could again be in the green is what we are looking at as well
02:22there could be some more softness in the it stocks back home
02:25but let's see how things really pan out let's also welcome our guest on board we have gorang shah senior
02:30vice president geojet investments on the program with us good morning to you gorang good to have you with us
02:35and thanks for being with us all along the somewhat coverage and now we are in the new somewhat it's
02:40panning out to be a fantastic one you know as you have been pointing out that you know the markets
02:45are climbing all walls of worry we're seeing things come into place as far as the crude oil prices are
02:51concerned they are lower there is an easing of the tension on the geopolitical
02:55front back home on the earnings front they have come out much better than the expectation so things are falling
03:00in line uh we did hit 25 400 intraday yesterday what's the sense that you have on the markets going
03:06forward
03:07all right actually thank you so much for having on your show good morning to all your viewers to you
03:11your entire team a small disclosure all recommendations that i'll be sharing with you this morning on the show they
03:16are part of our fundamental system recommendation from a long-term point of view
03:20our company jirudit or myself we do not have any kind of personal investments no financial interest no
03:25interest but we share similar investment ideas with our clients they might have their investment interest so
03:30i think after seeing the rally over the last couple of days it is only prudent to see a little
03:34bit of
03:34consolidation and profit booking and that's what is happening even yesterday we started off quite well but by the
03:40time we ended the trade we ended lower quite lower thanks to profit booking thanks to the
03:47uh news flows also a little bit of 25 500 being a level wherein it's going to be a little
03:55bit difficult
03:55to cross over at least in the near term eventually we'll do that but we'll have to spend some time
04:01consolidated and profit booking so no surprises it's good to see this consolidation it gives a
04:06opportunity for all those investors who have been left out or who were possibly waiting for lower levels
04:12to come and participate by investing in the india's growth story through equity market so i'm not
04:19really concerned with these small corrections they are very very healthy for the market very healthy
04:24corrections for the market not concerned the market trend still seems to be positive let's also look at
04:29the rupee and the commodity market how they've opened in today's session rupee is opened at 93.73 per
04:34dollar vis-a-vis a 93.69 per dollar close that we had actually seen in the last evening session
04:40rupee is about four pisa weaker from the close that we saw last evening but still about 93.73 so
04:48it's a
04:48comfortable zone at this point in time let's also look at the commodity update the mcx silver prices
04:53have slipped yet again following international prices on the comics mcx silver is down 1800 rupees
04:59trading at 1.83 lakh rupees a kilo mcx gold is down 500 rupees to now trade at 1.39
05:05lakh rupees per 10
05:06gram slipping below the 1.4 lakh rupees per 10 gram mark as well uh gaurang taking you know this
05:13uh
05:13conversation forward the kind of cool off we are seeing on gold and silver i was reading some reports
05:18this diwali and dhanteras we've seen much uh bigger buying from the indian investors uh vis-a-vis last
05:24year they have taken the benefit of the lower prices if the markets uh continue to see a lower
05:29prices on gold and silver what would you advise investors well definitely go and participate
05:35from an investment point of view and you have you know last year is actually diwali was in the second
05:40quarter this time it is in the third quarter so i think the festive sales positivity and along with that
05:46we are entering the engagement and wedding season and there are a lot of festivities also which are
05:51lined up so our sense is that the lower prices will increase the footfalls in the stores for those
05:59people who want to buy uh gold related uh accessories or jewellery uh but i always advise sakshi that if
06:07you want to invest in gold then uh gold etfs gold mutual funds yeah uh pure gold with uh 22
06:1424 percent
06:15kind of you know quality and purity is always advised because when you go and invest in jewelry
06:21i'm talking about investing i'm not talking about your variables but when you invest in uh uh jewelry
06:28then that purity becomes a little bit of a tricky situation to handle and of course uh viability also
06:34becomes an issue but yeah i mean these are great levels i'm sure after consolidating and correcting a
06:39little bit precious metals are likely to move up i was reading a report a while back which says that
06:44from
06:44this somewhat to next somewhat there is expectation of about 20 to 40 percent upstick in gold and silver
06:52prices okay so there is a tactical play also there for investors to look at on gold and silver prices
06:58markets have opened we're looking at the opening bell about 40 points lower but above 25 200 is where
07:04we have started off on the nifty about 43 points lower in trade but when we look at the key
07:09sectors that
07:10are buzzing you have again the small caps leading uh you know right after yesterday's positive move the
07:15nifty bank is also higher in this session as well uh you're also looking at the psu banks that were
07:20definitely the big winners of yesterday's trade continuing with that momentum in the trading session
07:24today as well some more names like financial services up by 0.4 percent private banks about one
07:29tenths percent higher is what we see so largely it's the banking and the financial space and small caps
07:35that are hovering higher in trade some more gains now coming in on the real estate pack
07:39but it's a divided action in between sectors on the gaining and the losing front but let's also
07:44look at the nifty and the big winners there htfc life is the top mover today one and a half
07:49percent
07:49higher bajaj pin serve itc bajaj finance spi these are the big names icsf bank access bank so banking name
07:56is definitely banking names are making way into the top gaining uh list we are also looking at the adani
08:01group stocks adani enterprises and adani ports also higher in trade what's taking a back seat you're
08:06looking at it names again on the back foot tcs emphasis is down you're looking at tech mahendra
08:12hcl tech also slightly weaker auto pack is looking at some profit taking eminem is down 1.3 percent
08:19bharati it'll slightly uh behind as well one one and a half odd percent as well so it auto
08:24infrastructure these are the pockets that are showing you some declines at the moment but the
08:27markets are quickly uh moving up higher now inching towards 25 250 odd mark and it could be turning green
08:34in
08:34just a moment just about two points lower in trade so very quickly after opening we have seen that the
08:39markets have recovered those initial losses as well and uh yes the markets have briefly also turned green
08:45uh gorang your sense of how are you looking at uh the markets and the open so these kind of
08:52corrections like we saw yesterday like i was we were discussing it's actually this would these kind of
08:56corrections could be intraday or they might slip over overnight corrections uh and my sense is actually
09:04that i have been earlier also when the markets were down and out we had maintained our investment
09:11advice from a long-term point of view valuations are very very attractive
09:15rupees supportive crude oil is down fi flows have done a little bit positive
09:20uh along with that sakshi the earning season which i'm very very glad did support huge support to the
09:26market and that's one of the reason why you've seen uh you know targets getting revised sakshi because
09:31of the earning is good and despite of all these negatives the indian india india inc that is indian
09:38indian companies indian corporates have delivered this kind of numbers then as situation gets stable and
09:45neutralizes and as situation you know de-escalates from the current situation i'm talking about the
09:51geopolitical situation then there is all possibility that third quarter fourth quarter could be even
09:55better from what we've seen so and then one more thing is actually if earnings are going to support
10:00markets will readjust on the higher side and fii is turning positive how are you looking at that
10:07gorang i think not even a single session in november they have sold yesterday's buying crossed over
10:1212 500 crores i do remember last entire year we were discussing with you uh what about the fii is
10:18when are they going to come back you said that you know you are not even bothered about the fii
10:22is
10:22because the domestic investors continue to uh prop up the markets and made them resilient uh now
10:27they're finding their way back uh what do you have to say this was actually they don't have any long
10:32last love for indian equity markets let us be very honest they find value they go and invest
10:38because they are answerable to all those people who put money through them right so and uh like i
10:44said you know earnings have been good so possibly that has been one of the key highlights why
10:50you know you're seeing positive but to conclude that you are only going to see positive flows from
10:55fis i think that will be a little bit uh premature and an overstatement you will get days of sell
11:02side numbers also but those sell side numbers i'm assuming should be a little bit lower than what we've
11:07seen the beginning of this year and last year and the year before the second half of 2024 so let's
11:15hope
11:15that uh you know there are no huge but even if there are huge outflows actually we've been made we've
11:21been
11:21able to maintain ourselves on the levels i mean it's not like we are down and out 40 50 percent
11:26it's not like everything is doomed right domestic institutions have put in far more than what the
11:32fis have kind of sold out you know so i take a leaf out of that that if the fis
11:38are selling everything
11:39this was sold up till now they've sold somewhere in excess of four lakh course fis domestic institutions
11:45have bought in almost about seven lakh course up till now i'm talking about jan till date so that's the
11:51positivity that i see so good to see them come back but i still maintain my earliest dance and not
11:58really
11:58uh over excited about this okay let's also shift focus to andhra pradesh now viewers uh you know
12:06which has identified as many as 22 clusters for its investment push which has reportedly attracted more
12:11than 20 lakh crore rupees now business today television's karishma sudhani our reporter has
12:16spoken to the state's it and electronics minister nara lokesh on the sidelines of the cia partnership
12:20summit in vishaka patnam about the plans here's an excerpt of that conversation
12:26in terms of these uh uh investments that you're looking at of 11 plus 11 the number that it's it's
12:34a very specific 22 lakh crore double two digits number that you have given how much of this are
12:40you expecting to translate into actual projects in the next two years and what is going to be the key
12:44focus area sector well our target is to actually translate 90 percent of these projects to the grounding
12:50uh point so we're not signing moe's just to brag we're actually signing moe's to ground these projects
12:55number one number two uh you you raised a very uh important point on the sectors that we're focused
13:00on we actually have 22 clusters that we're building out ranging from cement cluster all the way up to
13:06renewable energy cluster so 24 such very clear clusters where we are going about very systematically
13:13in building out the entire ecosystem so it's not just about bringing one company but it's about
13:18attracting the entire industry so bringing in all the players who build uh you know the end product
13:23and also looking at a horizontal integration of education skilling research and development
13:28and that is what makes andhra pradesh very unique our cluster based approach right the last time i was
13:34here we had a brief chat and i also had the opportunity to speak to cm garu on a couple
13:39of
13:39key interest points in sunrise sectors that you've been targeting i remember the last conversation we had the
13:45key focus was ai was on data centers and you've you've had quite some projects that you have backed
13:51with big names google also being one of them um has the focus continued or because of the geopolitical
13:57situation have you seen some change in the behavioral uh scenario when it comes to investors
14:02absolutely not in fact investors are doubling down on india because they see india has a very stable
14:08democracy uh there's you know we are seeing what's happening in europe in various other democratic
14:13countries so investors are looking at india from a stability standpoint and in india they look at
14:18andhra pradesh because we mean speed we actually deliver on that promise so that is how we're able
14:23to set ourselves apart and in data centers actually we have that we have a different problem there's more
14:28interest than what we can actually give so it's a very different problem that we have and we have
14:33been very cautious in our approach to data center as in we are not just looking at water cool we're
14:37also
14:37looking at air um in air cool uh data centers and that's the change that we are slowly uh making
14:43here in andhra pradesh okay when you say that we have a lot more to uh a lot more is
14:50being asked upon
14:51what rather than is could be offered is it because of the infrastructure capability capacity that is
14:57limiting you or is it just uh more and more opportunity that's flowing towards the state
15:04well andhra pradesh as i say has the 3s mantra speed stability and service speed of doing business
15:11stability in our policy frameworks and third is service so we are in touch with every investor
15:17we're very proactive we reach out to them we send weekly updates on their investments in andhra pradesh
15:22so these three s's are mantra and that is how we're able to set ourselves apart from the different
15:27states that are competing for the same investments in india
15:32in fact let's now shift focus to global ai space a crisis in nvidia has deepened with fresh
15:38reports emerging of ceo jensen wang now being in another relationship with the top executive of
15:43his own company nvidia shares plunged over eight percent in the after hours trade amid reports that
15:48the company's board is meeting to decide the future of wang now the latest turmoil follows the report
15:53that wang was in an extra extramarital relationship with kimberly powell the vice president of healthcare at
15:59nvidia who reportedly worked directly under him according to the wall street journal the board
16:04is considering removing wang now potentially triggering a search for a new chief executive
16:09the developments have rattled the wall street with investors now worried about a leadership vacuum
16:14at the ai chip giant which has no obvious successor to its influential co-founder with billions of
16:20dollars in the market value at stake the big question now is whether nvidia can sustain its ai
16:25dominance without jensen huang at the helm meanwhile there are also reports that alice huang the alleged
16:30chinese spy who is said to have honey trapped the nvidia ceo is currently in beijing under the watch of
16:37chinese
16:37security officials we'll continue to get you more updates on the same as well but let's shift focus
16:44back home now there is a lot of update on several stocks that are in focus gorang we'll focus back
16:49on
16:49some of the stocks that are in focus today you know bajaj finance has moved to the top spot on
16:54the nifty
16:54movers and the company is in focus after launching this qip worth 11 700 crores to raise fresh capital
17:01from institutional investors and the floor price is issued at 992 rupees per share uh indicative price
17:07is about 1025 rupees per share representing a discount of about five percent to the private market price
17:12and now the stock is moving up at 1100 on two levels uh how would you look at bajaj finance
17:17with this
17:17massive qip in place so again as a disclosure sakshi we do have positive coverage on bajaj finance and
17:24whenever banks or nbfc's hit the market for raising funds there is only one direction to it they expect
17:31the credit demand to come much much thicker and quicker and that's one of the reason and it's not
17:37the first time i think bajaj finances the earlier time also have come and garnered funds from the market
17:43uh because of this particular offer uh you might see a little bit of uh you know downside but
17:51these are all you know momentary kind of uh news flows uh our sense on the entire banking and finance
17:59including public sector bank private sector banks strong nbfc's has been very very strong
18:04so uh these are all momentary sakshi the stay invested from a long term point okay let's also
18:11focus on another news flow that the markets will be paying attention to the msci's november index
18:16rejig as well which will add lic koforge micho and adani green to its standard index while removing pi
18:23industries nuama now estimates that the changes could trigger about two billion dollars in passive
18:28inflows to the indian equity markets uh several stocks will also see some weight adjustments because of
18:34this while small cap index is likely to witness fresh additions and exclusions to creating potential
18:39stock specific inflows and outflows um you know whenever such rejigs happen gorang what is it that
18:44you advise investors to do with potential stocks that may be uh in investors portfolios that are
18:50likely to get out of the index vis-a-vis those that may take a fresh entry is there anything
18:54specific
18:55that investors must do here absolutely no specific and i would kindly and very humbly submit to ignore
19:02these kind of entry and exits actually because they don't have any material impact on the
19:06functioning on the operational on the working of the company it is only momentarily lived up to the
19:13time the entry and exit that means if there is new entrance coming in they'll get more allocation
19:20and those who are going out allocation will be withdrawn that will have only a temporary effect which
19:27will last for maybe couple of minutes or for the day it is nowhere going to impact the functioning
19:32the fundamentals i'm talking about of the company so and as you mentioned couple of names i don't
19:38really recollect but as a disclosure on some of the names we have fundamental positive coverage
19:42so don't you know these entry and exit msci or whatever be it uh is only going to live for
19:48that
19:49particular moment it does not have any long-lasting fundamental impact okay fantastic uh
19:55gorang we'll have to leave you at that note thank you so much for being with us in the morning
19:58edition markets are back above 25 339 at the moment viewers 82 points higher so just after that brief
20:06very volatile open we have seen the markets inch up again and we are looking at a lot of pockets
20:11that
20:11are supporting small caps are the top movers financial services up by top one percent led by bacharge
20:17finance of course real estate private banks the the nifty bank overall is up by 0.6 percent metals
20:23and even fmcg is turning positive so the mood is also turning more positive so as gorang really
20:30pointed out for all our viewers right there so don't worry too much about these uh corrections
20:35small corrections that will happen there is a time after a run-up of 10 odd percent on the nifty
20:39some
20:40consolidation will take place and only then we will move up higher towards our all-time peak as well
20:46with that viewers it's a wrap on the business today show right here but stay tuned on to india today
20:50i'll be back for the closing edition at 3 or 5 pm stay tuned for that too presented by national
20:57stock exchange