Flagship indices the Sensex and the Nifty ended mixed on June 18 in light of mixed global cues as sentiment remained fragile after the US Fed hinted that it was getting ready for rate hikes by 2023 and discussing how to gradually taper the bond-buying programme. The Indian market continued witnessing volatility for the third successive session but settled almost unchanged. At one point, the Sensex was 722 points down and the Nifty had hit 15,450.90 on the downside. However, the bulls made a strong comeback in the latter half which made the indices end on a flat note. The Sensex ended with a nominal gain of 21 points, or 0.04 percent, at 52,344.45 while the Nifty ended the day in the red, with a marginal loss of 8 points, or 0.05 percent, at 15,683.35. Midcaps and smallcaps suffered more as the BSE Midcap and Smallcap indices closed 0.70 percent and 0.89 percent lower, respectively. Close "The market continued to be in the consolidation phase witnessing …
Contra trade at record high: Seshadri Sen of Alchemy Capital bets on cyclicals
Seshadri Sen, Head of Research, Alchemy Capital Management said that he prefers cyclicals over defensives as Indian industrial and manufacturing companies are coming out of a multi-year rut. They are positive across this entire space, he said. Sen has over 25 years of experience and some of his key assignments in the past included Macquarie Capital, SocGen, ICICI Prudential AMC and a previous stint with Alchemy. In an interview with Moneycontrol's Kshitij Anand, Sen said that the rally in the capital goods and utilities is a function of an overall macro shift where manufacturing and capital spending is regaining importance as a growth driver after many years of consumption-led economic expansion. Edited excerpts:- Q) The Nifty50 just surpassed 15,900 levels while the S&P BSE Sensex is on verge of hitting 53,000. What is your outlook for 2021? A) We remain constructive on the Indian market for 2021. The key factors driving the positive momentum remain intact i.e. …
Taking Stock: Market recovers from day’s low to close flat; metal, power, financial stocks take a hit
BSE Sensex On a day of volatile trade, the market managed to erase intraday losses to end flat amid volatility. The Sensex, which recovered around 800 points, closed 21.12 points, or 0.04 percent, higher at 52,344.45, while the Nifty closed 8 points, or 0.05 percent, lower at 15683.40. "The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 index level of 15600. The market expects 15,600 will act as a support and the technical factors seem aligned to support a sideways correction. Further, it is likely to continue for a few more trading sessions before the market resumes its upside momentum again," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research. For the week, the Nifty50 and the Sensex lost 0.7 percent and 0.2 percent, respectively, their fast weekly fall in five weeks. On the sectoral front, except FMCG, all other indices ended in the red with energy and PSU bank indices shedding 1-2 percent. …
After The Bell: Focus on RBI policy, what should investors do on Wednesday?
Source: Reuters Benchmark indices found some stability on April 6 after falling more than a percent in the previous trading session, with the Sensex rising 42 points to 49,201 and the Nifty50 closing 45 points higher at 14,683. Sectorally, buying was seen in healthcare, industrials, and infrastructure stocks, while selling was visible in banks, public sector, consumer durables, and energy stocks. The Nifty found some stability above 14,600 on positive global cues supported by strong economic data from China and the US. All eyes are now on the outcome of the Reserve Bank of India's monetary policy committee (MPC) to be shared on April 7. The RBI MPC, as widely expected and as indicated by the central bank in its previous meets, is likely to maintain the status quo to keep the system adequately liquidated and help the economy sustain its growth trajectory as the second wave of coronavirus infections hits hard. Also Read: RBI MPC | Status quo on rates, stance to …
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DAILY VOICE | This fund manager with over Rs 70,000 crore in AUM sees a big shift in automobile space
Sampath Reddy, CIO at Bajaj Allianz Life Insurance, said that the automobile sector may see a major technological shift by the Electrification efforts, pursued by the industry and backed by government incentives. Reddy has over 20 years of experience in the investment management industry. He oversees total assets under management (AUM) of the company of over Rs.70, 000 crore which is a combination of equity assets and fixed income assets. In an interview with Moneycontrol's Kshitij Anand, Reddy said that he is cautiously optimistic on markets, on potential unlock related earnings growth, and above-average valuations. Edited excerpts:- Q) Both Sensex, and Nifty50 hit a fresh record high on Friday. Where do you see markets in 2021? A) Despite of the second wave of Covid, equity markets continue to do well with most of the stocks hitting a new high. Contrary to many expectations a year ago, corporate earnings have been much resilient to the Covid shock. Close …
After The Bell: Hawkish Fed stalls D-St rally, what should investors do on Friday?
The Indian market closed lower on June 17 in line with the fall in other Asian markets after the US Federal Reserve signalled to raise rates sooner than expected. The Federal Reserve officials on June 16 moved their first projected rate increases from 2024 to 2023 and opened talks about when to pull back on the $120 billion in the monthly bond purchase, said a Reuters report. The benchmark indices closed in the red for the second consecutive day. The Sensex was down 178 points at 52,323, while the Nifty closed 76 points lower at 15,691. "Indian equities traded mirroring global peers after the optimistic comments by Fed acknowledging the strengthening of the economy. The rate hike has been advanced by a year to 2023 but is not the key point of issue to the market,” Vinod Nair, Head of Research at Geojit Financial Services said. Close The quick normalisation of the economy and a strong job market can lead to tapering of the bond-buying plan. It could lead to a …