India Market Close | Banks, FMCG, IT Stocks Drag Benchmarks | NDTV Profit
#Sensex, #Nifty near day's low as banks, FMCG, IT stocks drag.
Samina Nalwala and Tamanna Inamdar dissect key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitMarkets #NDTVProfitLive
Samina Nalwala and Tamanna Inamdar dissect key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitMarkets #NDTVProfitLive
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TVTranscript
00:00:00 show that rural continues to be a weak spot on back of a stronger dollar.
00:00:03 Metas are looking quite bad.
00:00:05 Banks are seeing profit taking because they usually are the ones
00:00:08 who lead the way down in terms of benchmark.
00:00:10 And this morning is no real difference.
00:00:12 Afternoon, rather, IT also looking subdued ahead of its numbers.
00:00:16 So all in all, it's broad based, broad based weakness, Tamna,
00:00:20 that we're seeing on the street.
00:00:20 Tough to point out one sector across the board.
00:00:23 They're selling very few handful of names that are looking OK in trade.
00:00:26 If I had to pick a sector, though, like you said, Samina, definitely
00:00:29 FMCG, the consumption players are looking weak as are PSU banks.
00:00:34 PSU banks, all of them in pain today.
00:00:36 Look at Bank of Baroda, Bandhan, all of them losing out.
00:00:40 But we thought we'll pick some stocks which are doing not too badly
00:00:45 in today's trade and on news floor.
00:00:47 So on top of our list today is is my trip and Praveg.
00:00:51 Now, of course, I would call this the Lakshadweep impact
00:00:55 because there is this whole move to move tourists to Lakshadweep
00:00:59 instead of Maldives.
00:01:00 Look at Praveg, 15 percent up.
00:01:02 Now, this company which makes sort of mobile facilities and tents, etc.
00:01:07 in order for an island in Lakshadweep to make these facilities
00:01:10 for scuba divers, etc.
00:01:12 That's up 15 percent today.
00:01:13 Easy Trip, which said that it has suspended all bookings to Maldives
00:01:17 up five percent.
00:01:18 Trident is another one which is completely guns blazing.
00:01:22 There is one large trade there, but more details are awaited
00:01:25 of what exactly is keeping Trident in such fine fettle today.
00:01:29 Jupiter Wagons is another one.
00:01:31 And we had an interesting conversation with the management.
00:01:33 You should check out that entire conversation on the website
00:01:36 on NDTVprofit.com.
00:01:38 But essentially, by the end of this financial year,
00:01:41 they're going to go from 700 wagons a month up to 1000 wagons a month.
00:01:47 They're expecting their revenues to double by the next financial year.
00:01:50 So that's up in the green.
00:01:52 I've just pick up the two wheelers as well.
00:01:54 And we spoke about the auto pack, but the two wheelers are definitely
00:01:57 doing better relatively.
00:01:59 Bajaj Auto now has cooled off.
00:02:01 News awaited on what exactly is happening with the buyback.
00:02:04 But TVS Motors up about nearly three percent.
00:02:07 We were talking about FMCG concerns, and we're going to have a more
00:02:11 detailed discussion on that ahead on the show.
00:02:13 But look at that entire pack.
00:02:15 Marico, the worst hit, Godrej Properties, Darbar,
00:02:18 all of them feeling the pain.
00:02:20 And I don't know if they're able to pull this up.
00:02:21 But FSN and Honasa are the only other two that I would talk about.
00:02:24 NICA with good business updates.
00:02:27 That's why that stock is doing well.
00:02:28 And Honasa seen another block deal.
00:02:31 But we can talk about that more in the conversations going forward.
00:02:36 Overall, quite a downbeat mood towards the end of trade today.
00:02:40 Bit of profit booking.
00:02:41 Banks, even specialty chemicals, those haven't ran up substantially,
00:02:45 but are selling off very sharply in trade right now.
00:02:47 So your top loser across the Nifty 500 is a banking name
00:02:51 like Tamman indicated as well.
00:02:53 Bandhan Bank is down seven percent.
00:02:55 Naveen Florine is down six percent.
00:02:57 Hindustan Copper is seeing profit taking.
00:02:59 So anything that sees activity in terms of futures as well
00:03:04 in the ethno market is seeing some selling as we speak.
00:03:07 Sun Pharma, Bank of Baroda, Aarti Industries, Marico, Biocorn, PVL,
00:03:13 Alkyl Amide chemicals.
00:03:16 So across the board, the cuts are fairly large.
00:03:19 So while the benchmark is showing some weakness, if you sort of,
00:03:22 you know, look deeper, you will see the cuts are pretty,
00:03:26 pretty large across the broader markets as well.
00:03:28 On the gaining side, I'll quickly mention Capri Global.
00:03:31 They're up 15 and a half percent.
00:03:33 Trident, Tamman mentioned, is having a pleasant day.
00:03:35 Alok has been doing OK from the word get go.
00:03:38 So has been Sula.
00:03:39 So you've had a few handful of names that are looking OK,
00:03:41 but generally the mood is quite down in today's trade.
00:03:44 Himen Kapadia, Senior VP, Institutional Equity, KR Chokshi,
00:03:48 Stocks and Security.
00:03:50 Himen, hi, it's Amina.
00:03:51 It's a it's a pretty down day for the street.
00:03:53 We've been volatile, trying to respect a few important levels on the index.
00:03:58 But today the pain is there.
00:04:00 You're asking a cut on the nifty, but I think what's worrisome is Bank Nifty
00:04:04 is underperforming quite sharply.
00:04:06 A very good afternoon to you, Amina. Thank you for having me.
00:04:10 Well, frankly speaking, as far as the nifty is concerned,
00:04:14 Amina, I think the laws of gravity need to catch up.
00:04:18 We've had a 3000 point move and nothing to show for in terms of a correction.
00:04:23 We looked opish.
00:04:26 It looks like a distribution pattern.
00:04:28 Dow Jones, Nasdaq, S&P 100, 500 all look corrective, all look wobbly.
00:04:32 Your auto index looks heavy.
00:04:36 Metal is just about on the cusp of a correction.
00:04:39 IT is already pulled off a bit.
00:04:41 So frankly speaking, this was hell for the asking.
00:04:47 As far as the nifty is concerned, we've seen a downward bar
00:04:50 reversal coming today, assuming we close at these levels, Amina.
00:04:53 It goes to 21,500.
00:04:56 I think it just confirms the correction.
00:04:59 And yes, like you mentioned, the Bank Nifty is clearly a weaker spot.
00:05:03 But as far as the Bank Nifty is concerned, yes, it looks weak.
00:05:07 47,600 was a level which was important.
00:05:11 And now we are heading to the next level, which is
00:05:15 47,400.
00:05:18 So setup is wobbly in the near term.
00:05:21 But if I were to take a two one point of view,
00:05:24 I think a Bank Nifty at lower level would be a buy.
00:05:27 But yes, currently it's weak.
00:05:29 All the mechanical indicators on the daily charts are in a sell more.
00:05:32 We found a lower top, lower bottom today and below 47,400.
00:05:37 I think further pain is there in the offing, Amina.
00:05:40 All right, Hemin, stay on with us.
00:05:44 I just want to quickly go across to my colleague Vishwanath
00:05:48 for a new story coming in BGR Energy Systems
00:05:51 as defaulted on a 631 crore rupee worth of working capital facilities.
00:05:57 Vishy has more details.
00:05:58 Vishy, who's on the receiving end of this default?
00:06:01 Right, Tamanna.
00:06:02 So three banks that are involved in this entire working capital facility,
00:06:06 essentially ICICI, Bank Indian, Bank and Bank of India.
00:06:09 Now, this is not the first time that BGR Energy has come out
00:06:12 with such a notification.
00:06:14 Just last week, on the 2nd of January,
00:06:16 the company announced that State Bank of India as well as Central Bank,
00:06:19 both these banks had downgraded the accounts.
00:06:22 In fact, State Bank of India had called for a complete recall
00:06:25 of its loan facilities, about 2000 odd crore,
00:06:27 while Central Bank's outstanding is relatively small at 74 crore.
00:06:31 Both these banks have disclosed that essentially this was
00:06:36 because the RBI had identified BGR Energy as a divergent account.
00:06:41 Now, what does a divergent account mean?
00:06:42 Essentially, it's an account where the bank continues to maintain
00:06:45 a standard tag on the loan account.
00:06:48 But the RBI believes that looking at the loan situation,
00:06:51 the company should be an NPA.
00:06:53 So that's what's happening with BGR Energy.
00:06:56 Remember that earlier last year, there was a big problem with the company
00:07:00 where the Tamil Nadu state government's state utility
00:07:04 had essentially issued a notice to BGR Energy
00:07:07 because it was supposed to construct a power plant,
00:07:10 which where the work was not completed on time.
00:07:13 Since then, of course, there's been a repeated number of instances
00:07:17 where BGR Energy's lenders have called into account
00:07:20 the loans that they have extended to the company.
00:07:22 They've classified the account as either NPA or have issued loan recall notices.
00:07:27 So that's where this company is coming in.
00:07:29 The total indebtedness of the company is about 4688 crore,
00:07:34 of which financial institutions are owned roughly about 4300 crore.
00:07:38 Vishy, very quickly, from what I understand,
00:07:41 about 2000 odd crores of that is with SPI.
00:07:45 Is that more or less correct?
00:07:47 That's right. So that was a number that was disclosed on the exchanges.
00:07:50 So we can take that at face value.
00:07:51 OK, so SPI, of course, could be one stock that's under pressure.
00:07:54 But if I had to ask you to break down the rest of the 2000 crores,
00:07:57 any idea who's carrying, who's doing the heavy lifting here?
00:08:00 Is it the PSU banks largely?
00:08:02 No. So there's a...
00:08:03 Because look at selling today, the selling largely is across the broader PSU basket.
00:08:08 Right, Samina. So there's a bunch of banks, including ICICI.
00:08:12 We have Indian Bank and Bank of India.
00:08:15 We've also got Central Bank of India.
00:08:16 So it's a mixed bag of public and private sector banks.
00:08:20 Now, of course, an important point to notice here is the divergent factor,
00:08:23 because that's something that the banking industry had more or less moved away from.
00:08:28 This kind of situation has not repeated itself in at least the last few years.
00:08:32 And now finally, we are seeing an EPC player.
00:08:34 BGR Energy is a Chennai based EPC company.
00:08:37 They're facing this kind of an action again,
00:08:39 this divergence in the asset quality or the asset classification of the account.
00:08:44 That's coming back into the system right when we're talking about growth
00:08:48 in the corporate sectors. That's an important point to notice here.
00:08:50 And just to contextualize it, though, it's 631 crore rupees.
00:08:55 Yes. So when you're taking it in that big picture,
00:08:58 the amount of the big picture is not such a big one at the end of the day.
00:09:01 Yeah. But let me also clarify this.
00:09:03 The 631 crore is just one instance.
00:09:05 That's today's instance. But in the past, other loan accounts have also been called in.
00:09:10 So the company owes about 4688 crore to all its creditors,
00:09:15 of which financial institutions such as the banks are owed about 4300 crore.
00:09:20 So that if you look at it from that point of view, yes,
00:09:22 it's 4300 crore is still a small amount.
00:09:24 But the very fact that there is a divergence is important.
00:09:26 Absolutely. Thank you for that, Vishwanath.
00:09:29 Now, you know, we were talking about where the hit is today in the markets,
00:09:32 and it's definitely in the PSU space.
00:09:34 Look at Bank of Baroda and it's the business updates that have
00:09:37 failed to enthuse investors.
00:09:40 Bank of Baroda down about four and a half percent,
00:09:42 Central Bank, Canora, SBI, all of them actually feeling the pain today.
00:09:48 I want to welcome Sudip Bandopadhyay to the show.
00:09:50 He is Group Chairman, Indy Trade Capital.
00:09:52 Sudip, great to have you on.
00:09:54 Let's begin with your take on PSU banks and IT.
00:09:58 Both spaces in a bit of pain today.
00:10:04 Good afternoon. Absolutely right.
00:10:05 I think, you know, what has happened is overnight,
00:10:08 the US investors have become a bit cautious.
00:10:12 There was a new euphoria after the US Fed meeting last month
00:10:15 where it was expected that rate cuts will happen sooner than later.
00:10:20 But what has happened is US economic data has been pretty strong.
00:10:24 Last week, when the employment numbers came, they again beat the expectations.
00:10:30 And that doesn't augur well for the rate cut scenario.
00:10:33 And that's exactly why the market,
00:10:36 while the economic data is stronger than expected, the market is now fearing
00:10:40 that the rate cuts may not come as soon as it was being expected.
00:10:44 Now, this probably is leading to some amount of risk aversion.
00:10:48 And, you know, that's getting reflected in the global markets.
00:10:51 And to an extent, Indian markets are also getting impacted because of that.
00:10:55 As far as IT and PSU banks or overall banking pack is concerned,
00:11:01 I personally believe that, you know, there's nothing to worry too much.
00:11:05 This is just a temporary phase.
00:11:07 Fundamentally, we like IT for the medium to long term.
00:11:11 A couple of more quarters of pain may be there as far as large cap
00:11:15 Indian IT is concerned.
00:11:16 But post that, I think recovery will be visible.
00:11:20 And for a long term investor,
00:11:22 you know, some of these top IT companies are a good buy at current level,
00:11:28 provided they have one year kind of time horizon for holding.
00:11:31 As far as VFSI is concerned.
00:11:34 Which IT companies do you think are a good buy at the current levels?
00:11:39 Well, I'm a bit of an aggressive view I have here,
00:11:44 and I believe one can go and buy Wipro.
00:11:46 There is some turmoil there because of possible management changes.
00:11:50 Mr. Azeem Premji has himself expressed his dissatisfaction
00:11:54 with the current way things are being managed.
00:11:57 And I would expect management change sooner than later.
00:12:00 So there is a bit of a turmoil.
00:12:02 But the valuation also, if you compare with peers, I think it's attractive.
00:12:05 So I would bet on Wipro at this stage.
00:12:08 Also, you know, I have been positive on HCL Tech
00:12:12 and that can also be bought at current level.
00:12:15 I'm not saying Infosys and TCS is not good.
00:12:17 But the fact is, I think, you know, relatively these two seem to be
00:12:21 attractive from a little aggressive investor's point of view.
00:12:24 Absolutely. Hemin, quick,
00:12:27 you know, calls for today as we get into the last bit of trade.
00:12:31 There's a lot of pain coming in.
00:12:32 Couple of stocks.
00:12:39 Firstly, I have a sell on Alchem, Tamanna.
00:12:42 OK. Stock looks weak, overbought.
00:12:45 There's a rounding top happening, negative divergence,
00:12:48 gloss over sell, everything seems to indicate we are ripe for a correction.
00:12:53 So a sell on Alchem at 5185, stop loss 5285, target 4985.
00:12:58 Secondly, I have a clear buy call on NDTV.
00:13:01 NDTV looks great.
00:13:03 We've been in a consolidation phase for the last six weeks.
00:13:07 I mean, five weeks, the six weeks, the starting of a six week.
00:13:09 Oscillator the positive.
00:13:11 We've had a time price retracement and I believe it's set for an upside.
00:13:15 So buy on NDTV at 282, stop loss 267.
00:13:20 Target of 312. It's a modest target.
00:13:23 I believe a weekly close about 310 should take it to 350.
00:13:27 So I'd say high conviction buy on NDTV.
00:13:30 If there is some bit of turbulence in the market, which seems to be in the anvil,
00:13:34 this stock could stand out.
00:13:36 It looks quite technically positive.
00:13:39 Hemin, do you track Sula by any chance?
00:13:44 And Alok, both those counters are looking pretty good.
00:13:47 Of course, Sula has got a massive upgrade from CLSA.
00:13:50 Alok Textiles, on the other hand, is up 60% in five days.
00:13:54 So any sort of obvious breakouts that you're seeing on the counter,
00:13:57 which could help our viewers initiate maybe buy calls?
00:14:01 Sula, frankly speaking, a paucity of data is a relatively new listing, Savina.
00:14:06 The breakout came in at 535.
00:14:08 So a bit late as far as Sula is concerned.
00:14:12 I would prefer to wait for a decline to come in.
00:14:16 As far as Alok is concerned,
00:14:19 I mean, frankly speaking, it's been corrective for four years now.
00:14:21 And finally, it wakes up in the middle of nowhere.
00:14:25 22, 27, 32, 35, 80.
00:14:30 All of these were levels of 35, 80 still there.
00:14:32 It's the upper circuit, I believe.
00:14:34 So all of these were important monthly long term resistance levels,
00:14:38 which it's taken out like a hot knife going through butter.
00:14:42 So once again, if the stock goes from 21 to 35, 50 in two and a half weeks, Savina,
00:14:48 I wouldn't have the gumption to say buy now.
00:14:52 On a cool off, yes.
00:14:53 But I think despite limited data on a cool off,
00:14:57 I think I would prefer to go for Sula.
00:15:00 Do you track him in Electra by any chance?
00:15:02 That's another one that started off strong.
00:15:04 It's off the day's high point, but still holding well.
00:15:07 It's up about four odd percent right now.
00:15:10 I don't, but while you told me, I looked at it.
00:15:12 We had a prolonged consolidation phase, Savina.
00:15:16 That's been almost one, two, three, four, five, six, six months in the offing.
00:15:20 We posted a fresh all time high.
00:15:22 If you're taking a very near term view, I believe there could be a cool off coming in.
00:15:26 And slightly, it's what is slightly disconcerting in the near term is
00:15:31 that Electra has highest volume over the last two trading sessions.
00:15:37 Now, if we've had a run up from 1200 to 1500 or 1580 almost,
00:15:42 and we've had high volume on two days, either some thing is going on,
00:15:47 which we're not aware of, or there is some smart going on,
00:15:49 or there is some profit booking.
00:15:51 But yes, despite the volume gone in term,
00:15:56 everything looks at positive all time high.
00:15:58 Near term, I still feel we could cool off a bit.
00:16:02 Right. Something could potentially be going on.
00:16:04 We'll try and connect with the management
00:16:06 and understand what's happening in the company.
00:16:08 But for now, the stock has been considered to consolidate.
00:16:12 Even the volumes are fairly large, like Humayun pointed out.
00:16:15 Markets still not looking good.
00:16:16 The Nifty, the Sensex, the Bank Nifty, broader markets are seeing pretty large cuts.
00:16:22 The Nifty is threatening 21,500.
00:16:24 But for now, it's holding on to that.
00:16:26 We'll take a break.
00:16:27 We'll come back as we'll dive deeper into today's market movements.
00:16:31 So stay tuned.
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00:19:25 Welcome back. You're watching India Market Close.
00:19:28 The focus now on the FMCG pack, which has seen quite a drubbing in
00:19:33 and otherwise also weak day.
00:19:35 So that's important to note.
00:19:36 But the fact is that FMCG counters were down right from the get-go.
00:19:40 And the big reason behind that is a slew of business updates that have come in,
00:19:44 as well as brokerage reports highlighting concerns of demand,
00:19:49 lower volume growth, moderate price growth,
00:19:52 and slower rural recovery than was expected.
00:19:56 You're seeing the biggest cuts today, in fact, in Marico and Ghodesh Consumer,
00:20:00 even more than your HWLs and your ITCs through the day.
00:20:03 Even Darbar doing fairly badly.
00:20:06 Ghodesh Consumer down about 3.5% now,
00:20:08 but Marico seeing the deepest cuts, close to 5%.
00:20:11 We're going across now to Kaustubh Pawaskar,
00:20:14 he's Deputy VP Research, Sharekhan, and tracks the space quite closely.
00:20:18 Kaustubh, how concerned are you with the business updates that we're seeing,
00:20:21 and what exactly are you watching out for in terms of the data coming in?
00:20:27 So business updates are in line with what the Q2 performance is.
00:20:31 So volume growth continues to remain muted for most of the companies.
00:20:35 And this is mainly because of the weak demand in rural India,
00:20:40 while urban consumption continues to remain better.
00:20:44 There was anticipation that the festive might bring in some cheer for the FMCG companies,
00:20:50 but it was not the case.
00:20:52 Volume continues to remain muted.
00:20:56 Rural demand is yet to pick up.
00:20:59 Also in Q3, there is a good demand coming up from the winter portfolio,
00:21:06 but since even winters were delayed, the offtake of the winter products was quite slow.
00:21:13 And I think it will have an impact on the consumer good companies in Q3 FY2020.
00:21:20 So we are expecting flat to low single-digit growth for the consumer good companies under our coverage,
00:21:34 while the pad growth would be better, mainly because of the higher margins,
00:21:41 because raw material prices continue to remain benign,
00:21:45 and the benefit of same would come in terms of profitability,
00:21:49 and that will drive the growth for most of the consumer good companies under coverage.
00:21:55 All right. Kaustubh, now within the pack,
00:22:00 what do you see as the weakest links coming in?
00:22:05 And would you have more faith in a quicker recovery in your HULs, ITCs?
00:22:14 Recovery or revival in the rural demand is very critical for all the consumer good companies,
00:22:23 and that is something which we have not seen for the past several quarters,
00:22:28 and it is impacting the growth.
00:22:30 There was anticipation that there might be some bit of improvement, but it is yet to come.
00:22:35 Most of the companies are of the hope that government might bring in some cheer for the rural economy
00:22:45 with elections around the corner and post that the budget will be announced where some kind of levers might be placed
00:22:55 for the rural economy to improve,
00:22:57 and that might help the consumption in the rural markets or sentiments of rural India to improve in the quarters ahead.
00:23:09 On the positive side, we have seen raw material prices declining
00:23:15 and consumer good companies taking the price cuts to pass on the benefit to the consumers,
00:23:23 so that is happening.
00:23:24 Also, we have seen that competitive intensity has increased from the smaller and regional players
00:23:31 because they have become aggressive with decline in the raw material prices.
00:23:39 So there is competition at the bottom of the pyramid, and also the demand has been weak in the rural market.
00:23:46 So these are the two concerns which are holding around the revenue on the revenue front,
00:23:55 but we expect that things should improve gradually for the consumer good companies,
00:24:03 maybe from quarter one of FY 2025.
00:24:07 Kaustubh, Darbar has said it expects mid to single-digit revenue growth.
00:24:13 Cambridge is expecting a report of flat revenue growth.
00:24:16 Marico's growth is expected to decline.
00:24:19 Now, rural consumption, like you indicated, is looking weak,
00:24:21 but we will potentially see a recovery in the next few quarters.
00:24:24 I want to talk to you about margins.
00:24:26 You indicate that some players have taken the step and passed on the lower raw material cost to consumers.
00:24:33 What does that mean for net margins?
00:24:35 So while top line will remain subdued, bottom line as well is worth talking about, right?
00:24:41 So these stats are going to be passed on to consumers.
00:24:43 Where does it leave these FMCG players in terms of margins?
00:24:48 So gross margins are expected to be substantially higher,
00:24:51 and a large part of benefits of the gross margins have been passed on to the consumer
00:24:56 in terms of the lower raw material prices in terms of price cuts to the consumer.
00:25:03 Also, most of these consumer good companies have increased their advertisement
00:25:07 and promotional expense to support their brands.
00:25:13 So obviously, the expansion in the gross margins is going to be higher,
00:25:18 but operating margins would not grow or expand in line with the gross margins.
00:25:23 But still, there would be expansion in the operating margins,
00:25:28 which will help the overall bottom line to grow in Q3,
00:25:34 and that was the case in Q2 as well.
00:25:37 So I think the performance of the consumer good companies would more or less
00:25:42 in line with how the quarter 2 played out for them.
00:25:45 So Kaustubh, if I had to ask you for your picks in the sector,
00:25:50 I know we are going into earnings, but a large part of whatever we have talked about
00:25:55 potentially could be in the price, and I think all you analysts have already made up your mind
00:25:59 of what you are expecting from each consumer player.
00:26:02 A lot of these costs, like you said, like marketing costs, for example, is upfronted,
00:26:06 indicating that the next couple of quarters will see these companies reap benefits of this.
00:26:11 So if I had to ask you in pecking order, what would be your top pick and why?
00:26:16 The top three stocks that you would bet on in the FMCG pack?
00:26:20 So we like ITC in the large pack because of its valuation,
00:26:27 and also we have seen ITC's FMCG business in terms of profitability doing well.
00:26:37 We have seen consistent improvement in the margins.
00:26:40 The company has expanded its portfolio by entering into various categories,
00:26:45 and they have seen this business doing considerably well for them
00:26:50 with the support of the core cigarette business,
00:26:53 where the company has seen a good volume growth momentum
00:26:57 since the government has not taken any significant increase in the taxes.
00:27:04 The company managed to gain a share from the illicit trades,
00:27:12 and that helped the overall cigarette business to perform well.
00:27:15 And also the other businesses are doing good for ITC.
00:27:19 They have already diversified their business,
00:27:22 and that should help even further strengthen their balance sheet and return profile in the coming years.
00:27:27 So considering that, we believe that ITC is one of the good picks in the FMCG space.
00:27:32 Tata Consumer Products is another stock which we believe will consistently do well.
00:27:38 We have seen the food business and also the beverage business of Tata Consumer Products
00:27:48 doing well, and I think the company is also focusing on their food business
00:27:55 by adding new products largely to fill in the gaps wherever they have seen.
00:28:06 And also many products have been launched at the premium end.
00:28:11 In beverage also they are doing good.
00:28:14 So I think Tata Consumer will also do well.
00:28:20 And Varun Beverages is another company which we believe will do well in this space.
00:28:25 They have already performed well in terms of the volume growth,
00:28:29 and I think Q3 should be another good quarter for the beverage business.
00:28:32 First of all, I am wondering if you track NICA and FSN, for example, Hunasa et al.
00:28:39 And how do you see discretionary spends going in the BPC space?
00:28:44 See, we don't have coverage on the NICA or FSN.
00:28:49 But overall, BPC or the retail spends,
00:28:56 Festive was expected to bring in some cheer, but sequentially there would be some bit of improvement.
00:29:03 But overall, I think the discretionary spend in terms of the retail or apparel or skincare products,
00:29:13 we don't see any significant revival in terms of the spends as such.
00:29:20 Festive might bring in some cheer, but that would be a sequential kind of improvement.
00:29:24 In the discretionary spends, we continue to like hotels, which are doing exceptionally well.
00:29:29 And there are certain things like Titan, where we have seen jewelry business doing exceptionally well,
00:29:36 despite the fact that gold prices are going up.
00:29:39 And I think we believe that Titan performance should continue to remain better in the quarters ahead,
00:29:47 considering its strategies for the overall domestic market.
00:29:53 All right. So discretionary spends or companies with discretionary products might still do better.
00:30:01 Thank you so much, Kaustubh, for giving us your take on the FMCG space, which is under pressure today.
00:30:06 But it's not just the FMCG space. We're going to take a very quick break.
00:30:09 But before we get into that break, look at where markets are really.
00:30:12 Near its day's low. The Nifty nearly 200 points down now at this point.
00:30:17 And the Bank Nifty also around the 47,400 mark.
00:30:23 We're taking a very short break and coming back with the update on the F&O side.
00:30:27 Thank you.
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00:31:44 Welcome back. It is a little bit of a bloodbath on the street.
00:31:48 Nearly a percent of remember Europe is open up with a cut as well.
00:31:51 Asian markets closed with cuts. So it's a day of profit taking this Monday.
00:31:56 We're also going into the earnings season, which means there is some rebalancing
00:31:59 and lightening up of positions that potentially is taking place.
00:32:02 Agam is standing by with more on that. Agam, we started off with FMCG being weak this morning.
00:32:08 But now it's turned out to be a broad based sell off across the market.
00:32:12 And I think what's painful as well, the benchmark is not indicating as much weakness.
00:32:17 It is stock specific action that is painful, right?
00:32:21 Right. So while FMCG did weigh down earlier on in the session,
00:32:26 it is now that the heavier weighted companies like State Bank of India, HDFC Bank,
00:32:31 along with the Kotag Mandir Bank are weighing down on the banking index.
00:32:37 And that consequently has had an impact as far as the benchmark is concerned.
00:32:41 So the Nifty losing out about over a little less than a percent at the moment
00:32:45 with a 1% added in open interest towards fresh shorts.
00:32:48 The question is, do they get covered tomorrow?
00:32:51 That's something that we will know eventually down the line.
00:32:53 But let's talk about the Bank Nifty. Now, the Bank Nifty is where we're looking at a 1.5% cut,
00:32:58 a good about 500, 600 points odds coming off.
00:33:03 And it's not every day that you do see something like that happening on the Bank Nifty.
00:33:07 Certainly not what we've seen in the past three months.
00:33:10 And even along with that, we see a 25% increase in open interest
00:33:14 towards what we think are shorts building up into the system.
00:33:19 Why is there a substantial weakness?
00:33:21 That's something that we're going to come to know eventually down the line.
00:33:24 But for now, as I was mentioning earlier in the morning as well,
00:33:27 22,000 is a little off at the moment.
00:33:31 And we are seeing more and more writing around 21,700 and 21,800 calls on the lower end.
00:33:36 We still have a little bit of support when it comes to 21,500.
00:33:39 But should that level be taken away and should we sustain below that mark,
00:33:44 well, things could perhaps become a little more challenging as far as bulls are concerned in this market.
00:33:49 Speaking of which, we are already seeing a lot of unwinding when it comes to the 21,600 puts as well as calls.
00:33:56 So keep an eye on that one. I reckon this unwinding in the calls is largely because those who had written them
00:34:02 are now moving out. And of course, puts are being – those people had sold those puts
00:34:08 are being forced out of their position. Let's talk about stocks then and see where there is in fact a lot more traction.
00:34:14 So we have shorts in Naveen Flory in Hindustan, Copper Bandhan Bank, along with Marico.
00:34:18 Marico, along with a whole host of stocks in the FMCG space under pressure.
00:34:23 And among those stocks which are seeing unwinding in trade, Ghotis Properties and MRF under pressure,
00:34:29 along with something like Piramal Enterprises. So longs unwinding coming there.
00:34:33 And about a short covering for TVS Motor and Jumbo Fertilizers holding on to some amount of gains.
00:34:38 But on the whole, the market breadth certainly is not very encouraging.
00:34:42 And the question remains on what kind of earnings we can expect as we move into trade this week.
00:34:48 Indeed, you have got Infosys and TCS Agam. They will set the trend for at least the IP pack.
00:34:53 And those are two big earnings that the straight will be watching out for.
00:34:56 Well, a couple of other names that are catching our attention and Thamana has been talking about this
00:35:01 for the last few days and all that around Ayodhya has led to a few names that are actually gaining.
00:35:06 So, if you pull up IRCTC, the stock is at a 52-week high, looking very, very good.
00:35:11 Real sales apparently are actually boomeranging when you look at Agoda, which is a booking app,
00:35:19 has seen a 5x jump in inquiries and bookings for Ayodhya year on year.
00:35:25 That leans the stock is up. It's off the day's high point, but still trading positive on a weekday
00:35:30 is what is commendable. But, Sandeep, I'll come to you.
00:35:34 Just before you, since you're talking about travel stocks.
00:35:37 Are you travelling?
00:35:38 No, no. The story today is no longer Ayodhya. It's about Lakshadweep.
00:35:42 So, the action, I'm sorry, move from Ayodhya to Lakshadweep. In case you plan to go to Maldives.
00:35:48 You can't get a train to Lakshadweep.
00:35:50 No, no, not a train. But, look at Praveg. Look at EZ Trip.
00:35:54 Praveg makes tents in Ayodhya and in Lakshadweep. So, it's on a double whammy right now.
00:36:00 EZ Trip is up about 5% because they've said we're cancelling all bookings to Maldives.
00:36:05 If you're going to Maldives, I suggest you rethink about it. But, Praveg is up 15%.
00:36:10 So, yes, the whole tourism play, even a Lemon Tree and IHCL.
00:36:13 Trident.
00:36:14 Yeah, Trident, but there seems to be more to Trident than just this.
00:36:19 It's just on another trajectory. But, you were going to Himen.
00:36:24 Yeah, Himen, I'll come to you with some of these names that are catching our eyes, right?
00:36:29 I mean, you've got IRCTC. It's got so many triggers over here.
00:36:34 And the counters actually held out even on a down day.
00:36:37 Is it even worthy of a trade or too small and insignificant in terms of trading activity?
00:36:42 No, I wouldn't say in terms of a trade, Samina. But in terms of an investment or a positional trade, definitely.
00:36:53 18 months, Samina, it took 18 months to move in a range between 550 on the downside, 750 on the upside.
00:37:01 Finally, there was a breakout and now we're going up. That is going to fall because it's just a mere formality.
00:37:07 That isn't going to test the earlier or all time high. Very strong possibility.
00:37:12 That was 1279 in October 21, Samina. So I believe 1200, 1300, 1500.
00:37:19 Everything looks like coming. It's not a very short term call. You probably take 18 months, 24 months time frame.
00:37:26 But yes, I think every decline is a buy. I'm saying every decline because 640 to 930 over the last few months,
00:37:35 I would say maybe I wouldn't say cautious, but I mean, don't buy everything together.
00:37:41 Split it like an SIP, but it is a buy and especially on every decline, four figures and much, much more coming.
00:37:47 OK. You know, while we are seeing a tough day at the office in that sense for all of us,
00:37:55 because markets are taking a beating, the fact is that there is no reduction in the enthusiasm
00:38:02 of the average Indian to invest in the equity markets because look at the equity inflow numbers for last week.
00:38:08 In fact, for 34 consecutive months, it has come in at a massive surge.
00:38:13 Now, MF folios have surged to over 16 crores. Your AUM figure has crossed the 50 lakh crore mark
00:38:20 and a lot of gobsmacking numbers there in store. Alex is joining us with more details.
00:38:26 Well, absolutely. Look at the number of retail investors that have put their faith in the mutual fund industry.
00:38:33 One assumes that that number has comfortably crossed the four lakh mark.
00:38:37 Now, some of the numbers that I will talk about right now are gobsmacking, as was pointed out.
00:38:42 And the first number has to do with the net AUM of the industry that has breached 50 lakh crore rupees for the first time ever.
00:38:51 And if you look at it compared with a year ago, it's a growth of as much as 27 percent over the course of 2023.
00:38:59 Now, take a look at how this has moved. We put up a bar chart to indicate that kind of trajectory.
00:39:04 And what is this led by? This number is primarily led by an increase in the equity AUM,
00:39:11 which at the end of December 2023 stood at 21.79 lakh crore rupees.
00:39:17 That has gone up by as much as 43 percent over the course of 2023.
00:39:23 This is on account of significant inflows. Yes, but also because the market has been supportive.
00:39:29 Now, I will point out that the fixed income number or the assets under management in the fixed income mutual funds have not grown by that much.
00:39:37 In fact, only about four percent. And that's because you had a bit of a wobble in terms of the tax treatment of these funds.
00:39:45 And that was changed in the new financial in the current financial year.
00:39:50 Now we're talking about the inflows into equity mutual fund schemes and a large amount of that has gone into the mid cap as well as into the small cap segment of the actively managed space.
00:40:01 The net inflows in 2023 in just mid caps was close to twenty three thousand crore and over forty one thousand crore in small caps.
00:40:10 And that has pushed the AUM in these two categories higher by a significant degree.
00:40:16 Mid cap AUM has gone up by over 50 percent and small cap AUM has gone up by as much as 80 percent.
00:40:23 Now, finally, we'll talk about SIPs because 2023 has been indeed the year of SIPs.
00:40:29 A total of one point eight four lakh crore has flowed into the mutual fund industry through SIPs and a few other important factors here.
00:40:39 Significant number of SIP accounts being created. But just take a look at the trajectory over the course of 2023.
00:40:47 And that'll be the next plate up here from July onwards to this point.
00:40:52 Every single month you've seen a fresh record being created.
00:40:56 And that really is the story of the mutual fund industry as it stands today.
00:41:00 Indeed record numbers and that, of course, means great news for anybody linked to the market.
00:41:07 So stocks like CAMS, PSC, brokerages, advisory firms, distributors, AMCs all have been beneficiaries of this trend.
00:41:16 Well, Sudip, I want to come to you in Bajaj Auto.
00:41:19 Later today, this company's board of directors will be meeting to consider proposal of a share buyback.
00:41:25 Stocks been seeing a lot of movement. The last buyback that they did was in June 2022.
00:41:30 Cash in the books is much larger this time. So logical to assume that the size of the buyback as well potentially could be larger.
00:41:37 What advice would you have for investors of Bajaj Auto?
00:41:42 First of all, I fully agree with you. I think the expectation of the market is a much larger buyback.
00:41:48 Mr. Bajaj came online and he clearly said that I think they have requirement of about thousand crore incremental investment per year,
00:42:02 whereas they are generating a seven to eight thousand crore net cash every year profit.
00:42:08 So obviously there is a significant surplus being generated and 80-85 percent of that needs to be distributed.
00:42:15 So we are looking at anywhere between five to six thousand crore which should be available for the buyback
00:42:21 because obviously this is a much more tax efficient structure. These are the dividends.
00:42:26 So yes, it should be a good buyback announcement, which the market is expecting.
00:42:32 And that's the reason market has pushed up the share. As far as fundamentals of Bajaj Auto are concerned, it's very strong.
00:42:39 The management commentary has been very strong and the domestic business has been rock solid.
00:42:46 They are gaining market share and the new launches are working.
00:42:50 The only challenge has been the international business, the export business, which our belief is that will turn around very soon.
00:42:58 And once that happens, I think this may touch newer highs once again.
00:43:04 Sudeep, just your take on some of those astonishing AUM figures that came in.
00:43:10 Samina made a very important point about the kind of stock impact we'll see on brokerages.
00:43:16 We've already seen a run up in Angel One, BSE camps. All of these have been doing well.
00:43:22 Fundamentally, do you see anything exciting with value?
00:43:27 I think all these market infrastructure or market related companies have been doing well consistently for a long time.
00:43:35 Whether you look at the brokerage companies, whether you look at CBSL, whether you look at BSE, I think all of them have been doing very well.
00:43:43 And then handsomely rewarded the investors. If I have to take a position right now, probably I'll go and do that in NCX.
00:43:52 I think there's a lot of excitement left in the commodity business and the commodity market.
00:43:57 And considering the valuation at which BSE, CBSL and the likes and including the brokerages are quoting, my bet will be to go and buy NCX.
00:44:08 I would rather hope that there is a significant bump up in NCX post the pickup in the options contracts, which are getting launched in the near future.
00:44:18 Himen, very quickly, we've got about 10-12 odd minutes to go. What's the trade?
00:44:24 The Nifty, I mean, all indexes are at their day's low point. In fact, most stocks are also their day's low.
00:44:29 Any trades, anything that you'd potentially go short on if not long?
00:44:33 Well, frankly speaking, I don't think it's a bad idea to go short on the Nifty itself because it's on the cusp of breaking the 21500 level,
00:44:45 which I think has been pretty crucial as far as the Nifty is concerned.
00:44:49 And if you want to be stock specific, Samina, I think you also mentioned a couple of these stocks.
00:44:54 I think something like a Canbank or a Bank of Baroda, I mean, if you take a longer term, you create near term overbought,
00:45:02 shorter term, clearly getting weak. So even a Bank of Baroda or a Canbank can be a stock specific short.
00:45:10 I wouldn't recommend a STVT, but yeah, short position for Canbank, Bank of Baroda and the Nifty.
00:45:17 Just on the index very quickly, Nifty looks like it's due to and has breached 21,500 on the lower side.
00:45:26 Where are you seeing the support coming in right now and what would be your strategy going into a market close with a fair bit of pressure?
00:45:38 As far as support for Nifty is concerned, Tamanna, like I said, 21,500, it's not in the past ten,
00:45:47 because it's just about hung on and given a four point bounce.
00:45:50 But yeah, I think beyond that, I think the next support level, Tamanna, comes in at 21,426 or 21,350.
00:45:58 So I would say, I mean, one can short it a bit and be down for six or seven hours, Tamanna.
00:46:06 So if we were to see a small bounce coming in tomorrow, then it would be very interesting to go short,
00:46:11 because frankly speaking, 21,550 and 21,593 are very strong resistance levels on the high hand side now.
00:46:19 I don't think they'll be taken out in a jiffy.
00:46:23 So and looking at the daily chart setup and the downward bar reversal coming in, Tamanna, I'd say short now, add more tomorrow.
00:46:31 Just on the bank Nifty as well, just on the bank Nifty as well,
00:46:36 what would your strategy be for the last minutes of close and tomorrow, Himen?
00:46:41 Frankly speaking, Tamanna, 47,400 is support and we are just about close over there.
00:46:48 So I would be more co-positive about shorting the Nifty.
00:46:53 But bank Nifty also isn't a bad idea, 47,442, the cash market levels, spot levels, Tamanna, now.
00:47:00 If there is a 30-40 point bounce in the next five, seven minutes, I think it's a short keep a stop loss of 47,650.
00:47:08 And I believe below 47,400, 47,2 and 46,887 would be coming in the next five to seven trading sessions.
00:47:16 There is a struggle, Himen. In fact, the Nifty as well, while it was trying to hold on in the 21,500, it dipped below that and it's pulled back.
00:47:24 So the markets are expecting 21,500 in a weird way.
00:47:28 Bank Nifty though is finding it a little hard to find support.
00:47:31 So pressure is very obvious. The breadth is quite weak. Most of your banks are trading lower.
00:47:36 SPI is leading the losses across the banking universe. So private, public, all those stocks are under pressure.
00:47:43 Sudeep, if I had to ask you for any buy calls in this market, we're going into the earnings season, portfolios are getting rebalanced.
00:47:50 Any specific stocks that you would load up on before earnings season?
00:47:56 Well, I think two stocks have been my favorite in the large cap space, Meena, and I think I still will recommend both.
00:48:02 One is Reliance Industries. I think, yes, this time because of planned maintenance,
00:48:10 there will be a bit of a challenge as far as the traditional business is concerned.
00:48:14 And Petchem also will not show anything great because of the way the prices have behaved.
00:48:19 But the other verticals, both Telcom and retail are expected to perform exceedingly well.
00:48:26 And fundamentally, I think the sum of parts valuation is significantly higher than at what level the stock is quoting.
00:48:34 And this, you know, somebody with a slightly long term view should definitely get into Reliance,
00:48:39 because at some point of time, corporate restructuring will unlock value significantly.
00:48:44 The second stock which I like has been Larsen and Toubro. You know, we know all about the order wins and how things are moving in the construction and infrastructure space, where Larsen is the leader.
00:48:54 But beyond that, I think the international order book is continuously growing.
00:48:59 Today, they have close to 40% of the total order book, which is international and fresh order flow from Saudi Arabia is expected.
00:49:08 One more thing to remember is that these new orders which L&T is getting are, you know, with much better margin.
00:49:14 And the older contracts with lower margin profile are coming to an end.
00:49:18 So soon we will see a margin profile change of L&T as a whole.
00:49:24 And, you know, the valuation and the rating and everything else will significantly change.
00:49:29 So somebody again with one year time horizon, Larsen and Toubro is a great, great bet.
00:49:34 Absolutely. We still have a large number of, you know, stocks facing pressure today in trade.
00:49:42 Some of the top losers that I can see in your mid cap space are the industries, Castrol, Jubilant Food, Codrige Properties,
00:49:50 although the rest of real estate is not doing too badly relatively seeing pressure, Biocon.
00:49:55 Himin, let me just get a quick view from you on, you know, especially the property counters or the reality counters.
00:50:03 We've been speaking about how there is strength and a longer investment cycle shaping up.
00:50:09 Anything where you still see some value?
00:50:13 Well, that is a dicey question, Tavana. It's like you bolder googly actually.
00:50:20 Simply because, like you said, everything has moved up. Virtually everything.
00:50:25 Look at Shoba, look at Prestige, look at Godrej, you look at Mahindra Life Spaces, you look at Oberoi.
00:50:31 I mean, frankly speaking, very little to pick and choose from.
00:50:36 But anything where we see a slightly deeper direction on the anvil, frankly speaking, Tavana,
00:50:43 because the Nifty Reality Index has formed a 12-year rounding bottom and we're getting out from there.
00:50:51 So, like you said, it's an investment theme and I think it's going to be there around for a couple of years.
00:50:56 So my favorites would be something like Godrej or Oberoi, but it will be full thinking.
00:51:03 Slightly deeper decline would make it very tempting.
00:51:07 Just look at Gillette today. Gillette doing phenomenally well.
00:51:10 We've been talking about the stress in consumables and the consumption space, but not for Gillette.
00:51:16 By any stretch of the margin, that's stock 10% up on otherwise very painful day.
00:51:22 You know, the biggest pain point though, coming undoubtedly from your PSUs and your bank PSUs.
00:51:29 Over here, Hemant, any views specifically on your Bank of Baroda, which has been your top loser today?
00:51:36 Yes, Tamanna, and I'll just tag you just a wee bit.
00:51:43 The Nifty PSU Banking Index is also vulnerable for a correction.
00:51:49 And as far as Bank of Baroda specifically that you mentioned, Tamanna, we've seen weakness coming in the sense it's posted a low for the last seven trading sessions.
00:52:00 So, yes, I think there is a weakness which has crept in.
00:52:03 It is more of a shorter term view. And if you notice the volume today on the cash market, this is obviously gross volume, can't be delivery volume at this point in time, is highest in the last six trading sessions.
00:52:13 So if it's gone down with higher volume indicators giving a crossover sale, I mean, MSADR is a stock asset without getting too technical.
00:52:21 And everything seems to suggest that 240 is going to be a near term top.
00:52:26 I'm not saying medium term top, long term chance is still bullish. Near term, yes, I think we're going to slip further, I believe.
00:52:35 How low do you see the bottom going over there?
00:52:41 There was a swing high, actually, Tamanna, posted around 219, 220 on 25th September and 18th September.
00:52:50 Okay, 224 is anticipating not far, just five rupees away.
00:52:53 But that is where I think it would land. Take support, bounce back, make a lower top and then going down on the other round.
00:53:02 Then if it closes below 219, then I think we could see 210 coming in.
00:53:05 So 219, maybe 226 and then 210, assuming after this anticipated bounce, 219 breaks, Tamanna.
00:53:13 Yeah, we're looking at a market which is closing over 200 points down on the Nifty, definitely.
00:53:20 Sudeep, at this point, what would your position be?
00:53:24 Would you look at opportunities to pick up some valuable counters or would you wait and watch?
00:53:31 I will definitely look at picking up some quality stocks, taking advantage of these dips.
00:53:37 I will not probably go and deploy all my available resources at this stage.
00:53:42 I will, of course, keep watching the market. But every dip, I believe, is an opportunity to buy.
00:53:48 So some stocks which I've been wanting to buy, definitely I'll buy a small quantity of that, taking opportunity of this dip.
00:53:54 Right. Sudeep, Amin, thank you very much for joining us today.
00:54:00 It is a broad-based selling that the markets have seen.
00:54:04 Selling pressure from the get-go this morning, we had a gap-up opening which lasted barely for a few minutes
00:54:10 and the markets then got into sell mode. Remember, global cues were also negative.
00:54:14 So Asian markets have closed negative. Europe has opened up weaker as well.
00:54:19 So profit-taking seems to really be the name of the game for world equity markets.
00:54:24 Let's quickly pull up the Nifty and see what they are getting up to first.
00:54:27 So the Nifty has respected the 21,500 mark. We dip below that very briefly.
00:54:33 But buying immediately emerged and the Nifty is going home with cuts, with a cut of about a percent, 200 points off on the Nifty.
00:54:41 But looks like 21,500 will not be taken out in today's day of trade.
00:54:45 The Sensex going home with a similar cut, 682 points, pretty much at the day's low point on the Nifty and the Sensex.
00:54:52 Bank Nifty led the way down, 47,500 got taken out, 47,458 is what we have, 700-point cut coming in on Bank Nifty.
00:55:01 And also what's obvious is on Friday, it was extremely volatile, didn't see a big cut coming in.
00:55:07 The markets respected significant levels on Bank Nifty. But today, important levels did get taken out.
00:55:13 Broader markets surprisingly have underperformed the benchmark.
00:55:16 Now, this has not been the trend for the last few days.
00:55:18 Today is the very first day when the mid-cap and the small-cap index have actually underperformed the benchmark quite sharply.
00:55:24 Small-cap maybe not so much. The mid-cap index was seeing a cut of a percent and a half.
00:55:29 That is where mid-cap is closing, 1% lower, 46,920 is what we have.
00:55:35 Well, the Wicks index jumped quite substantially.
00:55:37 So the Wicks index was up 7% in today's day of trade, indicating that the markets are turning quite volatile.
00:55:43 The breadth deteriorated from the start of trade this morning. Very few gainers in today's session.
00:55:48 And they were sporadic. So no trends or sectors that we see that went home with gains.
00:55:53 One sector that saw marginal uptick today is real estate.
00:55:56 Barring that, profit-taking was obvious for FMCG, IT, metals and pharma.
00:56:01 Adani Port, your top gainer, 1.5% higher. ONGC did okay. Sun Pharma, Hero Motor Corp, HCL Tech, BPACL on back of an upgrade went home with gains.
00:56:11 On the sell side, UPL is a top loser, 3.5% cut with a big sort of volume trade.
00:56:17 SPI Life, SPI, Adani Enterprise, Axis Bank, Infosys ahead of earnings maybe, Tata Motors.
00:56:24 L&T touched a 52-week high. There was a UBS upgrade. But despite that, the counter is going home with a slight cut.
00:56:30 Maruti, Cement, Hospitals, Banks, I mean, across the board, the selling was there for everyone to see.
00:56:37 So, Tamanna, broad-based selling, FMCG, IT, metals led the way down.
00:56:43 The only sector that went home with slight gains was really real estate today.
00:56:46 Yeah, absolutely. But some individual stories that definitely shone on for various reasons.
00:56:52 Maybe there could be block deals or order wins or very specific kind of drivers over there.
00:56:58 I want to point out Trident as one of them. The stock is close to 20% up.
00:57:03 So, that has definitely been a gainer of the day. Praveg, we've been talking about that's shut on a socket 20% up as well for Praveg.
00:57:12 EZ Trip, one of them as well. Tata, Telly, TVS Motors, not a bad day for the two-wheelers at all.
00:57:19 So, Bajaj Auto ahead of that buyback news has been up. But TVS Motors has done fairly well with a gain of 3%.
00:57:27 In the financial space, Banco Baroda and Bandhan Bank would be your big losers of the day.
00:57:33 Definitely seeing the pain and Banco Baroda because of business updates,
00:57:38 your deposit growth seems to be the recurring theme of concern when it comes to some of these banks.
00:57:45 And likewise for Bandhan Bank, which was down about 8% at close near the day's low.
00:57:51 Navin Florin, Jubilant Foods, the other counters which just did not have a good day.
00:57:57 As Avinash spoke about real estate, but Godrej Properties was more of an outlier over there with about a 3.5-4% drop.
00:58:05 Overall, the auto space saw some spots of optimism, but through and through, if you were to describe the day,
00:58:13 definitely it has been one of profit booking, of profit taking with the Nifty closing nearly 200 points down.
00:58:22 So, that's all the time we have on this edition of India Market Close.
00:58:26 But a lot more coming up on NDTV Profit.
00:58:28 We'll of course be back with you to open the markets tomorrow. So, stay tuned to us.
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