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- #Boeing CEO Dave Calhoun 'admits' mistake after 737 Max 9 door blowout - #WorldBank leaves #India's GDP growth forecast unchanged  All this and more with Agam Vakil on 'All You Need To Know'. #NDTVProfitLive _______________________________________________________  For more videos subscribe to our channel: https://www.youtube.com/@NDTVProfitIndia Visit NDTV Profit for more news: https://www.ndtvprofit.com/ Don't enter the stock market unaware. Read all Research Reports here: https://www.ndtvprofit.com/research-reports  Follow NDTV Profit here Twitter: https://twitter.com/NDTVProfitIndia , https://twitter.com/NDTVProfit LinkedIn: https://www.linkedin.com/company/ndtvprofit Instagram: https://www.instagram.com/ndtvprofit/  #ndtvprofit #stockmarket #news #ndtv #business #finance #mutualfunds #sharemarket  Share Market News | NDTV Profit LIVE | NDTV Profit LIVE News | Business News LIVE | Finance News | Mutual Funds | Stocks To Buy | Stock Market LIVE News | Stock Market Latest Updates | Sensex Nifty LIVE | Nifty Sensex LIVE

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00:00 With a start today on The Right Note, we start with the headlines.

00:03 US markets in a limbo again after a stellar rally in 2023. Benchmarks pair yesterday's gains

00:12 as bond yields continue to edge up. Oil prices stabilize, gain 2% on the closure of one of

00:19 Libya's largest oil fields and rising Middle East conflict concerns.

00:26 And India stands out from the rest. World Bank says India will maintain the fastest growth among

00:32 world's largest economies. And gas prices fall, but retailers may not benefit. City gas distributors

00:41 constrained by lopsided pricing mechanism. And Boeing CEO Dave Calhoun admits of a mistake

00:51 after 737 Max 9 door blowout says company must own up to its shortcomings.

00:58 Let's start by taking a look at the markets and how things have fared abroad.

01:05 When it comes to the US markets, it was a very quiet day indeed. And while the Nasdaq managed

01:10 to perhaps maintain itself in the green, we did see about a half percent cuts for something like

01:16 the Dow Jones. And remember, this comes on the back of a significant strength in the session

01:22 before that. So that tends to quest. But we also are bracing for two very important events even in

01:28 the US. We'll be watching out for inflation data tomorrow, as well as unemployment numbers,

01:34 which could perhaps induce some amount of volatility when it comes to the US markets.

01:38 That said, when it comes to Asia, at the moment, we're looking at mixed cues,

01:43 not too much to speak for. Otherwise, while we do have a little bit of weakness when it

01:46 comes to Shanghai and Hang Seng, well, Nikkei, on the other hand, is advancing by as much as 1.6%.

01:52 And our own markets, of course, may see a slight bit of reaction to the World Bank and its

01:59 affirmation as far as their growth estimates are concerned. But for now, the nifty does show an

02:06 implied open of a negative 40 odd points. But of course, this is likely to change over the course

02:12 of the next one hour. And today, of course, the open will also be important considering it is the

02:18 weekly options expiry for the nifty bank. But that's as far as the how things are panning out

02:26 as far as growth is concerned. Let's get in market voice at the moment. We have Anurag Singh. He's a

02:31 managing partner at Ansett Capital, who's joining us on the show now. Anurag, good morning, and

02:36 thank you so much for joining in. Let's start by taking a view of what you think are how global

02:42 markets may develop over the course of the next few weeks and months, and what sort of an

02:47 implication could that have on flows in our own markets? Yeah, Agam, good morning. First of all,

02:55 you know, I am joining your channel for the first time in the new avatar, right? So, you know,

03:02 I've grown up with NDTV in India earlier days, and I'm sure it stands for the excellence in

03:08 journalism that it always does, right? So good luck to you guys. And it's a pleasure being here.

03:12 Agam, I think markets, I think we should not read too much into the just, you know, the

03:22 not so good last week, and not a good start to this week, as well. But I think markets,

03:28 usually in January in US, they try and adjust to the changing realities. There is about seven to

03:35 $8 trillion of funds, which largely come from pension funds and other wealth assets done by

03:41 wealth managers, who try and balance the positions every new year, as the year begins. So this year,

03:48 probably because last year returns were pretty good. At Nasdaq, they were about 45%. S&P,

03:53 they were just about 23-24%. That is a good year. So, and I think when since bond yields are

04:00 near peak, there is a bit of a balance that markets try and move some money to the debt,

04:06 you know, debt funds and get a return from that. So I think that's pretty much what's going on.

04:12 But otherwise, markets have a very strong, bullish undertone. And that changed really,

04:19 pretty much on November 14, when the last CPI data came in. And also when Powell spoke in December,

04:26 and he pretty much indicated that they are open to reducing the rates if the need arises. As it is,

04:33 the inflation is cooling down, the real rates are more than 2.5, which is more than comfortable

04:38 for the Fed. So I think that's where, Agam, the markets are trying to balance these two

04:46 narratives. One is of soft landing, and then the other is, how much is the pace of rate cuts

04:52 Federal Reserve has in mind. So that's probably what's going on broadly.

04:56 Right. Anurag, I have also grown up watching NET TV Profits. So thank you so much for your wishes

05:02 here. But I do want to address the World Bank. And, you know, it has suggested that we're going

05:07 to grow at the rate of around 6.3%. That is, of course, the GDP, they have reaffirmed that we

05:12 will also be the fastest growing economy going over, going into the next couple of years. My

05:18 question is that at this point in time, if you look at the equity markets, valuations do seem

05:23 stressed. But I reckon to a certain extent, we are also seeing a lot of participants, well,

05:29 trying to perhaps factor in what we can expect going forward over the next couple of years.

05:34 How are you viewing markets, Indian markets at the moment? And how are you placing your bets here?

05:41 Good. So, and I think it is a good point you raise, because US markets are on a different

05:47 trajectory, but Indian markets are a very different story, Agam. And as we evaluate,

05:52 I think it's fair to say that Indian markets have really gone a bit ahead of fundamentals,

05:59 you know, with the elections priced in, you know, almost every sector is priced to perfection,

06:05 I think, minus, I think maybe the financials, which are still okay. But every other sector

06:12 seems to be pricing in the best of the news that's possible. And I think it's usually if

06:17 we go back to history, we realise that if we work with multiples of 45x, sorry, 24, 25x at an index

06:25 level, I think it's very hard to get returns for the next three to five years from those levels.

06:31 So I think that's my big caution. And Agam, we know all that, you know, it's broadly driven by

06:37 the liquidity and the gush of the retail money broadly through SIP and otherwise as well through

06:44 PMS, AIF, EPFO, insurance, you name it, right. So just about that 40 to $45 billion of fund flow

06:52 that's coming. And basically, fund managers are not at a discretion to park that in cash,

06:58 they have to deploy. And if they have to deploy, they have to pretty much buy at any price. So my

07:02 sense is, I won't really rush into buy at these levels, any sector in India for now, we would just

07:09 want to park money in cash, I think there will be better opportunities at some point in time.

07:14 We don't want to get into, you know, get fomoed into this, this rally, it's priced too much to

07:20 perfection. Fundamentals eventually will come in and rock the boat. And it's very hard to make

07:27 returns from there. Now, that said, markets is one side, economy is another. I think what the

07:34 World Bank has said is very promising, which is that amongst all the global economies, they've

07:39 said the global growth will slow down to like 2.4%, which is fine. But amongst the larger economies,

07:45 India is doing reasonably well. So I think that's something to cheer. But markets and

07:49 economy can be not correlated in the short term. We have seen that.

07:54 Right. Anurag, just a question on one factor that does in fact tie both the economy as well as the

08:00 markets, and that is interest rates. At the moment, of course, there's no indication that we may in

08:05 fact see a moderation in our own markets when it comes to interest rates. But what is your reading?

08:10 Do you think there is in fact a possibility that we could start perhaps seeing interest rates

08:16 taking off or coming off to a certain extent, if not now, if not over the next couple of quarters,

08:22 perhaps towards the end of this calendar year? So, Agandhi, the only limitation of RBI here

08:32 is the impact on currency. So my sense is they would rather wait for Federal Reserve to take

08:39 the first step. And then the RBI can further follow with the rate cuts in India. I'm sure

08:47 they can always cut down 25 basis to 50 basis point anytime. But I think they would not like

08:54 to send the signal that they are ahead of the Federal Reserve. All right. Anurag, we leave it

09:00 at that. Thank you so much for joining us and taking us through your views on the markets.

09:04 Of course, we will keep an eye on the several factors that you've spoken about. But on that

09:09 note, let's start by looking at how the markets are placed and what kind of positions are at least

09:16 traders and some of your other participants while placing when it comes to the Indian markets at the

09:21 moment, when it comes to derivative space. So at the moment, what we saw was a substantial

09:28 increase in volatility over the last hour of trade. In fact, that sharp correction yesterday

09:33 began around 2 to 15. And from there onwards, we did see a lot of your benchmarks give up the

09:41 gains that they had seen earlier on the session. And even though the Nifty may look like it has

09:47 closed in the green, there was a substantial correction in the last one, one and a half hours.

09:54 We have not seen any change in open interest. But the question remains, where do we go from here?

10:00 And can we expect more weakness to come through, considering the kind of moves that we saw in the

10:05 last one hour of trade? Moving on to the Bank Nifty, well, we do have weakness there. And again,

10:11 this one took everyone by surprise. We saw about a half percent cut yesterday. The Nifty Bank,

10:17 the Fin Nifty part, and he was also in focus because of the weekly options expiry and the sharp

10:23 cut in the last one and a half hours of trade has also taken that by surprise. And in fact,

10:29 more unwinding coming through as far as your open interest is concerned. Remember that a couple of

10:34 sessions ago, we had in fact seen a substantial increase in OI. So we are seeing some longs and

10:40 whines. As far as change in open interest is concerned for the Nifty, well, yesterday we saw

10:46 a lot more writing in the 21,800 and 21,700 calls as well as puts, as you can see here.

10:52 Well, but moving on, how does that stack up in terms of your overall open interest?

10:56 Again, the open interest in terms of call, that is a maximum OI, keeps gyrating between 21.7 and

11:04 21.8. For now, it is 21.7, indicating perhaps a little bit more weakness in store, at least in

11:10 the near term. As far as the Bank Nifty is concerned, and that, of course, will be in focus

11:15 today because it is the weekly options expiry. We are looking at a lot more in terms of call writing

11:22 as against put writing, which also means that traders for now are hesitant to make any

11:29 substantially large long bets as far as the banking index is concerned. But we are going to

11:35 have to keep an eye on several of these factors. For now, of course, we are seeing a lot of

11:39 resistance around 47, 700, 47, 800. Let's talk about stocks then. And that's where we did see

11:46 a lot of weakness. So Polycap continued to be under pressure. This time we saw a cut of as much

11:51 as 9%. Dr. Lal Path Labs, Naveen Florin, Coromandel International, all of them seeing fresh shots

11:56 except for Bajaj Auto and that was largely on account of the buyback which was announced.

12:01 And of course, Ghodesh Consumer and Zee Entertainment again seeing lawns and winding.

12:05 Well, a short, about a short covering for Bailasoft along with Bandhan Bank and Hindustan

12:09 Copper. But it is going to be a volatile week. Don't forget, we start seeing IT earnings,

12:15 some big earnings, some heavyweight counters as far as the Nifty is concerned as well,

12:20 moving into tomorrow and day after. So we continue to keep an eye on some of these factors as far as

12:25 your benchmarks are concerned. On that note, we slip into a short break. But on the other side,

12:30 we talk about stocks and a lot more. Stay tuned to NDTV Profit.

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18:38 Welcome back. We put the spotlight on a whole list of stocks which will be in focus today.

18:44 And let's get in Anushi to take us through that list. Anushi, good morning.

18:49 Hi. So the stocks for today we should watch out for is, I'll start off with Prestige Estates first

18:57 which came out with its results in the last minutes of the trading session yesterday wherein

19:01 it reported about 111% growth in its pre-sales while it saw 36% uptick in its collection for the

19:08 third quarter while in for the nine months FY24 it reported about recorded about highest ever sales

19:15 of 16,333 crore implying about 81% growth. Moving on to Vedanta, Moody's has downgraded Vedanta

19:23 calling the destructure or debt restructuring as a default avoidance for the company and

19:29 asserting that the creditors have incurred an economic loss on their original promise.

19:35 The third stock to watch out for is Zee Entertainment wherein yesterday Zee was

19:41 the talk of the town after Sony India report suggesting Sony India calling off the 10 billion

19:47 merger. Over a year we saw a large trade happening yesterday. So just an update on that, that

19:53 society general sold about 83.5 lakh shares representing about 0.86% equity of the company.

20:00 Moving on to Bajaj Auto, Bajaj Auto has launched its second electrical scooter

20:05 as part of its EV overdrive which is Chetak premium priced at Rs. 1,35,000. And lastly,

20:12 we have Lupin which has launched a new drug for the treatment of post-operative inflation

20:19 with an estimated annual sales of about $182 million and product is eligible for

20:24 180-day exclusivity. So watch out for all these stocks for today.

20:28 Anushi, thank you so much for getting us those updates and all the stocks that we can keep an

20:31 eye on today. But the other one and perhaps a bigger one here is Datacorp. It's announced

20:37 its earnings. The earnings seem to be weak. Let's get in my colleague Mahima to give us

20:41 an update on the same. Mahima, what's behind the numbers?

20:44 Right, Agamsa, as you rightly mentioned, the results do not seem very positive. They are

20:49 pretty much weak. If we talk about the numbers as such, the revenue is down 15%,

20:53 the EBITDA is down over 45.6% and margins are down by 1300 BPS. And if we talk about the net

21:02 profits, the net profits have been down over 59.3%. Now, why is this happening? This is on the

21:08 back of multiple reasons. First one being that they are the two biggest business, that is the

21:12 revenue from casinos and online gaming saw a very sharp decline and their hospitality revenue

21:20 improved marginally by 8%. However, it has not made a very significant impact on the margins

21:24 and EBITDA. And their expenses have also increased marginally and sequentially. The

21:31 employee benefit expense took a hit of 9%. It increased by 9%. Also, they were hit by a series

21:37 of GST demands for short payment of GST. At present, they have lined up GST demand of worth

21:43 over 23,000 crores and the tax expenses have also increased by five times since December 22. So,

21:51 all these reasons are responsible for the downfall of the revenue so far. And if we talk about the

21:58 valuations, the valuations have also been, the PE has been decreasing since FY 22 and the stock

22:04 performance has also taken a hit. It's been down 28% in terms of 52 weeks now. Right. Mahima,

22:10 thank you so much for getting us those updates. The question is how much weaker can Delta Corp

22:15 become in police in terms of its share price? It's a wait and watch on that one. But we move

22:20 on to the next story and that is NSDL and SEBI have filed an appeal before the Supreme Court

22:26 challenging the order of the Securities Appellate Tribunal in the Kavi stockbroking case. And we

22:32 have Varun who is joining us with more. Varun, good morning.

22:35 Yeah. Hi, good morning. Yeah. So, you rightly said that an appeal has been moved before the

22:44 Supreme Court by the market regulator and NSDL against the against the SET order in the Kavi

22:50 stockbroking matter. Now, no dates have been notified yet, but it's yet to be seen when it

22:54 will be taken out. So, yeah, a little background on the case. On December 21, the Appellate Tribunal

23:00 had invalidated two SEBI orders which restrained some lenders from undoing the pledge on shares

23:05 held by Kavi Stockbroking Ltd. Now, the tribunal has allowed the lenders, which included Axis Bank,

23:11 ICICI Bank, Bajaj Finance and IndusInd Bank to invoke shares pledged in their favor. Now,

23:16 Kavi Stockbroking owed these lenders about Rs. 1400 crores as these banks had extended

23:22 overdraft facilities against shares to it. However, the shares pledged under the overdraft

23:27 agreement were of clients which had debit balance with Kavi as their stockbroker.

23:31 Although these shares were pledged in the favor of banks, NSDL without revoking the share or

23:37 cancelling the pledge transferred the pledge of the shares to the clients of the broker.

23:41 The tribunal said that no revocation of pledges permitted unless consent is obtained from the

23:46 pledging, which is the banks in this case. It said that the action of SEBI and NSDL to

23:50 unilaterally transfer these shares to the brokers of Kavi Stockbroking was wholly illegal.

23:57 All right, Varun, thank you so much for getting us those updates. And of course,

24:02 that's something that we're going to continue to keep an eye on. But moving on,

24:05 Boeing Co-Chief Executive Officer David Calhoun has said that the planemaker must own up to its

24:12 shortcomings as it grapples with a safety incident that has renewed questions over the quality of

24:19 its manufacturing. This after the US regulators have grounded 171 of Boeing's 737 MAX 9 aircraft

24:28 and ordered inspection after the Jan 5th incident. To read more on this, you can always head over to

24:36 NDTVprofit.com and we will give you a lot more in terms of details. And on that note, it's a wrap

24:42 on this edition of All You Need to Know. But don't go anywhere. India Open is up next. Stay tuned to

24:47 NDTVprofit.com.

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All You Need To Know | U.S. Benchmarks Pare Gains | NDTV Profit

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