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- #Zee-#Sony merger talks continue, according to a report from Nikkei - Why has #BofA upgraded #IndusTowers to a 'Buy'?  Samina Nalwala and Hersh Sayta dissect key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitLive  Guest List: Vijay Chopra, MD&CEO, Enoch Ventures Jai Bala, Founder & Chief Market Technician, Cashthechaos _______________________________________________________  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

Transcript

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00:00:03 Hello, and welcome to India Market Close.

00:00:29 Very similar trading day as to what we've seen over the last two days.

00:00:32 The texture of trade is the same.

00:00:34 Intraday charts look exactly the same.

00:00:36 Markets open at a high, consolidate for most part of the day,

00:00:40 and finally, towards the last hour of trade, start selling out.

00:00:43 Well, today is no different.

00:00:44 The Sensex and the Nifty, both in negative territory.

00:00:46 Nifty, of course, will be respecting or trying to defend the 21,500 mark.

00:00:51 21,522 is what we have.

00:00:53 The Sensex also trading muted ahead of the earnings season.

00:00:56 It kicks off with Infosys and TCS tomorrow.

00:00:58 Well, that's Bank Nifty.

00:01:00 This was, of course, the one to be blamed for the weakness

00:01:03 that we'd seen on the street over the last two days.

00:01:05 This afternoon, though, Bank Nifty trading flat to slightly positive.

00:01:09 We still wouldn't get ahead of ourselves

00:01:10 and say that it's actually providing support to the benchmark.

00:01:13 But for now, Bank Nifty not looking as bad in the index,

00:01:16 trading marginally higher in today's trade.

00:01:18 Well, broader markets moving in line of the benchmark.

00:01:20 Mid-cap is down marginally.

00:01:22 Small-cap index trades flat as well.

00:01:24 So you've got not really too much to hold on to in terms of trade

00:01:27 this afternoon.

00:01:28 Well, the breadth of the market was a 50-50 picture when I last checked.

00:01:31 I don't think much has changed.

00:01:33 You've got a whole bunch of stocks that are moving down and up.

00:01:36 But the breadth clearly in favor of the bears.

00:01:38 The declines are about 1,087 for advances at 885.

00:01:42 So you've got not really a half-and-half picture there.

00:01:45 Well, those are your big moves in Shakers.

00:01:47 Cipla is doing all right.

00:01:48 You've got 2.5% gains on back of stock-specific news.

00:01:51 Adani Enterprise also up 2.5%.

00:01:54 In fact, all the Adani stocks are looking good.

00:01:56 You've got Adani Enterprise, Adani Ports, both higher.

00:01:58 HCL Tech, surprisingly ahead of the IT earning kick-off season,

00:02:02 trades with a marginal gain.

00:02:03 Indus and Bank, Tata Motors, RIL are some of your gainers in trade.

00:02:08 On the sell side, though, the picture is pretty bleak.

00:02:11 You've got ONGC down 3%.

00:02:12 Remember, you had a PL downgrade that came in on the stock yesterday,

00:02:16 but the reaction is a day too late.

00:02:17 Nevertheless, the counter trades, the cut of 3%.

00:02:20 Nestle, Apollo Hospitals, OMCs as well aren't doing too well.

00:02:23 So BPC and HPC are also losing in trade.

00:02:25 Auto counters are looking weak.

00:02:28 Banks are not doing too well.

00:02:29 There are some banks that are doing okay,

00:02:31 but the large cap names like Kotak are actually trading in with some pressure.

00:02:35 FMCG continues to be bleak.

00:02:37 Remember, those business updates that we've seen have indicated that rural still is a weak spot

00:02:42 for FMCG players on back of which most of your FMCG counters are trading with a downward bias.

00:02:47 So all in all, very similar intraday chart to what we've seen over Monday and Tuesday.

00:02:53 The markets have been making new lows and new highs, in fact, staying on the same highs.

00:02:58 The range really remains on 21,700 to 21,750 on the upside.

00:03:03 On the downside, of course, 21,500 is acting as a critical level of support this afternoon, Harsh.

00:03:10 Well, yes, absolutely, Samina.

00:03:11 And I'm going to take us through some of the stocks which are buzzing in trade today.

00:03:17 We had the likes of a KIOCL, which was buzzing on the back of their plant,

00:03:24 their manufacturing facility not manufacturing or being shut down due to certain constraints

00:03:30 with regard to raw materials, 3.3% lower on that one.

00:03:35 Let's also quickly switch focus to some other counters.

00:03:41 You know, one of them in focus was also the likes of a Cochin Shipyard.

00:03:46 That stock was up a solid 17%.

00:03:49 In fact, now up 17% in trade.

00:03:52 There was a stock split in that one.

00:03:55 Effective date was today.

00:03:57 Purvankara, Purvankara, a solid set of numbers with regard to its Q3 business update coming

00:04:03 through sales value up 56%, customer collections up 52% and that one also making a bit of noise.

00:04:12 I will also flag off the likes of an RVNL.

00:04:17 RVNL had quite a bulk deal there, 0.1% bulk deal.

00:04:23 And you can see the stock up roughly 5% on the back of that.

00:04:26 We also had Delivery, which is one of the top gainers on the Nifty mid cap.

00:04:31 The stock is up roughly 5%.

00:04:33 Again, Bofa has suggested a buy on Delivery, target price $472.

00:04:39 So those were some of the big ones, some of the stocks really making noise and news in

00:04:46 trade today.

00:04:47 Harsh, yes, it's interesting.

00:04:49 I just said that the markets were looking weak and the day is low point.

00:04:52 But you know what has happened in the last couple of minutes, we have actually recovered

00:04:56 from the day's low point.

00:04:57 And now at 21,540 odd is what the index trades are.

00:05:02 It's going to be a little bit of a struggle.

00:05:03 The bulls and bears will fight for a positive close.

00:05:06 But it'll be interesting to see how we finally close out in today's day of trade.

00:05:10 Harsh highlighted a few stocks that were in action in this afternoon, but stocks like

00:05:14 Trident as well are seeing some profit taking after a very sharp run up over the last few

00:05:18 days.

00:05:19 Trident is seeing a cut of nearly 6%.

00:05:22 Sona BLW that had been the flavor all through December is seeing a cut of 3.5% as well.

00:05:28 Jyoti Labs is under pressure.

00:05:29 Smaller banks like City Union are seeing a little bit of selling pressure emerging as

00:05:33 well.

00:05:34 The rally is also down in today's trade.

00:05:36 WeMart, KEI Industries are your other top losers.

00:05:39 On the gaining side, TV18 has had a pretty large bulk deal.

00:05:42 The stock is up 20% upper circuit right there.

00:05:46 Avanti Feeds is not looking too bad.

00:05:48 Yes Bank interestingly is seeing a 4% rally.

00:05:50 It'll be interesting to know what's happening there.

00:05:53 Lemon Tree continues to rally up and some of your railway stocks or railway ancillaries

00:05:57 are also having a pretty decent day in trade.

00:06:00 Well, you've got Manipuram Finance that's down 5%.

00:06:03 I'd love to know why that stock is moving the way it is.

00:06:05 We'll try and understand what's happening in that one too.

00:06:08 But Jai Bala, Founder and Chief Market Technician of Cash2Chaos joins in and we've also got

00:06:12 Vijay Chopra, MD and CEO, Enoch Ventures joining in.

00:06:15 Jai, afternoon.

00:06:16 Thanks for joining in.

00:06:19 First up, today's intraday chart looked very similar to what we've seen on Monday and Tuesday

00:06:25 where we've opened positive and pretty much given up or turned fatigue towards market

00:06:30 closing.

00:06:31 21,500 though has been respected at least in the last two days.

00:06:36 At these levels, which is around 21,500, tactically, would you consider going long?

00:06:42 Hi Sameera, you used the right word, fatigue.

00:06:46 That's the word the market is carrying forward.

00:06:51 The markets are fatigued and they have come to important resistance.

00:06:54 And if you look at the banking index, that's looked like it's chopping out.

00:06:59 None of the main indices have broken below critical supports.

00:07:03 So until that happens, you can tentatively continue to be buying the dips, but be very

00:07:10 conscious of the market is very close to topping out.

00:07:14 And if critical supports were to give in, this buy the dip strategy would change to

00:07:19 sell the rise strategy.

00:07:21 So we are pretty close to it.

00:07:22 So from a very short term perspective, as long as the Nifty stays above 21,300, we can

00:07:29 still try to employ a buy the dip strategy.

00:07:32 Jay, what are you doing with Bank Nifty?

00:07:34 I mean, participation on Bank Nifty is actually critical for the index to move higher.

00:07:39 47,300 is where we are at right now.

00:07:43 There is again struggle.

00:07:44 So you've got mixed trends that are emerging in banking.

00:07:46 And today out of the last three days is one of the few days that Bank Nifty is actually

00:07:50 outperforming the benchmark to a certain extent.

00:07:54 Would you go long Bank Nifty or too early to tell and you'd still avoid it for now?

00:07:59 Absolutely.

00:08:00 I completely avoid the longs in the banking index.

00:08:04 If you draw a trend line from the 2018 highs and connect it to the 2015 high, all the highs

00:08:10 subsequently of 2020, the COVID highs, the 2021 highs, the 2022 highs and 2023 highs,

00:08:18 all are hitting that trend line.

00:08:20 So the markets are sending a very critical message when it comes to the banking sector.

00:08:24 It's very tired and it risks a major top around these levels.

00:08:28 So the critical level for the banking index is 46,920.

00:08:33 If the banking sector were to drop below that, I would definitely pull a few shots over there.

00:08:40 But at the moment, it's just a wait and watch.

00:08:42 We are on a high alert.

00:08:45 We don't preempt the market.

00:08:46 So we wait for the markets to confirm the supports are breaking.

00:08:50 Once that happens, we are ready to go on the short side at the moment.

00:08:54 So avoid longs and HTC Bank, if that's the critical part, if HTC Bank were to drop below

00:09:02 16, 15, that will be a bigger contributor for the market's drop.

00:09:06 So watch these levels like a hawk.

00:09:10 Very interesting, Jai.

00:09:11 Let me switch over to Vijay.

00:09:13 Vijay Harsh also joining in.

00:09:14 Talk to us about how you're looking at valuations more from a fundamental standpoint at these

00:09:21 levels.

00:09:22 How are you looking at markets and overall valuations?

00:09:25 Good afternoon.

00:09:26 Thanks for having me on the show.

00:09:30 I think that the markets are trading at about 22, 23x PE forward earnings.

00:09:37 And that's, I would say, a bit on the expensive side.

00:09:40 I won't say all the stocks are expensive.

00:09:43 But yes, we have seen a lot of run up in most of the stocks, especially mid caps and small

00:09:50 caps.

00:09:51 Some of the large caps have also run up quite a bit.

00:09:53 So I think that markets would cool off sooner or later.

00:09:56 We would surely see some kind of a correction.

00:09:58 I won't say that it's a crash, but it's a correction which I'm expecting.

00:10:03 And it's always better to get out of the overbought stocks and get into stocks which are still

00:10:10 having a lot of promise and fundamentally strong and they're not high on valuation.

00:10:15 So during the course of the show, I will share some of my investment ideas where we are still

00:10:21 investing and we are recommending to invest.

00:10:25 Right.

00:10:26 Also, Vijay, in terms of the way the Nifty Bank is shaping up, you're looking at some

00:10:32 of the... there's a consensus buy on the banking counters, especially on the large private

00:10:38 bank space.

00:10:41 And so how should one... how do you look at valuations on the Nifty Bank as a whole?

00:10:47 And within that pack, what are you finding as the most lucrative buys at this point?

00:10:53 Well, I think, as I said, I think that some of the valuations are stretched.

00:10:57 We've seen an HDFC Bank going up, ICICI, Kotak also moving up from the bottom.

00:11:02 So I think that there might be some kind of a correction in store.

00:11:06 So this party cannot last for long.

00:11:11 You just cannot see stocks breaking their all time highs of a week, highs every single

00:11:16 day.

00:11:17 There has to be some kind of a rationale.

00:11:19 So I think that we are probably at the end of the interest rate hike cycle.

00:11:25 Once the RBI starts thinking on the lines of bringing down or softening the interest

00:11:31 rates, the banks would definitely give a thumbs up.

00:11:34 Because the chances of bad loans would go lower.

00:11:39 The asset quality definitely has improved over the last two, three years.

00:11:43 And I think that it will keep on improving once the interest rates start ebbing down.

00:11:47 Secondly, the inflation, food inflation, especially during winters is much lesser than that in

00:11:53 summers.

00:11:54 So I'm expecting once the inflation softens, the interest rate cycle starts coming down,

00:12:03 then probably I think that banks would show a great thumbs up.

00:12:06 So I think that the likes of Yuko Bank, the likes of Union Bank, Canada Bank, even SBI

00:12:13 are great buys in a correction.

00:12:14 I won't say just go and jump and buy right now.

00:12:18 But I think there are good quality banks which are available in the PSU space, as well in

00:12:22 the private space.

00:12:23 I think that Kotak should do well over a period of time.

00:12:27 But wait for some kind of a correction.

00:12:29 Don't just join the bandwagon, join the euphoria and get carried away.

00:12:34 So at times, money in the pocket or the bank or in certain good stocks is better than just

00:12:43 punting.

00:12:44 So I would say that just wait.

00:12:46 I think that there would be some kind of a correction.

00:12:49 You buy good stocks in a correction, we are in a long-term bull run for sure.

00:12:52 Buy on dips market.

00:12:54 But what's interesting, it's a buy on dips day as well.

00:12:57 The Nifty has recovered.

00:12:59 Bank Nifty is 0.3% higher.

00:13:02 The broader markets are also looking good.

00:13:04 The CentSix has now moved into positive territory and the Nifty as well is actually looking

00:13:09 pretty well placed.

00:13:10 So it wouldn't surprise me if we actually go home with some gains by the time we shut

00:13:14 shop.

00:13:15 In the green on the Nifty 50, there was a pretty sharp and smart recovery in the last

00:13:18 couple of minutes of trade.

00:13:20 Well, Jair, Reliance Industries, it's carrying its weight for a change this afternoon, 1.5%

00:13:25 higher and a chunk of those gains have come in in the last 20 minutes.

00:13:29 RIL for a short-term trade?

00:13:32 Yeah, short-term, that's the underlying word, Samina.

00:13:37 As long as the stock can hold about 25-20, I think it's trending up.

00:13:40 But although it's pulling up the whole market today, from a slightly higher time frame,

00:13:47 the stock has lost momentum in its ascent.

00:13:52 So that's not a good sign.

00:13:53 But it can be overcome by higher prices.

00:13:55 So we want RIL to cross 2700 and 2750.

00:14:00 That will probably push the momentum higher and can take the markets higher.

00:14:05 But be a bit cautious, 25-20 critical support, as long as the stock can stay above bullish

00:14:11 on it.

00:14:12 Right, a percent and a half higher on RIL, looking good at the moment.

00:14:18 But quickly moving on, we'll of course come back to our guests, but several stocks buzzing

00:14:25 in trade today in terms of volumes.

00:14:27 Anushi is here with some of the volume buzzers.

00:14:29 Anushi, take it away.

00:14:30 Right, so right at the top of the list, we have TV18 Broadcast hitting an intraday high

00:14:35 of about 19%, with its volume buzzing at about 9 times of its 30-day average.

00:14:40 So this was because of the large trade that happened wherein 20 crore shares changed hands

00:14:46 in 22 large trades.

00:14:47 Next we have Avanti Feeds which hit an intraday high of about 8% and with its volumes at about

00:14:53 7.2 times.

00:14:54 Over here, there's no such fundamental aspects driving the stock.

00:14:58 But just to give an update, the company did declare it foray into the pet segment.

00:15:04 And if you look at the analyst recommendation on this, they suggest a return downside potential

00:15:08 of about 5.5%.

00:15:11 Next on our list is again a media company over here, Network18 Media, which hit an upper

00:15:15 circuit today at about 20% and with its volumes at about 7 times.

00:15:21 Again a large trade over here with about 5.6 crore shares changing hands and about value

00:15:27 amounting to 64 crores.

00:15:29 Next on the list is NCC Limited.

00:15:31 NCC Limited, while again there is no fundamental triggers over here, the company has a strong

00:15:36 order book with its FY24 order book pegged at about 26,000 crore of which they have already

00:15:43 achieved about 80,000 in the H1 of FY24.

00:15:47 And lastly on the list is GTD India, which has hit about an intraday high of about 3.3%

00:15:53 and its volumes at about 5.5 times its 30-day average.

00:15:57 So these are the stocks buzzing in volumes today.

00:16:00 Indeed, lots of stocks that are moving in today's trade and you've got action across

00:16:05 the board, but a lot of those mid-cap names is what is drawing our attention.

00:16:09 Vijaya Earnings, two big ones.

00:16:11 IT season kicks off with TCS and Infi.

00:16:15 Very quickly, would you recommend any tactical calls here to buy IT stocks ahead of numbers

00:16:20 because the trade really has been mixed here too.

00:16:24 Vijay, we cannot hear you.

00:16:30 Athina, do unmute yourself.

00:16:32 Extremely sorry.

00:16:33 I was advocating to buy IT stocks almost six, eight months back when they were touching

00:16:38 the bottom.

00:16:39 I'm kind of kept in on the kind of growth these companies would, the guidance they would

00:16:46 give for growth.

00:16:47 So I think that TCS has moved up quite a bit.

00:16:51 So has Infosys, even Wipro.

00:16:54 It was lying low.

00:16:55 So I think that let's wait for the results and then see how they give the guidance for

00:17:02 the next few quarters.

00:17:04 So I would be interested to listen to the guidance first and not just go and jump and

00:17:09 buy.

00:17:10 As I said earlier, I won't recommend doing a blind buying right now.

00:17:15 Be very cautious with stocks.

00:17:17 There are certain pockets of excellence.

00:17:19 You should try and pick out stocks which can probably give you a return on your capital.

00:17:25 So there are some I will discuss if you allow.

00:17:28 Please do, Vijay.

00:17:29 We'd love to know the stocks that you have on your radar and the ones that you're avoiding.

00:17:34 Please go ahead.

00:17:35 Yeah.

00:17:36 So I would recommend a buy on rights.

00:17:38 So this is Government of India Railway stock presently trading at about 523, 524.

00:17:45 I think that this stock has the potential of going up to 550 and then 600.

00:17:49 It has a fantastic order book.

00:17:52 And we've seen that the kind of run up railway stocks have shown and the kind of investments

00:17:57 which are happening in railways and the expansion which is happening in railways.

00:18:01 So rights is a good buy according to me.

00:18:03 Another stock which has corrected quite a bit is Navin Florin.

00:18:07 All the Florin companies, SRF has fallen down.

00:18:12 I think that Navin Florin has gone down quite a bit and it's a quality company.

00:18:18 We saw some kind of a senior level exit.

00:18:21 That's why the stock started correcting.

00:18:23 But I think that the correction is kind of done with.

00:18:27 We might see that it might fall further, but just a bit.

00:18:32 But I think that this stock has the potential of going up to 4000.

00:18:36 So Navin Florin seemingly is a good medium to long term buy.

00:18:40 The third call I would give is Wadi Lal.

00:18:44 I always prefer this is a seasonal play.

00:18:47 And I generally buy this stock during peak winters.

00:18:52 And I think that it's a quality company, fantastic product and wonderful distribution across

00:18:58 the country.

00:18:59 So Wadi Lal with trades at 2585 right now, could be bought for a target of 2800 and 3000.

00:19:05 Right.

00:19:06 So rights, Wadi Lal and Navin Florin are the three buy calls coming in from Vijay.

00:19:11 In the meantime, the market's looking pretty good actually.

00:19:13 We're at 21,571, well off the day's low point.

00:19:16 In fact, trading 10 points away from the day's high.

00:19:19 We'll slip into a break.

00:19:21 We leave you with a wrap of what transpired on day one of the Vibrant Gujarat Summit.

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00:26:04 Welcome back. You're watching India Market Close.

00:26:06 It's actually not looking too bad for Day Strait as we go into the last 30 minutes of trade.

00:26:10 The Nifty is almost at the day's high point, trading with a gain of 40% -

00:26:14 actually, it is at the day's high point, 21,585 is what we trade at.

00:26:19 I think the bulls will attempt 21,600 for close,

00:26:22 but let's wait and see how things plan out in the next couple of minutes.

00:26:26 Bank Nifty is providing the leadership, two-tenths of a percent higher on Bank Nifty, 47,355 is what we have.

00:26:35 Nifty PSC is up about a percent.

00:26:38 You've got bunches of stock that are gaining the breadth of the market as well,

00:26:41 has actually improved quite a bit in the last few minutes.

00:26:44 Stocks like Reliance Industries are up and about in trade right now.

00:26:48 One stock that is also at its day's high point is Coach & Shipyard, 25% higher on -

00:26:52 there you go, that's RIL, 2.5% gains on Reliance Industries.

00:26:57 Coach & Shipyard is up 2.5%, 25%.

00:27:00 Network 18 is up 20%.

00:27:02 NCC, that's the other one that's definitely worth a mention.

00:27:06 The stock opened with a gap-up, but trades at its -

00:27:09 almost at its day's high point, the gain of about 9 odd percent.

00:27:13 It is a large trade.

00:27:14 In fact, the company has achieved 80% of its F520 for guidance in the first half of financial year '24.

00:27:21 Anushi is standing by with more on that.

00:27:23 Anushi, NCC was defying the market sentiment even in early trade,

00:27:28 holding on to those gains of 9%. It's looking good for NCC.

00:27:32 Right, absolutely.

00:27:34 As you mentioned that it hit about 9% upside today.

00:27:38 Even if the volumes are strong on this counter with 6 times its volumes compared to its 30-day average.

00:27:44 Now, also the order guidance, the company has completed about 80% of its order guidance

00:27:49 of Rs. 26,000 crore in H1 FY24 itself.

00:27:53 So, apart from that, it also recorded about Rs. 4,000 odd crore of order wins in the Q3 of FY24.

00:27:59 So, it's very likely to exceed its order guidance going forward.

00:28:04 Apart from that, if you just look at the Q2 FY24, a mixed performance over here

00:28:09 with the revenue being up about 39% and margins were lower at about 6% compared to 9%.

00:28:15 Other than that, there's a lot of institutional interest in this one

00:28:19 with the likes of ICICI Prudential, Bandhan Sterling Value Fund

00:28:23 and also key market investor Rekha Rakesh Ranjanwala holding about 13.1% stake in the company.

00:28:30 So, that's all on NCC.

00:28:32 In a minute, there's important views that we're getting in finance.

00:28:37 Mr. Nirmala Sitharaman is addressing the Vibrant Gujarat Global Summit. Let's hear her out.

00:28:41 It was a partnership with the states.

00:28:44 Partnership so that states also aspire and their aspirations find in the scheme of things of the center

00:28:52 and also working together with the states for the strengths that they have

00:28:57 and to make sure that through programs like the aspirational districts

00:29:02 which are later now gone down a bit further to the level of the blocks,

00:29:07 gone down in the sense of to the granular levels to the blocks.

00:29:12 Looking at development as being a partnership where you leverage the strength of the state

00:29:18 and look at strengthening those challenges in the sense get over the challenges

00:29:23 and make them strengths for the states.

00:29:26 Therefore, I call it a partnership between the center and states.

00:29:31 So, this participatory approach is what gives us the language for thinking about

00:29:36 how India can be reaching that target through the Amrit Kaal, the 25 years between now and 47

00:29:44 that we can reach to build a developed India, not just in terms of what will be reached,

00:29:50 30 trillion US dollars by 2047, but also with the 30 trillion inclusive empowering growth for all citizens.

00:30:01 So, Vikasad Bharat Agenda is a comprehensive vision plan which is being developed by the government of India.

00:30:08 I appreciate the effort of the state in getting this already on board.

00:30:14 India today is at a turning point is what the previous speaker has been saying.

00:30:22 21st century will be our century is one thing.

00:30:26 But even by 2027-2028, it is believed that we surely will be able to reach the third largest economy goal

00:30:39 about which Honorable Prime Minister has been speaking with a good sense of confidence.

00:30:44 And that is because people of India have met with the challenges post-COVID and built the recovery on a strong footing.

00:30:52 And therefore, it is possible that we will be the third largest by 2027-2028,

00:30:58 but also that our GDP will cross 5 trillion dollar by that time.

00:31:03 By 2047, as I said earlier, it is a conservative estimate that we will reach at least 30 trillion in terms of our economy.

00:31:14 But one emphasis that I would like to place is Vikasad Bharat is one of the panchpran about which Prime Minister had spoken about.

00:31:25 And panchpran actually marks the soul of Vikasad Bharat.

00:31:30 Panchpran is the one with which we had targeted 2047 as the developed country goal.

00:31:40 But together with it, the emphasis to remove the colonial mindset which has been in us

00:31:46 and which is important for us to get over has been very clearly emphasized on.

00:31:51 Enormous work has to be done.

00:31:53 People, the states, stakeholders, central government, all of us will have to work to achieve that.

00:31:59 I'd like to highlight only about six or seven specific milestones, which I call milestones,

00:32:05 because they are the foundational pillars on which Amrit Kaal is going to put all the efforts together

00:32:12 to take India into that Vikasad Bharat by 2047.

00:32:18 Antyodhya is for that inclusive growth in which, of course, you know about the free food scheme.

00:32:24 I'm not expanding on it.

00:32:26 But empowering aspect of it is the Svandhi, which can be taken as a very important example.

00:32:33 57 lakh loans have been granted to street vendors so that the smallest of small person can build this entrepreneurship

00:32:41 based on those sovereign guaranteed, in a way, collateral free loan which they get.

00:32:49 And very many schemes of the prime minister, one particular on which the UNICEF has come up with a statement saying

00:32:56 this open defecation free ODF families have actually saved 50,000 British pound.

00:33:05 This is UNICEF saying it.

00:33:07 So they say 50,000 British pounds have been saved or, in other words, they've averted to that extent spending on health care.

00:33:16 So in a way, it is a saving for poorer families.

00:33:21 So this scheme of Swachh Bharat and the ODF has actually saved poor people from spending on their health related matters.

00:33:28 The next major, which I would highlight, is the direct benefit transfer, where 37,000 crores of rupees was transferred

00:33:36 even during COVID, the lockdown period.

00:33:39 16 plus odd crores of people were covered by it.

00:33:44 And therefore, even during a lockdown, if that could help us, the DBT,

00:33:49 since after that you are seeing, 33 lakh crores has been transferred under the DBT,

00:33:55 resulting in savings of almost 2.73 lakh crores for the government.

00:34:01 Because pilferages were cut down, you were able to use technology to make sure benefits reach those who deserve it.

00:34:08 And government was not spending to unknown entities.

00:34:12 The third, which I'll highlight, is a financial inclusion program, which India has never seen before like that.

00:34:19 Yes, financial inclusion has been a long drawn goal on which every year a certain number of incremental number of people would come in.

00:34:26 But now I'd like to highlight the fact that more almost 50 plus crore people have already been brought into formal banking system.

00:34:36 Where were we in 2014-15? Only 15.15 crore people were with bank accounts.

00:34:44 Now that has gone up to 50 crore.

00:34:46 Equally, connecting to the rural India and farmers, particularly I'll take the example of agro-processing,

00:34:54 where the value addition element comes for agrarian products.

00:34:57 Only two mega food processing plants existed in this country in 2014.

00:35:04 That's gone up to 24 in 2023, within a matter of nine years.

00:35:10 That brings in value addition to the products, the farmers get better price, the value addition brings jobs,

00:35:15 and some of them get exported also, the products.

00:35:18 The other highlight which I'd like to bring in as a pillar for Amrit Kaal,

00:35:23 on which Amrit Kaal is going to build towards a Vikasid Bharat, is about the emphasis given on sunrise industries.

00:35:33 India will now become at least in-house producer of semiconductor capacities,

00:35:39 EV adoption is happening in a big way, and therefore these are things which have emanated from the FDI policy of the country.

00:35:49 What is about the FDI policy? Just look at the numbers.

00:35:53 India had attracted between 2000, April 2000, and March 2023.

00:36:01 23 years, we had attracted 919 billion US dollars in FDI.

00:36:08 But it is important for us to recognize that 65% of this 919 billion dollars,

00:36:16 that is about 595.25 billion dollars, had all reached India in the last eight years, eight to nine years.

00:36:28 So between, in the 23 years you're receiving 919 billion US dollars,

00:36:33 of which 595 plus billion dollars have come only in the last nine years, beginning 2014.

00:36:42 So your FDI is coming in, it's like water, it flows to the lower end,

00:36:47 where policies bring in greater certainty, convenience, ease of doing business, FDI flows in.

00:36:53 Of course, disruptions of higher US Fed rate and other things can divert it elsewhere,

00:36:59 but despite that, we've been receiving that kind of a flow of the FDI.

00:37:04 It's not as if it's coming only for manufacturing, it's coming also for service sector.

00:37:09 Service, particularly exports, have also seen a surge from 1 billion that it was, US dollars, to 325 billion US dollars.

00:37:21 So these are all strong foundations which have been laid in the last nine years.

00:37:26 There are one or two more I'll add to it.

00:37:29 The third largest startup ecosystem, the PLI scheme, which now cover 14 critical sectors,

00:37:38 the UPI, about which of course BVR Subramaniam had very clearly mentioned,

00:37:44 100 billion transactions in just the calendar year 2023, over 180 lakh crores being the total value which is being transacted.

00:37:54 There's global recognition, G20 was very clearly a part of India's experience in this area.

00:38:01 So with all this, technology and digitization have brought people together, 50 crore people have been brought in into the banking system.

00:38:08 Now look at where the unbanked have come into the banking area, 44% was where we were in 2014.

00:38:18 Only 44% had accounts. Now more than 80% people in this country have bank accounts.

00:38:25 Look at Gujarat, therefore, in this context, and Gujarat, which has released its Vikasid Bharat vision document.

00:38:34 It is a state which has 5% of our population, just 5%, contributes 8.5% to our GDP.

00:38:43 19% gross value added every year happens from Gujarat to the GVA of the total country.

00:38:52 Total gross value addition to the country, 19% comes from Gujarat.

00:38:58 The per capita income is 1.7 times the national average.

00:39:03 So it is a state which actually is rapidly moving forward and the state is growing at 12% CAGR between 2011 and 2021 in the 10 years,

00:39:18 while the national average is 10.4%.

00:39:21 So rightly, we are here in Gujarat, talking about its vision for 2047,

00:39:26 and certainly 2047, which is going to be a developed country for India, and in that, the engine of growth, I see Gujarat being very clear in its vision.

00:39:37 I welcome the document, and I'm sure the people of Gujarat, under the leadership of the Chief Minister, will be able to move in that direction.

00:39:44 Thank you very much.

00:39:46 Thank you so much, ma'am, for your insightful...

00:39:50 Right, that was the Finance Minister talking about plans for India, saying that India will cross $5 trillion by 2027-28.

00:40:03 Very, very strong commentary coming.

00:40:05 And we'll take a break.

00:40:06 The market is also the day's high point.

00:40:08 RIL is moving the markets this afternoon.

00:40:10 Big gains on the Nifty, on the Reliance Industries and the Nifty 50 also trading high.

00:40:15 We'll take a break.

00:40:16 We'll come back a lot more on the other side.

00:40:17 We'll take you to the top by today's cell calls for tomorrow.

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00:43:40 Welcome back.

00:43:41 You're watching India Market Close here on NDTV Profit.

00:43:44 We have both our guests, Jai as well as Vijay, continuing to be with us.

00:43:49 Jai, let me go to you. Sharp recovery in markets largely led by Reliance.

00:43:54 How are you viewing markets ahead of, of course, weekly expiry tomorrow?

00:44:01 I'm bullish on three sectors.

00:44:03 One is the pharma sector.

00:44:04 Another one is the real estate sector.

00:44:06 Another one is the IT sector.

00:44:08 All of them are short-term plays.

00:44:11 Pharma and real estate could last a bit longer.

00:44:15 IT index could be a much shorter, short-term play.

00:44:20 Just probably for one higher high above the December highs.

00:44:23 So, you know, you can be bullish on most of the IT names and keep a stop below

00:44:29 the January 3rd low registered for most of these IT stocks and expect them to

00:44:34 cross the highs registered in December.

00:44:38 So, I know the best start of them is probably HCL Tech.

00:44:42 And I'm bullish for a price to close to 1600 as long as the stock can stay above 1415.

00:44:50 If you want to adopt a BTC strategy, the stock will be much closer and the target

00:44:56 will be much shorter.

00:44:58 So, the stop for opening reverse trade of tomorrow for today's strategy would be,

00:45:05 you know, keep a stop at about 1457 and then expect 1520 tomorrow.

00:45:13 Right.

00:45:14 Thanks so much for that, Jai.

00:45:15 But what's something that I'm looking forward to try and break down here is going

00:45:21 to be done by Agam.

00:45:23 Agam standing by to break down the F&O Qs for today.

00:45:26 It's been an extremely interesting day, Agam, and especially an extremely

00:45:30 interesting last half hour.

00:45:32 Believe it or not, Harsh, we actually were expecting fireworks, but it's turned out

00:45:37 to be a very, very quiet expiry, the banking options expiry.

00:45:41 And while we have seen advances of a quarter percent as far as the Nifty futures,

00:45:45 pardon me, the underlying is concerned, the Nifty futures are seeing no change

00:45:50 in open interest and largely where we left off the open interest number where it was

00:45:55 the day before.

00:45:56 Even in terms of the Bank Nifty, you know, if you consider the quarter percent up move,

00:46:01 we are looking at once again less than 1% increase in open interest.

00:46:05 It does seem like at the moment traders have not really majorly built on their positions

00:46:11 as far as either of these indices are concerned in the index futures.

00:46:15 How are the options markets panning out?

00:46:17 Where is there more traction?

00:46:18 Well, we did see a lot more writing around 21700, 21800 calls.

00:46:23 That was in expected lines.

00:46:25 That's because we are looking at the Nifty largely remain around that level.

00:46:30 And consequently, the 21700 call is the one with the maximum open interest in today's

00:46:36 day of trade.

00:46:37 So, and of course, on the lower end, while the 21500 does have maximum open interest

00:46:44 in terms of puts, well, a lot of traders are of the opinion that they potentially work

00:46:49 with a 300 point, 400 point range between 21400 on the lower end and 21800 on the higher end.

00:46:56 That said, let's take a look at the Bank Nifty.

00:46:59 Now, today was the weekly options expiry and we've seen largely flattish moves over the

00:47:04 past few hours.

00:47:05 We really haven't seen too much traction.

00:47:07 And while the Bank Nifty tried to move higher, well, it was always met with a little bit

00:47:13 of resistance on the higher end and it has come off.

00:47:16 As far as stocks are concerned, well, we are looking at a little bit more positivity.

00:47:21 So, we did see fresh longs in Zee Entertainment, JK Cement, Vedanta and Polycab.

00:47:26 Polycab is a curious one because now we've seen a little bit of a flip over there.

00:47:30 And of course, in terms of all stocks which are advancing, short covering for Delta Corp,

00:47:34 Nalco, Hindustan Copper, LTIM and Billasav.

00:47:37 Delta Corp is a curious one because the earnings were not encouraging at all, but it is trending

00:47:42 higher by around 2.2%.

00:47:44 But speaking of earnings, it's going to be about IT earnings tomorrow and a lot more

00:47:49 excitement, well, upcoming there.

00:47:52 Agam, very quickly, I don't know if you prepped for this, but Reliance Industries, 2.8% gains,

00:47:57 I think it single-handedly turned the Nifty positive.

00:48:00 Anything on the F&O data there yet?

00:48:01 Why don't we pull up a Reliance Industries snapshot and take a look at whether or not

00:48:05 we have in fact seen a lot of activity.

00:48:08 Because, yes, it's certainly a heavyweight.

00:48:11 It's most certainly going to, well, give that impetus as far as the major index is concerned.

00:48:16 If we do have the Reliance Industries future snapshot, well, we should have it on your

00:48:22 screen in just a moment.

00:48:24 There you have it.

00:48:25 So we do in fact see about a 3% increase in open interest, what looks like potentially

00:48:31 fresh lungs, about the mark of 2650.

00:48:34 2600 itself is a little bit of a conquering of sorts as far as Reliance Industries is

00:48:40 concerned.

00:48:41 So certainly a positive.

00:48:42 The question really is that do we see about a profit taking in Reliance Industries tomorrow?

00:48:46 It seems like, well, this is a positional trade, but it's a wait and watch on that one.

00:48:51 No, it's looking good.

00:48:52 And RIL has single-handedly lifted the Nifty in the positive territory, looking pretty

00:48:56 well placed on the index as well, 21,620 is what we have on the benchmark.

00:49:01 Jay, we've got another 10-12 minutes to go before we start wrapping up trade.

00:49:06 Any trades, buy today, sell tomorrow, sell today, buy tomorrow calls from you?

00:49:11 Yeah, as I said, I'm bullish on the pharma sector.

00:49:14 So Supla is a good one there.

00:49:16 And so Supla is a buy today, sell tomorrow opportunity there.

00:49:20 So stop under 1310 and price objective close to 1360 is what I'm looking for in Supla.

00:49:29 Quick mention on the dollar rupee pair as well.

00:49:32 The rupee is looking to close sub 83.

00:49:35 So 8297 is what we have on the dollar rupee pair.

00:49:39 It is the highest level on the dollar rupee pair since December 18.

00:49:43 Now, this is also turning out to be – okay, it's back up at 83.

00:49:46 So it did make an intraday high of 8297.

00:49:49 Vijay, we were discussing RIL and it's looking like there has some enormous amount

00:49:55 of buying that's come in the last 30 to 40 odd minutes.

00:49:58 Would you buy Reliance Industries?

00:50:00 You've got earnings around the corner.

00:50:02 Crude is the joker in the pack.

00:50:05 But I mean, RIL is so much more than oil and gas now.

00:50:08 How would you play Reliance Industries?

00:50:10 Do you hold it?

00:50:11 If not, do you recommend it?

00:50:14 Samina, yes, definitely we hold it.

00:50:16 And the long-term investors, we would not recommend to sell.

00:50:20 Very rightly mentioned by you, RIL now is much more than oil and gas.

00:50:24 They have some of the top 100 brands in the world with them.

00:50:29 They've got retail.

00:50:31 They've got lots and lots of businesses and new businesses also which are coming up.

00:50:37 So I would say that long-term investors definitely hold on to Reliance.

00:50:41 There would be several demergers and several companies coming on to Reliance still.

00:50:45 We have already seen Geofin coming out.

00:50:48 But yes, in the shorter term, I won't recommend that you go and jump and buy.

00:50:53 Wait for a correction.

00:50:55 And if at all you get Reliance close to about 2480, 2460, that would be a great level

00:51:00 to get into Reliance.

00:51:02 But right now at 2650, I am a bit skeptic.

00:51:05 Don't buy right now.

00:51:07 Understood.

00:51:11 So that's the view coming in on Reliance.

00:51:13 Buy on dips continues to be the strategy and the theme that Vijay seems to be propagating.

00:51:19 But let me quickly move it to another counter which has been in focus today.

00:51:24 We have Mannapuram Finance which is in focus because Asirwad Microfinance,

00:51:30 it holds a majority stake in that company.

00:51:35 IPO has been put on abeyance by SEBI.

00:51:39 Now, when I'm looking at Asirwad's broad numbers, Samina,

00:51:43 we're looking at book value of roughly 1800 odd crores in terms of net worth.

00:51:49 Typically, these microfinance companies are trading at around 2.5 times price to book.

00:51:54 So if I can extrapolate the numbers, roughly the valuation of this company

00:52:00 within the Mannapuram setup is roughly 2 to 3 thousand crore.

00:52:04 When I'm looking at Mannapuram's valuation of around 14,000 crore,

00:52:08 it's a substantial meaty number because it's roughly 20% of Mannapuram's valuation.

00:52:15 And therefore, you can see the knock on the stock largely due to the delay on the IPO.

00:52:20 And that's what's really impacting that one today.

00:52:24 Let me go across to Vijay. Vijay, any view with regard to Mannapuram, point number one,

00:52:29 and with regard to Asirwad Microfinance, if you've had a chance to read the DRHP?

00:52:35 I'm extremely sorry, I've not gone through the DRHP, but Mannapuram for sure I can comment.

00:52:42 I think that, as I said, stocks are correcting.

00:52:46 There might be reasons coming out of nowhere, but we do have a reason.

00:52:51 I've not gone through the DRHP though.

00:52:54 But yes, Mannapuram is a good company. Gold is at an all-time high.

00:52:58 The business model is very clear. They give about 60% to 70% of the gold value.

00:53:03 The gold value has gone up considerably.

00:53:06 So I think that they are sitting on a very good loan book,

00:53:10 which is healthy as well due to the high prices of gold.

00:53:13 So I would say that wait for a correction.

00:53:16 The ideal point of Mannapuram would be anywhere between 145 and 150.

00:53:21 So wait for that level to come and then definitely you can buy.

00:53:24 But I have not gone through the DRHP. I should be sorry for that.

00:53:28 Right. That's Mannapuram Finance. The stock is under pressure.

00:53:31 5% cut is what we are seeing on that.

00:53:34 On the charts, Jay, do you track this one?

00:53:39 Yes, I do. And I also have a medium-term outlook on Mannapuram.

00:53:43 Basically, we classify markets the way they move.

00:53:47 If you look at the weekly charts of Mannapuram,

00:53:49 it moved from the 2022 highs to the 2022 low in a five-step fashion.

00:53:54 And right now, the recent high was about 185.

00:53:58 And it's slightly overshot the 61.8 Fibonacci replacement of last year's move.

00:54:05 And it's getting rejected just from that.

00:54:10 So this is not a positive sign.

00:54:12 And I would sometimes expect the stock to break below the 2022 low.

00:54:17 And it's not a short-term call. It's a slightly medium-term play.

00:54:22 So if you have stocks that picked up around the lows,

00:54:27 you may want to lock in profits to a large extent

00:54:30 and not hold beyond 25% of what you picked up.

00:54:33 Jay, have you been looking at Vedanta?

00:54:36 There was a downgrade that came from Moody's early this morning.

00:54:39 The stock saw a gap-down opening, which got bought into,

00:54:42 and it trades at its day's high points.

00:54:44 There's almost a 3.5% recovery from its day's low on Vedanta.

00:54:49 Have you tracked this one, Jay, on the charts?

00:54:53 Yes, see, Vedanta has got a copper exposure too.

00:54:58 And I'm slightly bullish on copper for the short term.

00:55:01 But looking at the charts, the Nifty Metals have had a good run.

00:55:07 They're all coming to an exhaustion point.

00:55:10 And when I say good run, it's been a phenomenal run for the Nifty Metals Index.

00:55:14 And given that Vedanta has considerable exposure to copper,

00:55:19 and I expect copper to break fresh lows in 2024,

00:55:24 so I wouldn't put too much into this.

00:55:27 I would expect this rally to peak out sometime in January,

00:55:33 and not beyond that.

00:55:35 So it's just an extreme short-term bet.

00:55:38 And I expect once copper breaks below 3.72,

00:55:41 the high-grade copper traded on Fomex,

00:55:43 once that happens, I expect copper to drop 25%.

00:55:46 So a little bearish on metals names, all the base metals, in fact.

00:55:50 Wow, that's a bit of bearishness with regard to that call.

00:55:55 25% drop in copper when renewables are in vogue.

00:56:00 But let me quickly switch it over to Vijay.

00:56:02 Vijay, what do you make of this Moody's Note from a fundamental standpoint?

00:56:08 This is a company which generates roughly 20,000, 25,000 crore of cash

00:56:13 when I'm adding PAT plus depreciation annually.

00:56:17 And it's a 1 lakh crore market cap.

00:56:19 There's going to be some amount of value unlocking happening

00:56:21 as a result of the demerger.

00:56:23 What's your sense with regard to how Vedanta should be looked at?

00:56:27 Because stock was languishing in trade, now up 2.5%.

00:56:33 Well, there could be several reasons for the stock to go up.

00:56:36 But again, fundamentally speaking, I'm very wary and afraid of those companies

00:56:40 which are high on debt.

00:56:42 And Vedanta is one company which--

00:56:44 and most of the Anil Agarwal companies, so to say,

00:56:47 they have pledged their entire holding.

00:56:50 Now, this is scary.

00:56:52 They were not able to raise capital in the country.

00:56:54 They were trying to raise capital offshore.

00:56:57 And the kind of debt levels this company has is really worrisome.

00:57:03 Secondly, the high dividend which the company pays,

00:57:08 most of the dividend goes to the promoters.

00:57:10 Now, promoters are definitely getting richer.

00:57:12 It's a large company.

00:57:14 I'm definitely sticking my neck out.

00:57:16 But again, the company is getting poorer.

00:57:18 So what's the logic?

00:57:20 I would say that better bring down the debt levels.

00:57:23 If at all the company is planning to sell some of its stakes,

00:57:26 it's better to be in shape, fiscal shape.

00:57:29 And then probably you can look at--

00:57:32 I completely understand, and second, that Vedanta is a behemoth in itself.

00:57:37 The kind of-- the prowess it has found in metallurgy and in mining metals,

00:57:47 I think it has done a stupendous job in the last three, four decades.

00:57:51 But yes, debt levels are very, very worrisome.

00:57:55 I would say that if the stock is coming up, people are holding the stock,

00:57:58 they should try and come out.

00:58:00 That would be the strategy in Vedanta.

00:58:03 I would say in the metal pack, I like the likes of NMDC Steel.

00:58:07 Huge value inside.

00:58:10 It's a government of India company and recent demerger from NMDC.

00:58:14 So NMDC Steel, which trades at about 48, 49, it's a huge value stock.

00:58:18 I think that it can double up from here if people keep it for a longer term.

00:58:22 So better to exit out of debt-laden companies,

00:58:25 which can create potential problems.

00:58:27 And definitely we are seeing some kind of downgrades from Modi's,

00:58:30 which is not a joke.

00:58:31 It is something very serious that the paper has been downgraded.

00:58:35 So stay away from debt-laden companies.

00:58:37 We have seen a lot of accidents in the past.

00:58:40 Right. Thank you, Vijay. Thank you, Jay.

00:58:42 Great having both of you mid-week to help us close out today's trade.

00:58:46 What a day. What a day it's been.

00:58:48 We started a week, we walked into closing the last one hour of trade

00:58:52 with cuts on the street, pretty much at the day's low point.

00:58:55 But in the next couple of minutes after 2.30,

00:58:57 there was a very smart recovery that played out on the markets,

00:59:01 taking the markets to pretty much at the day's high point on the Nifty and Sensex.

00:59:05 The Nifty conquered 21,600 pretty comfortably in the last 20, 30 odd minutes of trade,

00:59:10 going home with gains of 85 points, 4.10% higher on the Nifty.

00:59:14 This, of course, doing a pretty sharp U-turn after struggling around levels of 21,500 over the last few days.

00:59:21 The Sensex performed in line 4.10% higher.

00:59:24 Bank Nifty was in line with the benchmark.

00:59:27 A couple of banking names also helped the market in the last hour of trade.

00:59:31 Bank Nifty going home at 47,375.

00:59:35 Well, that is what the Bank Nifty looked like, the breakdown of Bank Nifty.

00:59:39 ICICI Bank, IndusInd, HDFC, which was trading lower,

00:59:43 Bankoboro and FedBank go home with marginal gains.

00:59:46 ICICI Bank, the top gainer from the banking pack.

00:59:49 Across the other stocks, you had Bandhan, which continues to be under pressure.

00:59:53 PNB Access, SPI, IDFC and Kotal go home with small cuts.

00:59:58 But the day honestly belonged to Reliance Industries after trading muted for most part of the day.

01:00:03 It was in the last 30 minutes actually that saw Reliance make a push to close the day

01:00:08 at the day's high point.

01:00:09 2006.55, we saw aggressive amount of longs as well being built up in the options market,

01:00:15 nearly 3% higher on Reliance Industries and it was this stock that helped the Nifty close

01:00:19 above levels of 21,600.

01:00:22 Well, let's take a look at the other sort of stocks on the Nifty 50.

01:00:26 Adani looked good.

01:00:27 Adani Ports, Adani Enterprise, all closed, go home with sharp gains.

01:00:30 Adani Enterprise going up 3%.

01:00:32 Cipla, RIL, HCL Tech were amongst the other gainers.

01:00:35 On the sell side, you had the likes of DVs, ONGC, BPCL, HPCL that were turning out to be top losers.

01:00:42 But Harsh, very unexpected.

01:00:44 I don't think we were planning for a smart recovery.

01:00:46 21,500 was the support but we've clearly gone up to 21,600.

01:00:51 Well, yes, absolutely, Samina.

01:00:52 And smart recovery, unexpected but it's been a secular recovery.

01:00:57 Let's look at the advance decline for more.

01:01:00 And we'll clearly understand that the advance decline has switched in the favor of the advances

01:01:08 in that last 20-odd minutes of trade.

01:01:11 And that just shows how interesting it got.

01:01:14 Also, with regard to where the broader markets were, we saw both the small cap as well as the mid cap indices

01:01:22 close in the green which is definitely a positive as we go into trade on Thursday.

01:01:29 And we close trade for today, right?

01:01:32 Let's also look at some of the sectoral indices.

01:01:35 Pretty much all sectors were in the red for most part of the day, all of which were under pressure.

01:01:41 But now, look at the picture.

01:01:43 It's totally different outside of the PSU, Realty and FMCG basket.

01:01:49 You're seeing pretty much all sectors in the green from Nifty Bank all the way to Nifty Media

01:01:53 which has been in the green through the day.

01:01:55 So it's been a great day of trade, especially the last half an hour.

01:02:00 It's been an interesting day of trade.

01:02:02 But for now, we're completely out of time.

01:02:05 Again, I wish to thank both Jay and Vijay for all of their views on behalf of us and all the viewers.

01:02:13 But for now, from Samina, myself, everyone who puts the show together, thanks so much for watching.

01:02:17 We'll see you tomorrow.

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India Market Close | Broader Markets Trade Marginally Lower | NDTV Profit

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