#Sensex, #Nifty near day's high as #HDFCBank, #RIL, #Infosys lead.
Tamanna Inamdar and Hersh Sayta dissect key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitLive
Tamanna Inamdar and Hersh Sayta dissect key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitLive
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00:00:00 The Sensex also at new highs and you're seeing the winner of the day, the leader of the pack
00:00:07 and the story of the hour continues to be the IT pack.
00:00:10 The Nifty IT up about 680, 700 points in today's trade and no surprise there that IT companies
00:00:18 are the ones that have been leading the way.
00:00:21 PSUs as well doing very well, but you look at it, the IT stocks are the biggest contributors
00:00:27 to the markets today followed by PSU stocks.
00:00:30 An interesting report today which has seen the entire oil and gas pack booming and we're
00:00:36 going to talk about that more in the show, but suffice to say ONGC up about 5% oil India,
00:00:42 all of them doing very well.
00:00:43 SJVN is having a good day as is Cochin Shipyard and BEL.
00:00:46 I just want to pull up BHEL also, big order flow news coming in before trade this morning
00:00:53 and that stock also up 3%.
00:00:55 So it's been a good day overall.
00:00:57 You've had broader markets also hold up.
00:01:00 The Bank Nifty above 48,000 mark, not firing as much as the other stocks, but remember
00:01:06 the big numbers are going to come tomorrow in terms of HDFC and the Bank Nifty is the
00:01:12 next to watch out for.
00:01:13 On the broader markets, Harsh, also a lot of stocks firing today.
00:01:17 Well, yes, absolutely, Tamana.
00:01:19 You've got plenty of bottom-up stories which are continuing to play out even within the
00:01:25 broader market indices, but on the benchmarks first, with regard to the Nifty mid-cap 100,
00:01:31 you've got gains of around three-fourths of a percent or thereabouts, clearly almost or
00:01:36 nearly in line with where we have the Nifty 50 index.
00:01:40 The Nifty small cap, though lagging a wee bit, but nonetheless in the green, so no complaints
00:01:48 with regard to where the broader markets are either.
00:01:51 It's definitely positive territory that we are in.
00:01:53 Also, if we can have the advance decline, because on a day when we're seeing good traction
00:02:00 in terms of where the benchmark Nifty as well as Sensex index is, we're looking at the advance
00:02:06 decline ratio nearly one is to one.
00:02:08 So clearly somewhere in the broader markets there is some bit of negativity also.
00:02:16 But with regard to the Nifty mid-cap 100, the top gainers, IRFC, RVNL, Aurobindo Pharma,
00:02:23 Oil India, Paytm, all of which are gaining anything three percent and more in the day.
00:02:30 We're also seeing among the losers, we're seeing a Dixon, Asantevi, Nika, all of which
00:02:36 are down.
00:02:37 You also have a Z, which is down nearly three percent now in trade.
00:02:42 So you're seeing some bit of decline over there where the mid-cap index is concerned.
00:02:48 Quickly on to also the small cap index in terms of the key gainers and losers, I'm going
00:02:53 to quickly flag off the likes of an MRPL, HUDCO, Granules, all of which are gaining
00:02:58 over five percent.
00:02:59 Raymond too up five percent plus in trade today.
00:03:03 Exide Industries, Century Textiles, JBM Auto, you have all of those as laggards on the Nifty
00:03:11 small cap, losing anything two and a half percent plus, Tamanna.
00:03:15 Let's talk about IRFC.
00:03:17 What's going on over there?
00:03:19 IRFC up 15 percent in trade today.
00:03:23 The railway pack is doing also very well.
00:03:25 Jupiter, T-Tug are all of them.
00:03:28 But IRFC and a lot of the mid-segment finance stocks also having quite a day.
00:03:35 This is all just volume buzz.
00:03:37 Harsh, anything to add here?
00:03:40 It's a bit of volumes, it's also a bit of sectors.
00:03:43 There has been plenty of negativity on the whole PSU plus railway basket, which has played
00:03:48 out for a prolonged period of time.
00:03:50 This has now started to obviously catch up.
00:03:54 Now it's going into a territory where you're seeing a bit of exuberance in terms of valuations.
00:03:59 Negativity, I mean, largely positive.
00:04:01 Are you talking about the last few sessions only?
00:04:03 So no, no, I'm talking about probably leading up to 2021.
00:04:08 There was there was plenty of negativity.
00:04:10 These stocks were really beaten, the entire PSU power railway kind of basket.
00:04:15 And now you're seeing all of them play or we saw a lot of them play catch up for a very
00:04:20 long period of time.
00:04:21 Now, now we are starting to see them build on those gains and go into a territory where
00:04:26 we've not seen valuations like this.
00:04:30 And that's largely is what is playing out within this entire basket.
00:04:33 And whether it's exuberance or not is something that we leave to our guests and we'll go to
00:04:38 our experts in just a second to talk about, you know, whether they think that IRFC and
00:04:46 the likes are going to see that kind of a bus continuing.
00:04:49 Vaishali Parekh, Vice President, Technical Research, Prabhudha Shriladhar is with us
00:04:54 on the show.
00:04:55 Let me start with her.
00:04:57 Vaishali, hi, great to speak with you on NDTV Profit.
00:05:01 Let's begin with your take first on the index.
00:05:04 Very good afternoon and thank you for having me on the show.
00:05:08 Yes, so index, yes, we have seen getting into the new high territory and we continue to
00:05:13 stay positive.
00:05:14 So, but the only thing is that now we elevate our support levels to 21,500.
00:05:20 And now we would be looking at a target of 22,300 to 22,500.
00:05:24 So yes, it is a positive bias though markets are pretty much in an overbought zone.
00:05:29 So it will be a very disciplined view, but yes, for now it looks quite positive.
00:05:36 All right.
00:05:38 Let me also go now across to Anushi, who is talking about the volume buzzers of the day.
00:05:44 Anushi, take it away.
00:05:45 Right.
00:05:46 So for the volume buzzers, I'll start off my list with MAS Financial Services, where
00:05:51 the volume is at 12 times its 30-day average, while the stock did hit an intraday high of
00:05:56 about 12%.
00:05:57 Do note for the company is expecting about 10,000 crore of AUM by the year end, but now
00:06:03 it stated that it has achieved this target by the Q3 FY24 itself.
00:06:08 Now next on the list is Procter & Gamble Health & Hygiene, wherein there is not much of a
00:06:13 stock reaction as such, but the volumes are about 11 times its 30-day average.
00:06:20 Do note that even here in this one, the Friday also the stock was buzzing on the basis of
00:06:25 its volumes.
00:06:26 Next is Alembic Pharmaceuticals, which has hit an intraday high of about 9%.
00:06:31 Over here, the company has said that it is, just a background on this one, that the company
00:06:37 has noted that it has achieved six approvals in the quarter two and about 190 A&E approvals,
00:06:44 and it expects about double growth to return to single high digit to double digit in India
00:06:49 business in the next coming quarters.
00:06:52 Then in the list is Aselia Solutions, which is in the airline solutions business.
00:06:57 So this is on the back of the Nifty IT rally that has been happening today, and the company
00:07:02 also declaring that it will come out with its own results on Jan 18.
00:07:06 Then next is DB Realty.
00:07:08 DB Realty was again in focus in the previous session itself.
00:07:12 This is on the back of the fundraising plans it is going to consider on its Jan 17 meeting.
00:07:19 And lastly on the list is Rail Vikas Nigam with its volume buzzing at about five times.
00:07:24 Again over here, the company aims to achieve its order book of about 1 lakh crore by the
00:07:28 fiscal end.
00:07:30 So that's all the volume buzzers for today.
00:07:32 All right.
00:07:33 Thank you for that, Anushi.
00:07:35 Meanwhile, my colleague Neeraj Shah is at the World Economic Forum in Davos and speaking
00:07:40 now with Manish Kejriwal, founder and managing partner, Kedara.
00:07:44 Neeraj, good afternoon here from Mumbai, which is sweltering hot.
00:07:48 I'm sure you're enjoying the lovely climes of Davos.
00:07:51 Well, we are live from the World Economic Forum at Davos 2024 and in conversation with
00:08:00 Manish Kejriwal of Kedara Capital.
00:08:03 There are multiple ways in which Manish is known.
00:08:05 I'll just introduce him as somebody who's been here for such a long time, gets the pulse
00:08:09 of Davos so well.
00:08:11 And Manish, an important time considering that in a disjointed, fragmented world, India
00:08:18 seems to be that oasis of stability, calm and investability.
00:08:23 Would that be a correct way to characterize this?
00:08:25 You know, the moniker I would use for this is the credible, incredible India, because
00:08:32 I think for the first time, we actually have all the ducks in line.
00:08:37 We have a geopolitical situation which is almost deglobalization globally.
00:08:45 Increasingly, India is playing a larger and larger role under the leadership of both Minister
00:08:50 Jai Shankar and Durval.
00:08:53 I think we have a foreign policy, obviously under the Chhatra Chai of our prime minister,
00:08:58 which is a very unique foreign policy.
00:09:01 We're actually, without being a bully, stating a fact as it is, we're doing what's in the
00:09:06 best interest of India.
00:09:08 We're not letting other people drive our agenda.
00:09:11 So geopolitically, and we are credibly needed, the US needs us to balance what's going on
00:09:17 in China and in the Middle East.
00:09:19 We like you said, we're an oasis of peace and calm in a region which is strife, whether
00:09:25 it's Taiwan and China, whether it's the Middle East, the Hamas and Israel.
00:09:30 And increasingly, it's if I move on from geopolitics to the economy, while India has always been
00:09:36 reticent and relatively insulated from the global trade flows, and the local markets
00:09:44 are so large and growing, this sort of a growth rate for an economy already so large is unprecedented.
00:09:51 And finally with that, what we have, I used to say in the past, we invest in India, despite
00:09:58 the government, 20 years ago, 10 years ago.
00:10:02 For the first time, what we're seeing is not headwinds, but tailwinds.
00:10:06 The government is actually edging us forward, the economy as a whole.
00:10:11 And we're all, and how is that?
00:10:13 Whether it's infrastructure, whether it's the digital stack, whether it's governance,
00:10:18 these are areas which in the past, you could have said, you're investing in India, despite
00:10:24 things not working.
00:10:25 You look at Bombay, the trans harbor link was opened up, you live in Bombay.
00:10:29 I mean, my wife and I met on Saturday, we were going to Pune.
00:10:34 As soon as the coastal road is ready, and then the metro.
00:10:37 I mean, I think Bombay itself, who would have thought in our lifetimes, we'll have this
00:10:42 and we'll be able to go to the new airport, even sooner than our local domestic airport.
00:10:46 Yeah, well, inshallah, hopefully that happens too.
00:10:48 But so Manish, that's the reason.
00:10:50 You would have been speaking to investors ahead of the forum for the last one month.
00:10:54 It's a new calendar year, you're sure you've got a ton of meeting line up here.
00:10:58 Is the India interest a bit higher than what it was last time?
00:11:01 Because last time it was loud and to the point of it being a shrill.
00:11:05 Is it as loud or louder this time around as well?
00:11:08 You know, I think the whole shrill thing, I don't know if the shrill is from the investors,
00:11:13 or the shrill is from ourselves.
00:11:14 Okay.
00:11:15 All right.
00:11:16 So firstly, I want to say the sort of, you know, the paintings on the buses, I'm glad
00:11:20 we're not doing it this year.
00:11:21 We're calling it credible India.
00:11:23 In addition to being incredible, we're doing much more content driven interaction.
00:11:30 Bollywood nights were good, but few and far between.
00:11:32 Not every night shouldn't be a Bollywood night, right?
00:11:34 We should be proud of our culture, but let's do the traditional dances, the Zakir Hussain's
00:11:38 of the world.
00:11:39 It's not just Bollywood.
00:11:40 But there's so much more richer content, whether it's rich economists like Akita Gopinath,
00:11:46 the Ajay Bangas of the world, our businessmen, whether they're conglomerates, all our startups.
00:11:51 We are in a phenomenal situation right now.
00:11:53 So I think there's credibly a significant interest in India.
00:11:58 And that interest I think is genuine.
00:12:00 But now let me peel the thing one more.
00:12:02 What's happening, right?
00:12:03 When you see what's happening in China and people often ask, is all the capital going
00:12:08 to China coming to India?
00:12:09 That's not the case.
00:12:10 And that will not be the case, right?
00:12:12 China has its own place.
00:12:14 There is a temporary slowdown.
00:12:16 It's also a very large market.
00:12:18 There's lots of geopolitical complications.
00:12:21 China will be back.
00:12:22 So I don't think we can substitute for China.
00:12:25 We can be in addition to China.
00:12:26 We can take more and more market share from an Apple's manufacturing of iPhones into India
00:12:33 from China.
00:12:34 But I think the swing or the pivot will be the pools of capital which have already been
00:12:40 raised.
00:12:41 Here I'm talking, see, we are, Kadara, multiples, Chris Capital, Everstone.
00:12:46 It's India focused.
00:12:48 We don't know and don't want to invest in.
00:12:50 We're relatively small, simple guys sitting on the wall.
00:12:53 The global guys are much larger.
00:12:54 They raise pan-Asian funds in addition to their global funds.
00:12:59 So KKR I think did a $7 billion or $8 billion fund.
00:13:01 So did Bain.
00:13:02 Carlyle on its way.
00:13:03 TPG has done that.
00:13:05 They used to allocate money across all the Asian countries.
00:13:09 But it varied back.
00:13:11 But I would say a very broad generalization, between 40% to 60% of their capital went to
00:13:16 China.
00:13:17 India was only 10% to 15%.
00:13:20 China is going to freeze, at least temporarily, even in these pan-Asian funds.
00:13:24 So that 50% or 60% money is going to go where?
00:13:26 It's not going to all come to India.
00:13:29 Japan is an incredibly attractive market, especially for guys like Bain Capital.
00:13:32 They made a ton of money out there.
00:13:34 So some money will go to Japan.
00:13:36 But India, the force, will go from 10% to 20% to at least 30% to 40% of those funds.
00:13:41 That's an incredible amount of new capital coming into India.
00:13:44 And that's coming in.
00:13:45 So these guys will be enhancing the size and the quality of the teams domestically.
00:13:50 You've seen an interview with Henry Kravis of KKR.
00:13:55 He talks about significantly enhancing investments in India.
00:13:59 He's been around for 25 years.
00:14:00 He's an endophile.
00:14:01 He loves the place.
00:14:02 But there were some challenges he had in terms of how-- I think that's changed as an example.
00:14:08 The other big shift-- again, we won't do this.
00:14:10 We're simple private equity guys.
00:14:12 Our job is OK.
00:14:13 We do three, four, five deals a year.
00:14:16 We raise capital.
00:14:17 We deploy it.
00:14:18 We transform the companies we invest behind and hopefully have an exit and a DPI to our
00:14:23 investors.
00:14:24 The global guys are far more diverse.
00:14:26 We don't want to be like them.
00:14:27 But what are they doing?
00:14:29 I think today in India, Blackstone is probably the largest investor.
00:14:32 But their real estate investments is actually larger than the private equity already.
00:14:36 And both are very large.
00:14:38 But it's the second largest market outside of the US.
00:14:41 So all of them, if you look at Blackstone, if you look at KKR, suddenly infrastructure,
00:14:46 which was so far a government domain or that of the Canadian pension plans or the Brookfields
00:14:50 of the world, is being by traditional private equity players.
00:14:54 So their shift in India also-- we will stick to doing private equity in our salt rate.
00:14:59 But these guys will move to do a lot more of that.
00:15:01 I mean, the largest deal-- sorry, it just struck me.
00:15:04 Larry Fink and BlackRock, you saw they bought out GIF.
00:15:07 That will be a transformational deal.
00:15:09 The amount of capital now available to GIF, the amount of money that BlackRock will be
00:15:14 putting into infrastructure-- of course, there's demands for capital everywhere.
00:15:18 But GIF already has a presence in India.
00:15:21 I think the amount of money coming in from private sources for infrastructure is going
00:15:25 to be significantly higher.
00:15:27 And you can see the projects-- in the old days, there was an environmental issue.
00:15:30 There was some other issue.
00:15:32 Projects got delayed.
00:15:34 People are seeing the execution capacity and the capability and the helping hand.
00:15:39 So you're attracting private capital in addition to the public capital that was coming, whether
00:15:43 it was Japanese money, Singapore money, or Canadian money in the past.
00:15:47 Very interesting.
00:15:48 It's a bit of a difference, simply because-- I mean, you say this at the point of time
00:15:52 when Fairfax has gone out and said that we are increasing the stake in the Bangalore
00:15:55 airport, want to buy more airports, so on and so forth.
00:15:59 Here's one question, though.
00:16:02 In 2022 and '23, arguably, you also shown the depth of the Indian capital markets, wherein
00:16:09 FIs were able to take an exit without a big damage to the tape.
00:16:13 And 2020 was a year of IPOs with so many coming out as well.
00:16:17 My question is, there's a flurry of newer sectoral companies and newer companies coming
00:16:24 out, which are not necessarily, by definition, large.
00:16:27 Traditionally, the penchant was for investing into larger names, because there is safety
00:16:31 and liquidity.
00:16:32 But the newer companies are all small, by definition.
00:16:35 What happens, therefore, to money?
00:16:36 Does it chase these newer companies, or does it kind of bide its time until these guys
00:16:41 grow?
00:16:42 See, I think, Neeraj, you're making two points.
00:16:45 One is the depth of the capital markets.
00:16:48 It is phenomenal.
00:16:49 I mean, as private equity, we look for exits.
00:16:53 We do our control exits to strategics, whether there are strategic companies and global companies
00:16:58 looking coming into India, or financial sponsors.
00:17:01 We sold one company to Advent, one to Warwick Pinkers.
00:17:05 We were in the process of selling one other company to KKR.
00:17:08 So those are happening on the private side.
00:17:11 It's a private-to-private transaction.
00:17:12 The company's on the list.
00:17:14 On the other hand, as private equity, we have a bunch of companies we've already listed
00:17:19 where we've got an exit.
00:17:20 Maniwar is one such case.
00:17:21 But others where we've exited partial stakes, but still have a controlling stake.
00:17:26 For example, in Avas Housing or Spandana Microfinance Company, suddenly the depth of the market is
00:17:32 so deep, you can actually have blocks and secondary transactions of amounts which were
00:17:38 unprecedented earlier.
00:17:39 You saw KKR outflowed almost its entire stake in Max Healthcare.
00:17:43 That was a billion to $2 billion of capital switching hands in 12 hours by an overnight
00:17:51 transaction.
00:17:52 So that is one, the depth of the markets, both in terms of its appeal to portfolio companies
00:17:56 and to private equity, because we're finally getting exits, both strategically and in IPOs
00:18:02 and the secondary market.
00:18:04 To your question in terms of India is thriving for entrepreneurs, the reason we all gave
00:18:11 up careers outside India and came back 20 years ago, you believed in not just the Indian
00:18:16 consumer, but the Indian consumer was supplied by the Indian entrepreneur.
00:18:21 McDonald's is more Indian in India than it is globally.
00:18:25 So that whole, someone like Amit Jha here and Smitha converting what was a global thing
00:18:31 into, it's very, very unique.
00:18:33 That is growing, the demand is growing.
00:18:36 So I think obviously the larger business houses were always well capitalized, they had access
00:18:41 to global pools of equity and debt.
00:18:44 They didn't need, but the smaller companies, which were initially, if you remember, there
00:18:48 was nothing called venture capital 20 years ago.
00:18:51 When my father started a textile company in 1978, he listed the company, the markets were
00:18:56 a venture capital, a form of venture capital for him.
00:19:00 That's no longer the case.
00:19:01 Companies go public when you're ready.
00:19:03 And so if you take a NICA, First Cry is going IPO.
00:19:07 These were companies which essentially were driven by superb entrepreneurs, whether it's
00:19:13 Farguni Nair, whether it's Maheshwari, it's superb in First Cry's case.
00:19:18 The initial capital was venture, but now they're going to stand on their own.
00:19:22 They don't need private equity, they don't need venture capital.
00:19:25 And the depth of the market, now what will happen to valuations will be a reflection
00:19:29 of performance, which is growth in margins and governance.
00:19:33 The moment you see a drop in governance, there's going to be a collapse in market cap.
00:19:37 But I think a lot of these companies today, which were the smaller types, the thirst of
00:19:42 capital was sort of quenched by, in the past, by the soft banks, the AlphaWaves of the world.
00:19:48 That's drying up a little bit.
00:19:50 But the more leader private equity like ours, all the global guys like the Blackstone's
00:19:55 of the world, as well as the markets themselves, will be our largest competitor to the private
00:19:59 equity.
00:20:00 But for the entrepreneur, what a fantastic choice to have.
00:20:04 Okay.
00:20:05 Well, and hopefully it only improves.
00:20:08 My final piece, really, and a small one at that, but for a lot of Indian companies as
00:20:16 well as global companies, this unprecedented geopolitical crisis, Red Sea, for example,
00:20:21 is leading to an uptick in cost.
00:20:24 Do you think near term, those factors hurt corporate India or you think they'll tide
00:20:30 by it?
00:20:31 You know, I think there's always a balance, Neeraj.
00:20:35 And Indian corporates have dealt with stuff and challenges much deeper than this, such
00:20:40 as the non-availability of oil itself or the price of oil or the cost of money and the
00:20:45 cost of interest.
00:20:46 So while a supplier, a logistics transporter suffers because his shipping is going to the
00:20:54 Swiss, goes to the Horn of Africa, the length of time and the expense increases.
00:21:00 Suddenly my friend Bharat and Ravi shared of Great Eastern Shipping, I'm sure of the
00:21:06 beneficiaries, right?
00:21:07 Suddenly the capacity utilization of their ships.
00:21:10 Well, that's a small set.
00:21:11 Of course.
00:21:12 But the thing, it depends on what you define as your focus, right?
00:21:17 If you define your focus only as companies supplying oil or the oil goes fine, they'll
00:21:22 suffer, but the higher price of oil will make up for that.
00:21:25 But even as they suffer, there are other beneficiaries like the shipping companies.
00:21:29 Total sum remains sort of equal.
00:21:31 The only way the total sum changes is if there's a change in productivity.
00:21:35 But you're right.
00:21:36 I think my point is, if you see what the Americans and the Brits are doing in terms of attack
00:21:41 on the Houthi rebels, that will get resolved.
00:21:44 There's a bigger problem behind that, which is to be solved, which is Israel and Hamas.
00:21:48 And then the proxy war being played between Iran, the US, Israel, Saudi.
00:21:53 I mean, before this whole thing started, if the Saudis, the Israelis were about to have
00:21:59 a bond of, I won't say friendship, but at least an agreement of peace, that would have
00:22:03 been a game changer.
00:22:05 The attacks by the Hamas, and maybe that was the cause of it, changed that.
00:22:10 But I think this is temporary.
00:22:12 I mean, I think the longest war seems to be the Ukraine war, but people are forgetting
00:22:17 about it.
00:22:18 I mean, I hope people don't forget there's a final answer and things are resolved and
00:22:22 our nonstop flights to New York resume.
00:22:24 But I'm saying these are temporary blips.
00:22:27 The strength of our entrepreneurs, and I think now backed by the government, in order to
00:22:33 support them is unprecedented.
00:22:36 So I look forward to a phenomenal decade ahead.
00:22:39 Cross fingers for all of that.
00:22:41 But lovely talking to you, Manish.
00:22:42 Thank you so much for taking the time out being with us.
00:22:43 Good seeing you.
00:22:44 Likewise.
00:22:45 Thanks so much.
00:22:46 And with this, it's back to you in the studios.
00:22:47 All right.
00:22:48 Great conversation there with Manish K. Jeeval.
00:22:49 And Neeraj, of course, is going to be bringing you all of those updates from Davos.
00:22:56 So stay tuned to those.
00:22:57 You'll find all of them on NDTVProfit.com as well.
00:23:00 We're going to take a very short break.
00:23:02 But just before we slip into that break, a quick check on what's happening in the markets,
00:23:06 which are holding steady as we get into the last stretch.
00:23:11 We're comfortably looking to close above the 22,000 mark.
00:23:15 Where do you go from here?
00:23:16 We're coming back with that commentary right after this break.
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00:26:27 Welcome back.
00:26:28 You're watching India Market Close here on NDTV Profit.
00:26:30 We have with us, of course, Vaishali Pare.
00:26:32 We've had her views with regard to where markets are.
00:26:35 But we also have Vijay Chopra, who's the MD and CEO at Enoch Ventures.
00:26:39 Vijay, firstly, welcome to NDTV Profit.
00:26:43 You've come on a day when the markets and the Nifty in particular has crossed the 22,000
00:26:48 mark.
00:26:49 It's a historic threshold that we've crossed.
00:26:52 Where to from here and how are you looking at valuations?
00:26:55 Well, I think it's really congratulatory that the markets have crossed 22,000 peaks.
00:27:04 But over the years, with the kind of experience, whatever I've gained in the markets, whatever
00:27:11 little wisdom I've gained, I think I call myself a cautious bull, although I'm bullish
00:27:18 on the Indian markets with a very long-term perspective and even the medium-term perspective.
00:27:22 But yes, when the valuations are getting stretched, then definitely it's high time that we keep
00:27:28 on booking profits.
00:27:30 The stocks cannot move on forever.
00:27:32 We've seen vertical movements in the stocks, some of the stocks in some of the sectors.
00:27:37 So better to book profits and keep on shifting those to the ones which have not moved or
00:27:43 have the potential to move or good balance sheets.
00:27:46 Markets would always give good opportunities.
00:27:50 So it's not like that once the stocks have moved, you should be there.
00:27:55 So I think that booking profits is also one part of this entire trading game or the investing
00:28:01 game, I would say.
00:28:02 So keep on shifting to companies which have not moved yet, and the balance sheets are
00:28:08 good.
00:28:09 So I think that profit booking is the key.
00:28:12 We really don't know where the market euphoria would stop.
00:28:16 But be in the market, keep on booking profits, and keep on looking for opportunities to invest
00:28:24 in stocks which haven't moved.
00:28:26 Much of the valuation is much saner, I would say.
00:28:29 The stocks have pulled up so nicely and so, I would say, aggressively that I'm kind of
00:28:36 skeptic on the kind of valuations which stocks and companies have right now.
00:28:40 I don't think it's sustainable.
00:28:42 They would come down and correct a bit, even good companies.
00:28:45 So I would say that keep on booking profits, look for opportunities in stocks which have
00:28:51 not moved much.
00:28:52 Right.
00:28:53 And as you say that Vijay, we've crossed the historic 20 to 100 mark as well.
00:28:58 It's ironic to say the very least.
00:29:00 But let me ask you a very specific question.
00:29:03 One, where are you booking profits?
00:29:06 Which sectors, segments, if you can't give us companies per se, but where are you booking
00:29:11 profits and where do you continue to see value in this market?
00:29:16 There would be pockets of excellence.
00:29:17 I think that railway stocks have moved up very, very nicely.
00:29:22 One should start booking profits there.
00:29:24 I think that there are opportunities in the paper space.
00:29:28 Also food related companies, I think that they have done well.
00:29:31 We have lately seen that stocks like companies which are into shrimp processing, they have
00:29:38 done very well.
00:29:40 So there are opportunities there.
00:29:41 Apart from that, I know there are pockets of excellence.
00:29:44 If you allow, I would suggest a few companies.
00:29:47 I can do that.
00:29:48 Yes, please, Vijay.
00:29:49 Yeah, so one company I like is Symphony.
00:29:55 So this stock is trading at about 940 right now.
00:30:00 It has corrected quite well in the last six months.
00:30:03 And it is a seasonal stock.
00:30:05 So I always buy during the winters, peak winters.
00:30:10 And from there, generally, you know, the next three to four months are a good run for Symphony.
00:30:14 It is one of the largest players in the air cooler in the industrial cooling space.
00:30:18 It has about 60% plus market share.
00:30:21 So great balance sheet, great company, great, you know, legacy.
00:30:26 So I would recommend a buy on Symphony at around 940 right now, and for a target of
00:30:32 about 1050, 1100.
00:30:34 So this is my first call.
00:30:35 The second call is Wenkees.
00:30:36 Wenkees is, as all of you know, is a behemoth in the chicken processing space.
00:30:44 And it has, you know, brands like Wenkob and a lot of retail presence in the south.
00:30:49 And they export a lot in the Middle Eastern countries.
00:30:52 And post, we've seen, you know, the stock going nowhere in the last one to two years.
00:30:57 So I think that somebody buys it around 2022, where the stock is trading right now, it can
00:31:02 go up to 2400 and 2500.
00:31:05 Thirdly, I would recommend a stock called Whirlpool.
00:31:09 Now Whirlpool is, as we know, is in the whitewood space, and also air conditioning.
00:31:13 And I think that, you know, with good winter setting in, we'll have good summers as well.
00:31:18 So Whirlpool, which has corrected quite a bit, trading at around 1360 right now has
00:31:22 a potential to go up to 1500.
00:31:24 So these are the companies which have already fallen down.
00:31:27 And we have seen the correction.
00:31:28 These are good quality balance sheets, good quality management.
00:31:32 And I think that, you know, we should book profits and look for opportunities in such
00:31:37 companies which are good, which have a decent business model, and a decent balance sheet.
00:31:42 Yeah, yeah, we've touched the 22,100 mark and slid back.
00:31:47 So a little pressure over there.
00:31:50 And you know, we're going to come back and talk about where those resistance levels lie,
00:31:55 at least for the Nifty.
00:31:57 But let me go across to Agam and look at what the setup is seeming like a day ahead of the
00:32:02 Fin Nifty expiry, Agam.
00:32:04 Right.
00:32:05 Well, we have seen more strength and it does seem like for now, there's no letting up in
00:32:10 the upward move that we have seen in the benchmarks.
00:32:13 So for the Nifty, of course, we are looking at continued increase in open interest towards
00:32:18 fresh longs, even as we move above and settle well below the mark of 22,000, which is a
00:32:24 milestone with an increase of 4% in open interest.
00:32:28 Longs stand at this moment, even with the past 3 p.m. at the moment.
00:32:32 So it does seem like a lot of traders perhaps are still not ready to book out of the profits
00:32:39 that they may have made over the course of the previous couple of sessions.
00:32:43 Moving on to the Bank Nifty and perhaps that may partially be in focus here tomorrow because
00:32:48 of the Fin Nifty expiry and because of the common constituents between this one and the
00:32:53 Fin Nifty.
00:32:54 Well, we are looking at another 0.8% up move.
00:32:59 The Bank Nifty also now comfortably above the mark of 48,000, even as we see an increase
00:33:04 of 1% towards open interest as far as fresh longs go.
00:33:08 Where does the Nifty Options market stack up?
00:33:11 In today's day of trade, we are looking at more and more writing around the 21.7 and
00:33:17 21.8 hundred puts, naturally on account of the fact that now we are comfortably above
00:33:21 22,000, even in terms of change in open interest, while those puts are likely to be the most
00:33:27 active as you can see here.
00:33:28 A considerable increase in both the 21.7 and 21.8 hundred puts.
00:33:33 Of course, further unwinding in terms of calls, even as a whole host of writers of those calls
00:33:39 will try to move out as they are forced out from those specific trades.
00:33:46 To talk to you about how things are panning out when it comes to stocks, once again keeping
00:33:51 an eye on ONGC, which is in fact moving from strength to strength, but we are looking at
00:33:56 shorts building up as far as L&T tech, HDFC life, ICICI Lombard and Exide are concerned.
00:34:02 And on the other hand, among stocks which are seeing a decline in open interest, we
00:34:06 are seeing a bout of short covering for Metropolis, HDFC, AMC, PFC, City Union Bank and BH here.
00:34:12 Keep an eye on these counters, but over the course of the next two to three days as we
00:34:16 go and come through major index expiries, the focus will also remain on these specific
00:34:25 indices.
00:34:26 Absolutely.
00:34:27 Let me go across to Vaishali quickly on what her picks would be right now, your BTSD, market
00:34:35 like today and also commentary on where the index is, the Bank Nifty and the Nifty.
00:34:40 So, well, Bank Nifty, as I would say, it would be gradually progressing towards 48,300 to
00:34:46 48,400 now, and I would have a support of 47,800.
00:34:50 Now, Nifty, as I mentioned, well, we are gradually progressing towards 20 to 300 and stop loss
00:34:57 would be now 21,900.
00:35:00 As far as stock specific, I would be focusing one is NTPC.
00:35:04 NTPC, I'm seeing that there is some strength, inherent strength visible today.
00:35:09 So, I think 316 is the level that I have recommended a buy with a stop loss of around 310, looking
00:35:17 for a target of 330.
00:35:18 And as a positional trade, I would look at Maruti, not performed so far and technically
00:35:25 very well placed.
00:35:26 So, Maruti is one stock that if market continues to show strength, I think this stock needs
00:35:31 to buck up and we would be looking at a target of around 10,400 to start with and 9,800 would
00:35:38 be the support level to look at.
00:35:40 All right.
00:35:41 So, Maruti definitely on Vaishali's radar.
00:35:45 Last stock I want to talk about is Polycab and what a story Polycab has had.
00:35:51 Now, after getting beaten down for most of the last few trading sessions, most of last
00:35:56 week actually, some recovery on Friday, but you have a Jefferies report, which is looking
00:36:02 at quite a startling target price for Polycab, as high as a share price target of 7,000 rupees,
00:36:12 that stock up about 6%.
00:36:14 And the rationale of this report is that there have been a lot of income tax searches in
00:36:19 the past, depends on what actually comes off it.
00:36:22 I wanted to get Mr. Chopra's view on Polycab and would you really take that at face value?
00:36:30 Well, this is nothing new that, you know, there are income tax searches on companies
00:36:36 and, you know, we see some kind of a blip.
00:36:40 But yes, you know, if the company has given clarification, we have to take, you know,
00:36:45 on the face of it.
00:36:46 Most of the companies, they publish results or publish insider information.
00:36:50 So we have to take it on the face of it.
00:36:52 If they are not doing, they are saying what is not right, then, you know, maybe that we
00:36:58 would see another DHFL or, you know, another Satyam, you know, which is in the making.
00:37:04 So markets are brutal and they would not spare Polycab if they are lying or they are hiding
00:37:10 something still.
00:37:11 But again, you know, as you said that, would we take it on the face of it?
00:37:16 Yes, Tamanna, we have to take it on the face of it just because, you know, I think that
00:37:21 after such a huge corporate governance lapse, which was highlighted, the company says that
00:37:27 everything is, you know, business as usual.
00:37:30 So we have to take on the face of it.
00:37:32 Otherwise, you know, maybe I'm wrong, I'm right, I don't know, but the market is always
00:37:37 right.
00:37:38 So I think the market would not spare them and they would rip this company apart.
00:37:42 Are you believing the management?
00:37:45 Are you concurring with Jeffrey's view?
00:37:47 Well, I think that whichever management says we have to take it on the face of it.
00:37:53 How can we, how can I comment that, you know, they are lying?
00:37:56 Sure.
00:37:57 Until and unless there's a clear verdict.
00:38:01 But sir, if I can, if I can also chime in, is there at all on your part, clearly, it
00:38:08 seems that there is no concern from a corporate governance standpoint, you know, that seems
00:38:13 to be your current view or your current stance.
00:38:17 But you know, when it comes to the manner in which this has progressed, you have, you
00:38:23 know, a press release which has come out.
00:38:26 That is not very common.
00:38:27 The income tax searches, yes, they have been fairly common.
00:38:31 But a press release to suggest that there is this discrepancy, as well as suggest that
00:38:37 there are certain dealers involved in purchase of raw material.
00:38:41 Is that at all a sense of concern for you?
00:38:44 Well, definitely, as I said earlier, that, you know, there was a lapse, which was earlier
00:38:50 reported.
00:38:51 But again, the management came out and gave a statement.
00:38:54 Now, whichever management, you know, whether it's Polycap or whatever, you know, we have
00:38:59 to we have to believe in the management.
00:39:01 Otherwise, the stock markets will crash.
00:39:03 We would know only what the management tells us, you know, we are not privy to a lot of
00:39:07 insider information.
00:39:09 So I would say that, you know, I'm not recommending a buy or sell on Polycap right now.
00:39:15 What I'm trying to tell you is that if the management is saying that they are the things
00:39:19 that are in control and if at all there is some discrepancy, tax discrepancy, which can
00:39:24 be, you know, they can pay off the penalties and all.
00:39:29 So I'm not advocating that Polycap is right or wrong.
00:39:32 I'm just saying whatever the management says, whichever company, we have to believe it.
00:39:36 And this is the only source of information.
00:39:38 So, you know, there could be lapses in ITC or even in the Indian labor, who knows.
00:39:43 But yes, we only decide and we only work and use our wisdom when the management gives us
00:39:49 some kind of a guidance.
00:39:51 So coming back to the point, whether to buy Polycap or not, people who are holding, they
00:39:56 can keep on holding, I would say.
00:39:58 I would not recommend a fresh buy on Polycap as of now.
00:40:01 Vaishali, any view on the charts as far as Polycap is concerned?
00:40:04 So I would say technically, well, I think the long term trend looks pretty much intact.
00:40:09 This is a good corrective move and gives us an opportunity.
00:40:12 So 35, 3600 acts as a very crucial support level.
00:40:15 Even right now, the stock is holding on at 39 after making the low of 38, 80, 3900 levels.
00:40:22 So I would say, well, exact bottom fishing would not be possible.
00:40:25 But worth taking a chance because it becomes a favorable risk reward ratio as far as technical
00:40:31 parameters are concerned.
00:40:32 The view gets negated if the stock goes below 3500.
00:40:36 So I would well put in some cash right now and start accumulating it every day.
00:40:42 But below 3500, I would negate the move.
00:40:45 All right.
00:40:47 Well, let's park that thought and talk about the big numbers that are going to come this
00:40:52 week.
00:40:53 It's a big week actually for corporate India.
00:40:55 And according to analysts, HDFC Bank is likely to clock a 5% sequential growth in net interest
00:41:01 income in Q3.
00:41:02 Vishwanath Nair joins us to tell us more.
00:41:05 Vishwanath, what are the key numbers that you are going to be tracking when it comes
00:41:09 to HDFC Bank tomorrow?
00:41:10 Right.
00:41:11 So as far as HDFC Bank is concerned, yes, there is a marginal improvement on the net
00:41:15 interest income front on a quarter-on-quarter basis.
00:41:18 However, the net profit number is likely going to be flat or marginally lower than what it
00:41:24 was in the September quarter.
00:41:25 And this is primarily because there is going to be a slightly higher provisioning requirement
00:41:30 in the October-December quarter because the Reserve Bank of India had raised the risk
00:41:35 weights on certain loans, which has forced banks to re-look at their unsecured loan portfolio.
00:41:42 And thereby you may…
00:41:43 Vishy, I'm going to have to stop you there because we're going across to Davos where
00:41:48 Niranjan Gupta, Hero Motor Corp is speaking to Neeraj.
00:41:54 Well, we are at the World Economic Forum as viewers would know.
00:42:01 And let's get the maverick CEO of Hero Motor Corp, Niranjan Gupta, to talk to us at NADB
00:42:07 Profit on the sidelines of the Web.
00:42:09 And Mr. Gupta, what a difference 12 months can make.
00:42:13 Last year, this time around, we were talking about whether an incumbent two-wheeler companies
00:42:19 can give or can match up to the onslaught of the newer age incumbents.
00:42:25 Share prices were kind of down in the doldrums.
00:42:27 12 months, things seem to have turned around completely.
00:42:30 You must be a happy man.
00:42:31 Well, I don't comment on the share price.
00:42:35 Of course, yeah.
00:42:36 But yeah, I mean, happy with the way that industry growth has come back, first of all.
00:42:43 Happy with the way innovations are happening.
00:42:46 Happy with the way EV field, the EV thing is moving up.
00:42:50 And happy with the way also the way we've moved forward on our journey on premium and
00:42:56 many other fronts.
00:42:58 So I would say, yeah, I mean, it's a good place to be.
00:43:03 And I'm also happy with the way country is shaping.
00:43:06 I think India's growth story is yet to be seen.
00:43:11 And the next few years are very, very positive.
00:43:14 Yeah, well, cross fingers, all 20 of them.
00:43:17 And I'll talk about the India thing as well with you, because I would love to understand
00:43:20 how you are kind of talking about the India story over your meetings here.
00:43:23 But just firstly, a few things on Hero.
00:43:25 We're talking for the first time after you've taken over as well.
00:43:30 How do you envisage what changes you bring about now, which will have fruition over the
00:43:36 course of the next three months, six months, 12 months, albeit over the next three, four,
00:43:39 five years as well?
00:43:41 Because you've been, quote unquote, bracketed as this traditional 100cc dominant company,
00:43:48 which is now trying to, or which is turning around and doing a lot more beyond that as
00:43:53 well.
00:43:54 Yeah, absolutely.
00:43:55 And you can see-- I'll just give you two, three pointers towards that.
00:44:02 We had talked about our strategy of building a full portfolio premium right up to 400cc
00:44:08 plus, if you see even three years back.
00:44:10 We've talked about that, and our R&D teams have been working on that.
00:44:14 Our extension to putting a tech center in Germany has helped on that.
00:44:19 You can see that we've launched the 440cc Harley Davidson in within less than three
00:44:23 years of signing the agreement.
00:44:25 That means our R&D has come of age.
00:44:28 We launched Charisma in the 200 plus cc bracket.
00:44:32 We have another 440cc, which is coming up in this quarter.
00:44:35 So you can clearly see that from a 100 and 125cc game, which were-- of course, that served
00:44:42 its purpose, by the way.
00:44:43 As Hero, as a company, we've been at the forefront of providing mobility to masses.
00:44:49 I mean, providing wheels to millions of Indians, 112 million, is a big daunting task which
00:44:54 we have done.
00:44:55 And now, of course, we are very seriously on this premium wave.
00:44:59 And you can already see some products launched, more products in the offing, plus revamping
00:45:04 not just product portfolio.
00:45:05 We are revamping our stores.
00:45:07 In the last 300 days, we have revamped 300 of our stores, 300 stores in 300 days.
00:45:12 We are calling it Hero 2.0 stores.
00:45:15 New premium stores launched, which will have just exclusive premium products, so which
00:45:19 will create the brand imagery, as well as, of course, be a selling point.
00:45:23 Three we have launched.
00:45:25 In this calendar year, we will take them to 100 plus.
00:45:27 So we are in everything that we are doing.
00:45:30 We are talking scale.
00:45:32 We are talking speed.
00:45:33 We are talking synergy.
00:45:35 For instance, we decided to use our Hero dealers for selling our EV product.
00:45:40 So therefore, from three cities, we are moving to 100 plus cities and 100 plus dealers in
00:45:45 just 9, 10 months period of time.
00:45:47 So speed, scale, synergy, and, of course, simplification.
00:45:52 How do you simplify the arc structure?
00:45:53 How do you simplify the ways we work?
00:45:56 These are the four S mantras that we are driving now.
00:45:58 So well, there is Maverick, and it's caught the imagination.
00:46:03 But there are 650 plus CC bikes, right?
00:46:07 I mean, that's something that not many people would have thought of from Hero's table.
00:46:11 So tell us a bit about this strategy and about what can we expect on this front in 2024,
00:46:17 say.
00:46:18 You are absolutely right.
00:46:19 If you look at 150 CC plus you talked about, and the number of products will only go up
00:46:24 as you move forward.
00:46:26 So what you expect is that in each of our product, we will have at least one first in
00:46:34 class and one best in class feature.
00:46:37 And that powered by the brand association that we are creating, that powered by the
00:46:41 premium stores that we are creating.
00:46:44 And more importantly, the less spoken is that's powered by the entire digital journey that
00:46:49 we are putting in place.
00:46:51 I would say that in auto, we talk a lot about product.
00:46:54 We don't talk about the digital that you can put in place to enable.
00:46:59 We are putting in place a full digital journey on the customer for the premium, right from
00:47:03 the time customer comes in touch with us first time from a booking or even understanding
00:47:07 the product to actually the delivery from the full digital journey, which will be embedded
00:47:12 with this upmarket physical stores.
00:47:15 That's a big move that we are doing in that space.
00:47:17 And all of this, as you will see over the next three to five years, as the portfolio
00:47:21 builds up and everything builds up, we aim to win in premium and therefore meaningful
00:47:26 market share.
00:47:27 Well, I'll not give out a number, but for sure, we are moving in very, very surely and
00:47:32 with speed.
00:47:33 So traditionally, I remember all through my commenting years, the talk was that if rural
00:47:39 picks up, you can expect the fortunes of Hedo Motocorp on the bourses to pick up as well.
00:47:43 Now, my question to you is, for 2024, could that still be a factor and would you expect
00:47:49 rural to pick up?
00:47:51 And would that change by, let's say, 2025 or 2026, that it did not be a rural pickup
00:47:58 that will determine what Hedo Motocorp does on the bourses?
00:48:01 I'm not asking you to comment on share price, but I'm essentially talking about the fundamentals
00:48:04 of the company.
00:48:05 Understood.
00:48:06 So let me pick it up from the drivers of growth perspective.
00:48:09 Yes.
00:48:10 Yes, our drivers of growth earlier was hinged upon more on the rural and more on this one.
00:48:17 As you're moving forward and very rapidly, you would see that drivers of growth are moving
00:48:22 through the urban centric towards more premium.
00:48:26 So and rural, of course, we still at the entry segment at the 100, 110, we are the lead market
00:48:32 share player.
00:48:33 Our role there will be to expand the category.
00:48:35 It's not about market share anymore.
00:48:36 And I can tell you, there's a huge opportunity even there.
00:48:40 Because you have lots of Indians, almost 400 million people who do not have mobility, means
00:48:46 of mobility.
00:48:47 So India is not fully penetrated by any stretch of imagination.
00:48:51 It is only a question of that class coming back to income and coming back to consumption
00:48:55 and spending.
00:48:56 The need is there.
00:48:57 So our role there is to expand the category.
00:48:59 As far as premium is concerned, our role is to build our portfolio to win in premium.
00:49:04 And therefore, you see more and more products coming there on that stable.
00:49:07 But we'll continue to expand the category at the bottom end.
00:49:10 And obviously, win as far as premium is concerned, expand our portfolio at the top end.
00:49:16 So expand the category at the bottom end, expand the portfolio at the top end.
00:49:19 That's what the strategy is.
00:49:20 Even as you do both simultaneously, the drivers for growth going ahead will not necessarily
00:49:25 hinge largely on this.
00:49:26 It could probably be a mix of both.
00:49:29 The shape of portfolio will keep changing.
00:49:32 But I would say India is a story of many Indias.
00:49:34 Now, why rather than solely being dependent on the growth in the rural, it will be now
00:49:40 growth coming from all classes, which is bottom of pyramid, which is middle and the premium
00:49:45 and upper premium.
00:49:46 So we'll be participating in the growth of each of these segments, which earlier we were
00:49:52 not able to because we did not have the portfolio, while driving growth at the bottom end of
00:49:58 the pyramid, driving growth in rural.
00:49:59 That's our responsibility, to drive growth there, to drive category there, and participate
00:50:04 in the growth as far as premium is concerned.
00:50:06 Got it.
00:50:07 You mentioned about the India story and the India decade.
00:50:10 Now, I would love to understand, what is it that-- what are the kind of meetings-- I mean,
00:50:13 I don't want-- I just want a flavor.
00:50:16 What is the message that you are carrying?
00:50:17 What is it that you expect to hear from people when it comes to HIDO in India and India itself?
00:50:24 Look, as far as India itself is concerned, I'll take that as first.
00:50:28 Over the last few years, a lot of capex spending that has happened by the government, the private
00:50:34 spending will follow.
00:50:35 Clearly, all this capex spending with a gestation period then results in the demand-- in demand
00:50:40 consumption and growth income.
00:50:42 So that's bound to happen.
00:50:43 We're already starting to see that happen.
00:50:46 As far as HIDO is concerned, HIDO has been at the forefront of participating and helping
00:50:53 India develop.
00:50:54 40 years, the company has been providing mobility to masses, to the rural areas, who
00:50:59 then rise up the income levels.
00:51:01 We have 112 million plus customer base.
00:51:04 So as far as HIDO is concerned, our vision is be the future of mobility.
00:51:09 We want to ensure that everyone is mobile, that you provide wheels to the nation in every
00:51:15 which way possible.
00:51:17 OK.
00:51:18 There is a lot of conversation that I've had with a few people off air, even yesterday,
00:51:25 about how quote unquote "China freeze," even if we don't call it a freeze, but a bit of
00:51:31 a cold outlook towards investments in that region would enable a lot more into India.
00:51:38 Not that we haven't seen it, but a lot more can happen-- India, rest of Asia, et cetera.
00:51:43 Your overarching view on this, if you have one?
00:51:44 Totally agree with that.
00:51:45 I mean, if you look at the large, two large demographies in the world, it's India and
00:51:51 China.
00:51:52 And you look at India, China had their growth story, which started 25, 30 years back.
00:51:58 And that has played out.
00:51:59 And in a sense, and obviously, whichever word that you call it, they're going through that.
00:52:04 India's growth story, one would say, has just begun.
00:52:07 Now you have a population of 1.4 billion and counting.
00:52:14 You have a per capita consumption, which has got a huge headroom to grow.
00:52:19 You've got an average age profile, which is on the favorable side of the productivity,
00:52:26 as in classical economics that you call it.
00:52:28 You have stability of the policies that are there.
00:52:33 And you have huge infrastructure investments that are happening.
00:52:35 So where would any investor from the world put their money in?
00:52:39 I mean, there's no way you can avoid India.
00:52:42 And that's why you see investment coming in into India.
00:52:45 You also see manufacturing coming in into India.
00:52:48 And that's because, again, of the plus one strategy and the others, that obviously, with
00:52:55 the way we are functioning, even politically, and that way-- because as country, if the
00:53:06 country is if you look at it, this is a country where you see more long-term stability of
00:53:13 how we are operating.
00:53:14 So I think it's India's time to, I would say, not just make in India, make for India, but
00:53:20 actually make for world.
00:53:21 All right, Hiromoto there, talking about how it is time for India to make for the world.
00:53:29 Well, all of that bullishness definitely seen in our markets.
00:53:33 We are set to very comfortably close above the 22,100 mark.
00:53:39 What a day it has been.
00:53:41 What a day for the Indian markets today.
00:53:44 At your highest point is where you're likely to get that close.
00:53:48 And you have government-run companies heading that entire rally.
00:53:53 Look at the top NIFTY contributors.
00:53:54 Let's pull up the top NIFTY contributors also at this point.
00:53:59 It's the tech pack, which has been doing very well.
00:54:01 Look at HDFC Bank, HDFC Bank a day ahead of their results.
00:54:05 RIL numbers are out this week.
00:54:07 Your heavyweights really pulling their weight.
00:54:09 Infosys are doing exceedingly well.
00:54:11 I'm going to quickly go across for quick pre-closing calls to Vaishali as well as Vijay on what
00:54:19 they think you should do next in a market like this.
00:54:21 Vaishali party to abhi shuru hui hai, 22,100 crossed with such ease.
00:54:26 Yes, so that's what exactly I'm saying that yes, we are still in a euphoric move and I
00:54:32 think this party should continue till 22,500.
00:54:37 So as I said, I'm still optimistic on banking stocks because Bank NIFTY has just begun.
00:54:43 It has yet to cross 48,600 levels.
00:54:46 So I would be looking at stock specific choice of maybe the SBI and Kotak Bank and ICICI
00:54:53 access.
00:54:54 So the frontline banking stocks needs to be focused on.
00:54:57 We have already seen the HDFC Bank getting into momentum.
00:55:00 I think tomorrow it's result.
00:55:02 So we won't preempt, but yes, the indication looks that it's going to give us a good return
00:55:06 from here.
00:55:07 BTST call Vaishali.
00:55:08 So BTST one is NTPC and the other one I would give is SBI.
00:55:16 NTPC and SBI on Vaishali's list.
00:55:20 Vijay Chopra meanwhile also joining us at 22,100 is crossed.
00:55:26 What's the next sort of target that you see?
00:55:30 And just a word on one sector.
00:55:32 I have to talk about IREDA, the entire railway pack in a bloom.
00:55:37 There's a report now that you're expecting a 30% bump up in the railway allocation in
00:55:43 this time's budget or vote on account.
00:55:45 That would take it to about 3 lakh crore rupees.
00:55:47 Unheard of numbers.
00:55:48 And you're seeing IREDA and the likes really run away because of it.
00:55:55 Anything that you like in this space, Vijay?
00:55:57 Well, as I said, we are booking profits in the railway space.
00:56:01 Definitely there is some kind of a correction.
00:56:02 We'll get into it again.
00:56:05 So it is a good sector, the kind of investments which are flown in and this budget would also
00:56:10 give a lot of money to the railway sector.
00:56:13 But yes, I would definitely wait for some correction.
00:56:16 This up move was long overdue.
00:56:18 The valuations were very bleak, but I think that valuations have caught up and I am waiting
00:56:23 for a correction to happen to re-enter.
00:56:25 Okay.
00:56:26 Anything in the PSE space where you would bet first, Vijay?
00:56:32 I couldn't get you SE space?
00:56:33 PSE, your public sector enterprises.
00:56:36 Okay.
00:56:37 As of now, I don't have, I have a couple of stocks though I can name it.
00:56:41 I think Badilal is another company which I like.
00:56:44 Again a seasonal play, presently at 2570 odd.
00:56:48 I think that this can go up to 3000 plus.
00:56:51 So again, a very good company, FMCG space, ice creams and with summers.
00:56:55 Coolers and ice creams.
00:56:58 It's winter season, but you're thinking about coolers and ice creams.
00:57:01 I get the idea.
00:57:02 That's the time to buy, Altamanna.
00:57:04 That's the time to buy.
00:57:08 All right.
00:57:11 All right.
00:57:14 Interesting conversation, but we're very close to close today and it's been a solid
00:57:20 rally that we've seen.
00:57:23 After an opening above the 22K mark, we've sustained that, a bit of a blip, but now we're
00:57:28 comfortably 1% or closing 1% higher in trade.
00:57:33 Now we're of course well into the 20 to 100 mark.
00:57:37 So that looks quite solid.
00:57:39 We're also seeing the rally come in from Nifty Bank, 1% higher on the Nifty Bank.
00:57:44 And if we can have the constituents with regard to what's carrying the Nifty forward, what
00:57:49 you'll see is IT, Reliance and HDFC Bank.
00:57:53 These are the three plays which are pushing markets higher in terms of contributories.
00:57:58 But quickly on the map itself, you'll see oil and gas, tech.
00:58:04 So oil and gas, IT, as well as some bit of HDFC Bank within that top band and within
00:58:11 the contributories as well.
00:58:13 OK, we've now closed markets.
00:58:16 Markets have closed at an all time high.
00:58:18 Also I want to quickly have a look at the contributories so that we understand what's
00:58:23 led this rally.
00:58:24 And what you see largely is IT 1.8% higher.
00:58:29 You also have seen FIN and Bank do fairly well.
00:58:33 We've seen some bit of contribution from energy as well as oil and gas also come through today.
00:58:39 But with regard to the Nifty 50 contributors, if we can have that, because that is the key
00:58:44 number that we want to look out for.
00:58:46 66 points by HDFC Bank, RIL 34, that takes the combined 200.
00:58:51 The top two contributors on the Nifty have contributed a combined of 100 points out of
00:58:58 the 200 point rally that the Nifty has seen today.
00:59:01 Outside of that, of course, we've seen the IT sector abuzz.
00:59:05 Of course, the key drag one being Bajaj Finance.
00:59:07 It's down almost 2%.
00:59:09 That one was a drag.
00:59:10 HDFC Life was a drag down roughly 4% or thereabouts, or just about 3.5%.
00:59:15 But let me quickly pull out the contributors of the Nifty IT index as well to quickly see
00:59:19 as to how that's shaping up.
00:59:22 Because after a strong set of numbers from both Wipro and HCL Tech, those were the leaders
00:59:26 of the pack today within the Nifty IT basket.
00:59:29 You also saw Nifty continue to build on the gains that it has seen over the last couple
00:59:33 of sessions now on Thursday and Friday.
00:59:36 And then you're seeing a whole host of IT players doing well.
00:59:40 Emphasis having a bad day and L&T Tech on a bad day, on a day when the Nifty IT has
00:59:45 done extremely well.
00:59:47 650 points on the Nifty IT, 2% higher after that 5% rally, truly impressive building on
00:59:52 those gains.
00:59:53 But Tamanna, broader markets.
00:59:56 Absolutely, Matt.
00:59:57 What a day, what a day for railway stocks.
00:59:59 We talked a bit about it before we closed the markets.
01:00:04 IRFC 17% up at close.
01:00:07 IREDA 10%, RVNL, Jupiter Wagons, all of them seeing a massive upswing.
01:00:15 So you've had a big rush there.
01:00:17 The likes of Polycab reversing trends.
01:00:20 In fact, you've seen a broad trend reversal in that sense.
01:00:22 Praveg, which was the favourite, is down about 6%.
01:00:26 I want to see how Tata Consumer ended.
01:00:29 It essentially reacted to news of its double acquisitions, a shopping spree over the weekend
01:00:35 and it ended down in the red, actually, after a bump up in opening trade.
01:00:41 At the end of it, if I take a look at the key mid-cap gainers, your financials, your
01:00:45 mid-level financials have done well.
01:00:48 Of course, your HDFC is the big story of the day, but your mid-level financials have done
01:00:53 well, your granules, some of your key pharma companies have also done very well.
01:00:59 The day, though, of course, belongs to the IT pack.
01:01:03 And think about what the reason is, that results of the big four are not as bad as was expected.
01:01:11 So it's not even rewarding for fantastic corporate performance.
01:01:14 It's for being better than expectations which were lowered.
01:01:18 This is a market where money is chasing ideas and that has been a very good day for a whole
01:01:24 host of companies, especially your Wipro, HCL, Infi, etc.
01:01:28 Well, that's all the time we have on India Market Close.
01:01:31 From Harsh, me and the entire team that puts the show together, thank you so much for watching.
01:01:36 But stay tuned, a lot more coming up on the other side on NDTV Profit.
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