Sensex slides 238 pts, Nifty below 19,100; pvt banks, Airtel, RIL weigh

Closing Bell on Tuesday, October 31: The broader markets saw some action with the BSE MidCap index rising 0.29 per cent and the BSE SmallCap index 0.02 per cent

11:06 AM

BFSI Summit LIVE | Discretionary spend growth can be explosive, Raamdeo Agarwal

>> Discretionary spend can lead to doubling of GDP

 

>> Need to figure out on sector where there is growth, and the company which can latch on to the potential

 

>> Be careful on stock selection

 

- Raamdeo Agarwal, Chairman & co-founder, Motilal Oswal Financial Services

 

11:03 AM

BFSI Summit LIVE | MidCap, SmallCap valuations a concern, says Prashant Jain

>> Spike in US yields can trigger another round of selling

 

>> Valuations in midcaps and smallcaps a concern

 

>> If demand for energy keeps on rising; there could be a spike in Crude Oil

 

>> Demand for energy likely to grow at a faster pace; 18% of India's population moving out of poverty

 

- Prashant Jain, CIO, 3P Investment Managers

 

10:54 AM

BFSI Summit LIVE | Elections can pose short-term risk to markets, says Ridham Desai

>> Inequality to fade with time; domestic worries not a major concern

 

>> Geo-politics also not a major worry

 

>> Global markets a real concern, if yields rise to 6% India likely to be impacted as it is the fifth largest market in the world

 

>> China is threat it can compete with India

 

>> Elections can pose short-term risk to markets; Likely to price-in its favourable outcome before May 2024

>> India has just 1.9% share in global goods market; it can double in the next 4-5 years

>> India has reverse female foeticide, which is big step on the social front

 

>> India's farm sector remains an issue; proposed reforms were good, but need to be implemented

>> India's financially economy is progressing faster than physical economy; political economy yet to catch-up

 

- Ridham Desai, Managing Director, Morgan Stanley India

 

 

10:47 AM

BFSI Summit LIVE | Focus more on corporate earnings, less on global factors, says Raamdeo Agarwal

>> An entrepreneur works like a magician

 

>> I spent 90% of the time focusing on corporate earnings; 10% on other factors

 

>> If profit growth is 25%; returns can be in the range of 23 - 27%

 

>> We are sitting on a Tsunami of savings

 

>> Markets not falling since domestic savings are coming; especially post Covid

 

>> 3 million new accounts opened per month as against 4-5 lakh per month earlier

 

- Raamdeo Agarwal, Chairman & co-founder, Motilal Oswal Financial Services

 

10:42 AM

BFSI Summit LIVE | Experts on choice between equities & debt going forward

>> Long-term money should go into equities - Prashant Jain

 

>> Invest short-term in debt; long-term in equities - Andrew Holland

 

>> Its about quality; Equity is the best performing asset class in the long-term. Expect higher volatility in the next 12 monhts - Ridham Desai

 

>> As far has India is concerned, its always equity - Raamdeo Agarwal 

 

10:35 AM

BFSI Summit LIVE | If market falls on rise in US yields, will use dips to buy; says Prashant Jain

>> India can grow at 7-8 per cent in the next decade

 

>> Market looks reasonable valued, even if we foresee 15% corporate growth

 

>> Macro-economic parameters strong for India

 

>> If US yields rise further from here, we may witness one more round of selling; will use dips to buy

>> Wage inflation in India will be strong going forward; see some concerns over personal loans

>> There is very weak co-relation between elections and market performance over the medium term

>> Inflation in India in last 9 years is below 5 per cent; Need to be prepared for more moderate returns on Nifty
 

- Prashant Jain, CIO, 3P Investment Managers

 

10:30 AM

BFSI Summit LIVE | India in a good spot going forward but global headlines look messy, says Andrew Holland

>> India in a good spot going forward, but global headlines look messy

 

>> Higher oil prices, Israel war an issue

 

>> Bank NIMs are under pressure

 

>> Concern over rise in unsecured loans

>> Indian markets quoting at 17X PE, which is not cheap

>> Bullish on defense stocks despite the run-up

>> If global growth picks, first flows will go to China, Korea as against India

 

- Andrew Holland, CEO, Avendus Capital Public Markets Alternate Strategies

 

10:23 AM

BFSI Summit LIVE | Indian market not reacted much to steep rate hike by US Fed, says Ridham Desai

>> Fed increased rates at its fastest pace in 10 years, and there has been no impact on Indian markets

 

>> India's current account deficit lot lower from rest of the world

>> India's Services sector has grown robustly

>> We have broken the co-relation of US recession and bear market in India

>> Profit growth in India can compound up to 20-25 per cent in the next 4-5 years

>> Even today, equities in household savings in less than Gold, no way this can continue for long

>> Markets no longer run by FIIs; Domestic funds, HNIs are seen as key players

- Ridham Desai, Managing Director, Morgan Stanley India

10:19 AM

BFSI Summit LIVE | Markets can double in next 5 years, says Raamdeo Agarwal

>> Earnings are growing at 35% so far

>> Volume growth are better than the price growth for consumer products

>> In the next 5 and 10 years, Sensex could go up 2x and 4x respectively.

- Raamdeo Agarwal, Chairman & co-founder, Motilal Oswal Financial Services

 

10:16 AM

BFSI Summit LIVE | Market session begins

10:12 AM

ALERT :: Sensex at day's low, down 130 pts

10:03 AM

BFSI Summit LIVE | Special session on markets to begin shortly

On panel:

Raamdeo Agarwal

Chairman & Co-founder

Motilal Oswal Financial Services

Ridham Desai

MD

Morgan Stanley India

Andrew Holland

CEO

Avendus Capital Public Markets Alternate Strategies

Prashant Jain

CIO

3P Investment Managers

10:00 AM

Comment :: 'Markets are climbing wall of worries'

Buy on dips is the strategy that has worked well in this highly volatile market. In spite of multiple crises, risks and uncertainties, the market has been bouncing back smartly as evidenced by the 290 point rally in Nifty in the last two days.

Globally, stock markets have refused to discount the West Asian crisis aggravating into a global catastrophe and impacting markets. Three signals from the market are significant: one, the dollar index is down 0.40 %; two, crude is down 3%; and three, safe haven buying in gold is limited.

The takeaway from these market signals is that the market is climbing all walls of worries and a collapse triggered by geopolitical events is unlikely.

 

But investors have to be cautious since this is the time of war and unexpected events may happen. Even while remaining cautious, investors can slowly accumulate high quality large caps where safety is high. Financials are fairly valued.

Views by: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

9:54 AM

ALERT :: Majority of public shareholders reject merger scheme between Butterfly Gandhimathi, Crompton Greaves

>> While the approval to the Scheme from majority in number representing three-fourth in value of the equity shareholders (including public shareholders) of Butterfly was obtained at the meeting, approval of majority of the public shareholders of the Butterfly was not received in favour of the Scheme 

>> The Scheme will not be acted upon, due to non-receipt of the requisite approval from public shareholders of the Butterfly.

>> This development will not have any significant change in our growth strategy.

Read full disclosure here

9:45 AM

ALERT :: Ipca Lab's Indore unit receives EIR from USFDA

>> The SEZ Indore, Pithampur (Madhya Pradesh) manufacturing facility has now received Establishment Inspection Report classifying the manufacturing facility as “Voluntary Action Indicated (VAI)

>> This facility is considered to be in a minimally acceptable state of compliance with regard to current good manufacturing practice (CGMP)

Alert: USFDA inspected facility from June 15, 2023 to June 23, 2023