BUSINESS
Small cap indices come under selling pressure
Among the Small Cap index components, PNB Gilts is down 12 per cent, Ion Exchange is down 9 per cent, Onward Technologies is down 9 per cent, Kirloskar Brothers is down 8 per cent, HCC is down 8 per cent, Rajratan Global Wire is down 8 per cent, Vascon Engineers is down 8 per cent, Vimta Labs is down 8 per cent.
Global analysts have shown confidence in India's economic strength amid geopolitical challenges: FinMin docu
This was stated by the finance ministry's economic review for September 2023. "Strong private consumption demand has been a major driver of India’s economic growth in the recent period," the review released on Monday said. In addition, it said that at least two additional drivers of growth have emerged, the first is the gradual strengthening of investment demand.
Wagh Bakri Tea Group scion Parag Desai dies after injury in freak mishap
He is reported to have suffered a severe head injury after being attacked by stray dogs while on his morning walk near his residence in Ahmedabad. He underwent a surgery for a brain haemorrhage at a private hospital in the city and was in the ICU. His last rites were conducted at the Thaltej crematorium on Monday morning.
China kicks off probe into iPhone maker Foxconn: State media
According to a report in state-run media the Global Times, Chinese tax authorities have conducted inspections on key enterprises of Foxconn (Hon Hai Technology Group) in Guangdong and Jiangsu provinces, among other places. “The natural resources department has also conducted on-site investigations into the land use of key enterprises of Foxconn in Henan and Hubei provinces," the report said late on Sunday, citing sources.
Tata Steel, Maruti, Tata Motors top losers as Sensex trades down
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said the Nifty once again witnessed a gap down opening with a weak intraday session with crucial support of 19,500 zone sustained as of now and is precariously placed with sentiment maintained with a cautious approach.
Israel-Hamas war casts pall of gloom, but markets will bounce back
Things seemed to be going well when the skirmish flared up and it now portends to be a religious war of sorts panning out. It’s the Muslim brotherhood versus Jews and Christians. Most unfortunate.
Small, mid cap stocks to lead as earnings growth democratized in India
Earnings growth has been democratised in India with broader participation across companies, which is reflecting in SMIDs enjoying their time in the sun. Fragmented industrial sectors, with no clear leaders, reinforce the momentum, Emkay Global Financial Services said in a note.
Mixed bag of luck and a lot of worries ahead for IT, banking stocks
IT companies reported sluggish topline growth due to delay in execution (largely at the client end) but margins improved.
Markets have turned bearish with key supports under pressure
At the end of the week, BSESENSEX lost 885.12 points or 1.34 per cent to close at 65,397.62 points while NIFTY lost 208.40 points or 1.06 per cent to close at 19,542.65 points. The broader markets saw BSE100, BSE200 and BSE500 lose 1.18 per cent, 1.20 per cent and 1.09 per cent respectively. BSEMIDCAP lost 1.31 per cent while BSESMALLCAP to show a different face actually registered gains, though minuscule of 0.04 per cent.
India story intact but broader markets may move sideways for rest of FY24
Indian markets could see some challenges over the next two to three quarters. A busy election season should create political uncertainty until May 2024. Global macros are also less supportive – a strong commodity cycle and DXY strength are the key worries., A weak monsoon, additionally, could disrupt the recovery in rural spending, which has solid long-term potential. Positioning these factors against the strong rally in the markets since 29 March '23 (Nifty: +15.2%; Nifty Midcap: +35.6%), the case for a ‘pause for breath’ becomes stronger, the report said.
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