Sensex zooms 330 pts, Nifty tops 19,100; RIL gains 2%, ICICI, HDFC Bank 1%

BS BFSI Summit 2023: The economists' panel sees growth risks growing for India amid global gloom and doom. Soumya Kanti Ghosh of SBI sees first rate cut bymid-2024

5:01 PM

BFSI Summit LIVE | Concluding remarks by Economists

>> Do not compromise on macro stability - Sajjid Chinoy, JP Morgan

 

>> Include social housing within public sector capex - Samiran Chakraborty, Citibank India

 

>> We should have a tax system where both direct and in-direct taxes should converge - Soumya Kanti Ghosh, SBI

 

>> Need to focus on ways to build more entrepreneurs - Sonal Varma, Nomura

>> Govt shouldn't be tempted to use short-term fixes for fiscal measures- Abheek Barua, HDFC Bank

 

>> Stick to the medium-term fiscal growth path, do not deviate from it - Aditi Nayar, ICRA

 

4:52 PM

BFSI Summit LIVE: RBI first rate cut could be in the middle of 2024

First rate cut could be middle of the next year, says Samiran Chakraborty MD & Chief Economist, Citibank.

Rate action will be dictated by India dynamics, not global factors.

4:48 PM

BFSI Summit LIVE | We, as economists, are underplaying risks to India, says Samiran Chakraborty

4:47 PM

BFSI Summit LIVE | Elephant in the room is fear of global growth slowdown, says Samiran Chakraborty

>> Citi expects US to enter recession next year

4:43 PM

BFSI Summit LIVE | India facing 3 shocks right now, says Sonal Varma

>> Food price pressure due to El Nino

>> Oil-related pressure due to Middle East crisis

>> Currency-related pressure due to US yields

4:42 PM

BFSI Summit LIVE | Frequency of crisis has increased, its a big worry; says Abheek Barua, HDFC Bank

>> Climate event is getting worse

 

>> After Ukraine, we have the Middle-East crisis

 

>> Huge debt build-up in seen in China 

4:42 PM

BFSI Summit LIVE | US will see higher-for-longer rates, Dollar to strengthen, says Samiran Chakraborty

4:37 PM

BFSI Summit LIVE: A global risk event can change India's dynamics, says Aditi Nayar of ICRA

But this will be only due to the global side, while our rupee and yields may not remain immune but this is not a reflection of our domestic economy, which is resilient, says Aditi Nayar of ICRA

4:37 PM

BFSI Summit LIVE | Young Indians to keep consumption demand high, says Aditi Nayar of ICRA

>> Growth will slowdown in the second half as we get closer to the elections

 

>> Aspirational young customers likely to keep demand high for consumption

4:32 PM

BFSI Summit LIVE | World is struggling with creation of blue collar jobs, says Sajjid Chinoy

>> India needs to grow at 10% over the nect few years, supportd by exports

>> Challenge for India is to create blue collar jobs in high, value added categories

>> We are competing with the US, UK that have indusrial subsidies to push manufacturing

>> Vacuum is opening up from China

Views by: Sajjid Chinoy, MD & Chief India Economist, JP Morgan

4:30 PM

BFSI Summit LIVE: We are now facing challenges from AI, odds stacked against blue collar workers

Capital always competes and reduces labour needs, says Sajjid Z. Chinoy, MD & Chief India Economist, JP Morgan

4:26 PM

BFSI Summit LIVE | Significant inequality within wage growth in India, says Samiran Chakraborty of Citibank

>> 42% of people entering working age population will come from UP, Bihar

>> Need equal regional distribution for wages

>> Income gap between regions widening

Views by: Samiran Chakraborty, MD & Chief Economist, Citibank

4:25 PM

BFSI Summit LIVE: Urban employment not catching up to rural employment, says Samiran Chakraborty

Urban employement not growing as fast as rural, which shows worsening income inequality, says Samiran Chakraborty, MD & Chief Economist, Citibank

4:25 PM

BFSI Summit LIVE | Some worsening of income inequality is okay, says Samiran Chakraborty of Citibank India

>> Supply side pressure such as Coivd leads to income inequality

 

>> Urban employment not growing as fast as rural employment

 

>> Post Covid, peoplo who lost job in manufacturing got jobs in construction which pays less

>> Among self-employed, female wages is 1/3rd of male wages

 

>> Per capita income gap between North & East states v/s South & West states has doubled to $1,800 in the last 10 years

4:20 PM

BFSI Summit LIVE | Inequality between states in narrowing, says Soumya Kanti Ghosh of SBI

>> 13.6% of overall income tax payers have migrated from lower to upper slab

>> People who have taken Jan Dhan Loans are driving financialisation

Alert: Soumya Kanti Ghosh is Group Chief Economic Advisor, State Bank of India

4:16 PM

BFSI Summit LIVE | Need rural recovery to pick up for sustained economic recovery, says Sonal Verma of Nomura

>> The glass is half empty, half full as far as economic recovery is concerned, says Abheek barua, Chief Economist, HDFC Bank

>> Economic recovery is uneven, says Aditi Nayar, Chief Economist, ICRA

4:11 PM

Comment :: 'Keep a check on long positions'

Nifty has reached closer to its immediate hurdle i.e. 19,200-19300 zone and is likely to face pressure on the rise. Besides, the indications from the global indices are also not very conducive. We thus reiterate our view to keep a check on long positions and utilize rebound to create shorts as well. 

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

4:02 PM

Tech view: Caution needed with long positions on Nifty

On the daily charts, Nifty has been in a pullback mode since last couple of trading sessions and is now approaching crucial resistance zone of 19,160 – 19,220 where resistance in the form of the hourly upper Bollinger band and the 40 hour exponential moving average is placed.

Hence it is advisable to be cautious with the longs. On the downside a breach below 18,940 can lead to start the next leg of the fall. In terms of levels, 19,180 – 19,220 shall act as a support zone while 18,950 – 18,930 shall act as an immediate support zone.

Views by Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas. 

 

4:00 PM

Comment: Markets experiencing short-term bounce after heavy selling

"The domestic market mirrored the upbeat European & Asian markets, as geopolitical risk in West Asia continues.

Equities are experiencing a short-term bounce after the heavy selling last week, as crude moderates and Q2 results provide some relief. But a full containment will depend on a radical fall in geopolitical risk and global bond yield.

Crucially, this week’s US FED meeting is forecast to hold the status quo. Holding the global bond yield at the current elevated levels will continue to distract investors unless supplemented with the reasonable medium-term target of Fed rate trajectory."

Views by Vinod Nair, Head of Research at Geojit Financial Services.

 

3:58 PM

Rane Madras falls 4%; Q2 Ebitda down to Rs 33 crore

Q2 operating profit down to Rs 32.5 crore vs Rs 34 crore YoY.

3:55 PM

Vimta Labs drops 10%; consol PAT halves in Q2

Q2 profit comes at Rs 6.3 crore versus Rs 13.2 crore a year ago. 

3:50 PM

Petronet sinks 8% despite profit growth in Q2

Q2 net profit came at Rs 820 crore vs Rs 744 crore a year-ago. 

3:47 PM

Adani Green surges 5%; Q2 cons profit at Rs 372 crore

Co's Q2FY23 profit was at Rs 149 crore. 

3:45 PM

BFSI Summit LIVE | Should give tremendous credit to our industry on where we have reached: Radhika Gupta

>> We should give tremendous credit to our industry on where we have reached.

>> The fact that we have this kind of retail SIP book is surprising for many outsiders, says Radhika Gupta, MD & CEO, Edelweiss Mutual Fund.

 

3:45 PM

UPL sheds 4% on posting Rs 189 crore loss in Q2

UPL posted a net loss of Rs 189 crore for Q2. The company had reported a net profit of Rs 996 crore in the year-ago period.

3:45 PM

BFSI Summit LIVE | Concluding remarks by MF heads to investors

>> Every neighbour should invest in mutual fund - Swarup Mohanty

 

>> Maximum investors have got double-digit returns - Nimesh Shah

 

>> Don't take money out of SIP, let it remain till your goal is fullfilled - DP Singh

 

>> Risk to not investing in India is lot higher - A Balasubramanian

 

>> Believe in the concept of compounding - Navneet Munot

 

>> This industry treats a Rs 100 or Rs 100 crore investor on par - Radhika Gupta

 

>> There is no choice, MF is the best investment avenue in India - Nilesh Shah

 

3:42 PM

BFSI Summit LIVE | You need to invest in MFs if you want to make India 'golden bird', says Nilesh Shah

>> Shah sings 'Jahan Daal Daal pe Sone ki' to highlight importance of investing in Mutual Funds

3:42 PM

Nifty Realty zooms over 2%; lead winner among sectors

3:39 PM

Broader indices end nearly flat with small gains

3:38 PM

UPL, auto majors drag most on Nifty