Market Close Highlights: Sensex ends 50 pts lower at 79,500; Nifty at 24,150; PSB, Oil drag, IT up

Stock Market Highlights: Benchmark Indian equity indices ended in the red for the second straight session on Friday, weighed most by financial and OMC stocks

4:08 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: Losing the demographic dividend the biggest risk to economy for now, because we can't seem to find jobs for a lot of people. And this drives a lot of factors like consumption, among others.

 

4:07 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: Overweight on health, pharma, auto components, IT, chemicals and FMCG.

Underweight on capital goods and industrials.

4:03 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: Fundamentally something has changed in investing. Earlier the edge was information, you meet companies and get information but now information arbitrage is not the edge. 

 

Today, the edge is who can analyse this mass of data without bias and without noise as human knowledge brings bias.

4:03 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: Because a lot of method being used today is of 1990s' vintage, a lot of fund managers do not outperform.

3:59 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: Only thing certain in high risks are high losses; high returns are not certain.

3:57 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: I think the regulator has done a fine job and they have also been warning about stress where they see it and changes in the F&O market were also required.

3:56 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: Investing is a losers game. You win if you don't lose (money).

 

3:53 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: If you look sectorally, we are not at the lower end of the PE but we are also not at the extreme end of it and India has always been an expensive market.

3:52 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: China factor will be important with regard to commodity prices. 

They've a structural issue as their population is shrinking, so if there's unsold household inventory, how will stimulus measures help with that?

But it is not China vs India, as China is the larges component of the EM index. 

3:50 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: Take the long view in equity markets.

 

Have a good equity allocation, but never put 100% in equities, as there could be unexpected outflows. 

There are some outlier times, when you see there is an imminent crash.

3:48 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: We have reduced anything below 5 thousand crore market capitalisation to 5-6 per cent in our PMS from 14-15 per cent earlier.

3:46 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: There are enough areas in the market where there is froth - those are the areas that you need to be careful, whether it's the IPO frenzy, the smallcaps or microcaps. 

 

In that context, people should remember that of all the companies that were listed in India - more than half have gone to zero as they are not listed anymore.

3:43 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: If the market is a little uncertain it does not make sense to get out of the market. All of us understand the risks of losing money but there is a risk of not investing also.

 

In the last 40 years if you miss out on the 10 best days - you have missed out on two thirds of your returns and if you miss out on 30 best days, then you miss out on 90 per cent of returns.

3:35 PM

Stock Market LIVE Updates: Nifty50 closes below 24,150

The NSE's Nifty50 closed at 24,148 level, down 51 points or 0.21 per cent. 

3:34 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra: If you look at the data, Indian markets gives a return of 15% returns since 40 odd years, but equities are inherently volatile. The volitility is on a long-term period. 

 

Betweem 2010-20, we compunded just over 8.5 per cent.

3:32 PM

Stock Market LIVE Updates: Sensex ends flat with a negative bias

The BSE Sensex closed at 79.486 level, down 55 points or 0.07 per cent.

3:30 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Devina Mehra on Indian equities in EM landscape

Stock Market LIVE Updates: Devina Mehra, Founder Chairperson & Managing Director, First Global, discusses Indian equities in the emerging market landscape at the BS BFSI Insight Summit.

3:28 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Soumya Kanti Ghosh: In my opinion, the RBI rate cut cycle may be delayed and may happen somewhere between February and April 2025 and at best it could be overall a 50 bp cut.

 

3:26 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Sachchidanand Shukla: RBI rate cut may happen in the first quarter of the next calendar year and it will be a shallow rate cut.

 

3:19 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Ila Patnaik: I have always had the view that we should include food in calculating inflation as that is the only measure that has legitimacy with the public even though there is a realisation that the RBI cannot impact seasonal onion prices.

 

3:17 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Sachchidanand Shukla: Once you answer why you should cut rates, it becomes much clearer, by when and how much?

In that context, there is no growth scare. Is growth tanking? The answer is no.

3:14 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Sachchidanand Shukla: Friction will lead to devaluation or depreciating pressure will come on countries that are not in sync with the US economy. It will have implication for monetary policy.

Last time, when Trump came, Yuan fell 5% and 1.5% more when he started announcing tariffs.

3:12 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Soumya Kanti Ghosh: Food inflation has always remained an enigma in the Indian context and it will continue to be like that as climate disturbances have become a part of our day to day lives.

3:11 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Soumya Kanti Ghosh: Rating trade, interest rate, or inflation to the US elections does not hold ground. Historically, from 2014-16 onwards - the dollar rates, US interest rates and other trade has continued to favour. 

Now, most of these numbers have become immune to the global developments and I don't see too much disruption similarly for Indian interests.

 

3:10 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Samiran Chakraborty: To what extend can food inflation can get transmistted to inflation expectation and actual core inflation. Indian data suggests an asymmetric behaviour. 

 

Food inflation getting passed on to core inflation, happens more through urban wages, but not in rural wages.

3:07 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Ila Patnaik: If tariffs come in on China, if there there is inflationary in the US, and expansionary fiscal policy through taxt cuts, then the Fed may slow down on its rate cut cycle

3:05 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Ila Patnaik: Food, growth rate and Fed's action indicate that we need to wait to cut rates.

3:03 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Ila Patnaik: High frequency indicator signals are mixed. Some improving and some are declining. 

3:01 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Ila Patnaik: Food was chosen to be a part of inflation because consumers relate to it. RBI doesn't have direct impact on it. It has more impact in non-food items

2:56 PM

Stock Market LIVE Updates: BS BFSI Insight Summit - Economists discuss Fed or Food?

Stock Market LIVE Updates: Aditi Nayar: Only 50 bps of rate cuts appear feasible in Indian context.

From the Fed, the amount of rate cuts will be far sharper, so there's no question of matching the US Fed.