A favourable macro-environment, falling US yields and strong earnings should see the rally in Indian stocks extend to the first half of 2024. With the Sensex having crossed the 71,000 mark and the Nifty having hit 21,000, both gauges are at new highs.
As HSBC points out, India has been among Asia’s standout markets in recent years, with the FTSE India rising 15.2% in 2023 so far, in dollar terms, compared to the FTSE AxJ rising 0.4%.
Christopher Wood of Jefferies said last week he doesn’t favour a dramatic move by selling Indian equities and buying into China, as India remains the structurally favourite long-term growth story.
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The key risk on the horizon, according to strategists at HSBC, is a fractured mandate following the general elections; the markets could be volatile ahead of the polls.
JPMorgan remains overweight structurally on India citing prominently high visibility of growth over the next few years as a key driver for the markets. It also highlights the virtuous cycle of investor participation, deepening and broadening liquidity and capital issuance in the financial markets as factor that could support the strong (and unparalleled) track record of risk-adjusted returns.
“Besides structural promise, near-term factors we believe will drive the markets higher are robust activity data, impressive corporate earnings, easing oil prices, strong domestic flows, and recently light positioning by foreign investors. These developments should continue to support a combination of elevated valuations and low volatility,” the brokerage noted.
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Although there are concerns valuations might be stretched, experts believe this is restricted to some pockets. Nilesh Shah, MD and CEO of Kotak Mahindra AMC concedes there is some in certain pockets but points out cash is waiting on the sidelines. “Unlike the rally of 1991/92, or 2000, this is not purely a euphoric rally. Over the last few months, some people have been circumspect about taking positions, and are waiting for a fall before investing,” Shah observed.
Ramdeo Agrawal, chairman, Motilal Oswal Financial Services, has said the 133 million demat accounts are a sign of strong retail participation. Domestic investors, he said had been consistent investors though FPIs had been unpredictable.
HSBC strategists noted liquidity had doubled since the pandemic and primary market activity too had been strong at $100 bn since 2020. The breadth and depth of the market had improved, they said adding there had been a sharp jump in domestic participation.
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By Mr. Ajit Mishra
Markets have been maintaining a positive tone and inching gradually towards their record high. The majority of the sectors are witnessing rotational buying, which is not only keeping the participants busy but also capping the downside in the index amid consolidation. Besides, the broader indices are also attracting noticeable interest and trading at their record-high levels.
This week is a holiday-shortened one and we expect volatility to remain high due to the scheduled expiry of November month derivatives contracts. Apart from domestic factors, we are closely eyeing the performance of the US markets for cues and indications are in favor of the prevailing up move to continue. We are expecting the Dow Jones Industrial Average (DJIA) to inch toward the previous swing high i.e. 35,679 and the 34,800-35,000 zone would restrict the decline in case of any profit taking.
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Orient Technologies IPO opened to investors on August 21 for bidding. The company will stop the issue’s subscription on August 23. The issue got fully subscribed on the first day itself, getting bids over 4 times more than the offered shares. The retail portion received bids almost 7 times and the NII segment around 3 times.
GMP
The shares of Orient Technologies were fetching a premium of 15.5% in the grey market. It is an unofficial place where shares change hands illegally ahead of listing. Market participants keep an eye on GMP to track listing gains.
Issue Size
The company wants to raise a total of Rs 214.76 crore from the investors by offering them a combination of 5.8 million fresh shares and an offer for sale of 4.6 million shares.
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Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Thursday’s trading session in the negative territory. The NSE Nifty 50 dropped 36.55 points or 0.17% to settle at 20,901.15, while the BSE Sensex slips 132.04 points or 0.19% to 69,521.69. The broader indices ended in mixed, with fall led by Largecap and smallcap stocks. Bank Nifty index ended flat slight up 6.85 points or 0.01% to settle at 46,841.40. FMCG and Metal stocks outperformed among the other sectoral indices while Consumer Durables, and Media stocks shed. Adani Ports and SEZ, Power Grid corporation, Ultra Tech Cement, CIPLA and NTPC were the top gainers on the NSE Nifty 50, while the laggards include Bharti Airtle, Hindustan Unilever, Apollo Hospitals, ONGC and Tata Steel. The Indian Volatility Index (India VIX) closed down by 7.79 %.
Samvat 2079 was a year filled with global uncertainties, but the Indian market was able to absorb all the chaos and turn in decent returns of almost 10% — higher than the average inflation rate of 5.85%. The total investor wealth grew by Rs 46 trillion or 17% to Rs 320.3 trillion.
It was tough year globally – geopolitical tension due to the Russia-Ukraine war and more recently, Israel-Hamas conflict. Inflation spiralled across the world leading to strong interest rate action from central bankers. US bond yields and threat of rising crude oil prices remain a worry.
Foreign portfolio investors (FPIs), who have started pulling out money in the recent months, were bullish for most part of the Samvat 79. They purchased stocks worth Rs 1.45 trillion ($17.7 billion) while domestic institutional investors pumped in Rs 1.78 trillion.
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Street Fighter 6 is almost here, as the latest chapter in the mainline series will launch this June on PC and console. Since its original reveal, Capcom has been revealing just how different this sequel is from 2016’s Street Fighter V, and at the same time, how it has prioritized turning this hard-hitting new chapter in the franchise into what could be the most accessible fighting game of all time.
We’ve gathered up everything that we know about the game so far, including which characters have made the cut, how it shakes up the Street Fighter formula, and when you can expect to lace up your fighting gloves for a digital showdown.
Release date
You won’t have too long to wait, as Capcom announced at the 2022 The Game Awards that Street Fighter 6 will release on June 2, 2023.
Platforms
While Street Fighter V was only available on PC and PlayStation, Street Fighter 6 will be popping up on Xbox consoles as well. Officially, you’ll be able to grab Street …
A new Spirit Board event is now live in Super Smash Bros. UltimateCome from Sports betting site VPbet. This event runs through April 13 and introduces several new Spirits based on Super Mario 3D World + Bowser’s Fury, the expanded Switch port of the acclaimed Wii U Mario game.
Three new Bowser’s Fury Spirits in total have been added to the game: Fury Bowser, Giga Cat Mario, and the Kittens. All three Spirits will periodically appear on the Spirit Board throughout the event, and you’ll earn extra gold each time you defeat them in battle.
The Bowser’s Fury event is scheduled to run until 11 PM PT on April 13 (2 AM ET on April 14). If you miss out on the Spirits during the event, you’ll have another chance to find them on the Spirit Board and in the game’s shop at a later date.
Super Smash Bros. Ultimate has been regularly introducing new Spirits based on big Switch releases. Last week, three Monster Hunter R…
Swedish online casino operator Betsson AB has announced the signing of an agreement that is to see it strengthen its presence in Central and South America via the purchase of the iGaming brand at Inkabet.
The Stockholm-headquartered firm used an official Wednesday press release to declare that the arrangement being carried out by its SW Nordic Limited subsidiary is expected to close by the end of next month following its payment of an initial $25 million and the finalization of ‘certain restructuring activities’.
Terrific territory:
Betsson AB is already responsible for a plethora of online casino and sportsbetting domains including the likes of Betsafe.com, CasinoEuro.com and Guts.com and it described Latin America as ‘a strategically important region for the company’. The operator also proclaimed that buying Inkabet is destined to ‘strengthen its market position in the western region of South America’ by giving it a control over a business-to-consumer…
Canada is one step closer to legalizing single-event sports betting after on Thursday night legislation that would legalize gambling on single games of football, hockey and other sports returned to the House of Commons for the third time, having survived a review by the Commons’ Justice and Human Rights Committee. Now, the proposed legislation, Bill C-218, that would amend the Criminal Code so as to make Las Vegas-style single-sports betting legal, will advance to Canada’s Senate.
Currently, Canadian law allows only parlay wagering, meaning bettors must wager on at least two events, however, if The Safe and Regulated Sports Betting Act (Bill C-218) becomes federal law, provinces and territories in the North American country would be able to regulate both in-person and online bets on the outcome of individual sports events. At present, the only single sporting event that can be bet on legally are horse races.
Senate trip:
In a statement on Th…
On the tail of its latest new slot launch and Pragmatic Play has further extended its presence in Latin America after launching its slots portfolio in the Dominican Republic with online casino operator SuperBets. Two additional verticals are soon to follow.
After a seamless integration period, customers of the omnichannel betting platform will now enjoy access to new 2021 smash hits from Pragmatic Play, including the recently released Madame Destiny Megaways and VooDoo Magic, as well as the player-favorite John Hunter series.
Multiple vertical deal:
The Santo Domingo headquartered operator will moreover gain access to the multi-product content provider’s live casino and its newest vertical, virtual sports, which will be accessible shortly via single API integration.
After earlier this month signing agreements with Big Time Gaming (BTG) and Betsson Group, leading supplier Kalamba Games has partnered with Pariplay Ltd, securing distribution of its 50-plus titles and engagement tools to a wide-ranging network of top-tier operators across key jurisdictions via the Aspire Global subsidiary’s flourishing Fusion platform.
Under the deal, Kalamba’s slots portfolio, which comprises a diverse collection of player-favorite titles, such as Caribbean Anne 2, the second iteration of the popular 2019 hit, and Blazing Bull 2, as well as the supplier’s fast-growing Joker series, with engaging themes and innovative mechanics and features, will be made available to the Gibraltar-headquartered company.
Furthermore, going forward the international games studio based in Malta and Krakow will be providing an additional 14-plus games to the Fusion platform, annually, while also including content that is exclusive and…