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While the current scenario could lead to lower market levels, we believe that the fundamentals of corporate India are likely to improve and therefore the current downtrend would pose an attractive value for the long-term investors, Nilesh Shah, MD & CEO, Envision Capital, told BloombergQuint in an interview.
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F&O data suggest significant build-up in open interest in futures of 23 non-bank lenders’ stocks. Mahindra & Mahindra Financial Services Ltd., Ujjivan Financial Services Ltd. and other peers saw an increase in long positions.
About 77 percent of the stocks in F&O universe, including Colgate Palmolive Ltd., Jubilant Foodworks Ltd. and Godrej Industries Ltd., have seen buying positions. That’s a complete turnaround compared with the extreme sentiment going into the state election verdict day with 91 percent of the scrips on negative side since start of this expiry.
About 60 percent of the stocks had seen a short build-up while 31 percent witnessed long liquidation since Nov. 30 until close of trade on Monday. Such an extreme sentiment sometimes acts as a contrarian indicator and it may not be a surprise if market stabilises at the current levels in the near term.
Follow Nifty Bank Options To Understand Market Recovery
Relationship between Reserve Bank of India and government is of of natural friction and its requires maturity on both sides but surprised Urjit Patel's resignation, Vallabh Bhansali, co-founder of Enam Financial Consultants told BloombergQuint in an interview.
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About 15 lakh shares of ICICI Bank changed hands in a block deal, according to Bloomberg data. Buyers and sellers were not known immediately.
Nifty's 10,000 strike price put option contract was among the most active option contracts on the National Stock Exchange.
Premium on the contract rose 10 percent to Rs 56. Over 8 lakh shares were added to the open interest which stood at over 53.48 lakh shares.
Prime Minister Narendra Modi ahead of parliament session:
Shares of the Pune-based IT firm rose nearly 4.4 percent to Rs 236.50 per share.
Zensar Technologies was selected as IT infrastructure partner by European Bank for Reconstruction and Development, according to a notification to the bourses.
The stock traded at 16 times its estimated earnings per share for the coming year, according to data compiled by Bloomberg.
Shares of the West Bengal-based rail carriage maker rose as much as 9.4 percent, the most in nearly five months, to Rs 72.50.
Titagarh won a contract to manufacture and supply 5,058 wagons to Indian Railways for Rs 1,560 crore, according to its exchange filing.
The wagons will be designed to carry coal, steel and stones. One -third quantity is to be supplied in next six months and the remaining orders to be supplied by February 2020, as stated in the contract.
Shares of the Mumbai-based of retail chain operator fell 1.34 percent to Rs 1,490 after UBS initiated sell for target price of Rs 950.
UBS in a note said:
Shares of banking and financial services companies were among the worst hit after Urjit Patel resigned from governorship of the Reserve Bank of India.
IndusInd bank, HDFC Bank, ICICI Bank and Axis Bank were among the top losers from the banking space.
Government knows it is under pressure and more stimulus should be expected going ahead, Ajay Srivastava, MD, Dimensions Corporate Finance Services told BloombergQuint adding that 30 percent of the portfolio should be cash at current juncture.
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Abrupt resignation of the central bank governor is not good for markets and it will now depend on the decisions that the government takes to bring down the risk premium, Jahangir Aziz, head of emerging markets economic research told BloombergQuint.
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Reserve Bank of India is one of the most respected institutions of India and its reputation is looking shaky due to uncertainty, Arvind Sanger, managing partner at Geosphere Capital Management told BloombergQuint.
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RBI governor Urjit Patel's resignation signals that agreement with government is allegiance with government and deference of opinion is its defiance, Shankkar Aiyar, political economy analyst & author told BloombergQuint in interview.
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Urjit Patel's resignation is a reaction of what transpired over the last two months between the Reserve Bank of India and government of India, former RBI Governor D Subbarao told BloombergQuint in an interview.
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Citi on Container Corp
UBS on Avenue Supermarts
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UBS
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