Market Reaction To Exit Polls Better Than Expected, Says Analyst
Adani Group's Mahan Energen To Merge With Stratatech Mineral Resources
Kronox Lab Sciences: The public issue was subscribed to 11.07 times on day one. The bids were led by institutional investors (1.11 times), non-institutional investors (19.94 times), and retail investors (12.95 times).
Tinna Rubber and Infrastructure Ltd.: PGA Securities bought 0.9 lakh shares (0.52%), while Bhupinder Sekhri & Sons HUF sold 0.9 lakh shares (0.52%) at Rs 1,270 apiece.
Kronox Lab Sciences IPO Subscribed 11.10 Times On Day 1
Nifty Bank Ends Above 51,000 As Market Rally On Exit Poll Results
Price Band Change from 20% to 10%: Cochin Shipyard Ltd., Techno Electric and Engineering Co.
Ex/record dividend: ITC Ltd.
Lok Sabha Election Results 2024 Live Updates: Counting Of Votes Soon, Fate Of Over 8000 Candidates On The Line
Nifty consolidated in May 2024
DII inflows remained strong in May
May was second consecutive month of FII outflows
On Q4FY24 results: 5 cos HDFC Bank, SBI, ONGC, Tata Motors, and Coal India – contributed 72% of the incremental YoY accretion in earnings
View:
India in a goldilocks period - solid macros, strong earnings, peak rates, moderate inflation, steady policy
Nifty valuation at 19.2x EPS, 5% below long period avg
OW on Financials, Consumption, Industrials, and Real Estate
Maintain Buy with TP 3010, Upside 13%
Tweak up estimate given strong monthly volume trends, expanded capacity
Strong initial volumes of the XUV 3XO
Earnings estimates change by 6-9% over FY25-27E
Due to the changes in volumes and margin estimates
Target multiple for core business to 27x from 26x given:
1) More positive stance on UV volume growth;
2) Expectations of normal monsoon in CY2024
Could result in upside risks to our tractor volume estimates
Listed subsidiaries at Rs. 360/share
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Bajaj Housing Finance's board to meet on June 6 to approve IPO via fresh issue and OFS
BHFL board to meet on June 7 to consider participation in proposed IPO via OFS
Source: Exchange filing
Lok Sabha Election Results 2024 Live: Postal Ballot Trends Trickle In, NDA In The Lead
As of 8.34 a.m., the GIFT Nifty was trading at 23,430.00, down 84 points or 0.36%.
The yield on the 10-year bond opened flat at 6.95%.
It closed at 6.94% on Monday.
Source: Cogencis
The local currency weakened 10 paise to open at 83.24 against the U.S dollar.
It closed at 83.14 on Monday.
Source: Bloomber poui
At pre-open, the Nifty was at 23,179.50, down 84.40 points or 0.36% and the Sensex was down 183.00 points or 0.24% at 76,285.78.
Units complete registration of sub-lease deeds for 3,750 acres for 43 years
Lease worth Rs 13,400 crore for Navi Mumbai land and associated development rights
Source: Exchange filing
In pact for quantum computing solutions for BFSI, supply chain & logistics, Lifesciences & healthcare verticals
Source: Exhchange filing
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Nifty 50 Companies Wipe Out Nearly Rs 6 Lakh Crore In Investor Wealth
Board considers and recommends dividend of Rs 6.2/share
Source: Exchange Filing
At 11:03 a.m., the Nifty Smallcap 250 was down 5% at 15,155.70 and the Nifty Midcap 100 fell 5.13% to 50,533.60.
In pact to expand healthcare access in Japan
Develops application NiCOMS, to help patients access remote consultations & online payments
Source: Exchange Filing
The yield on the 10-year bond rose 11 bps to 7.05%.
It closed at 6.94% on Monday.
Source: Cogencis
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India Stocks Fall Over 5%, Rupee Weakens, VIX Surges 42% Amid Vote Counting: Midday Market Update
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He said that unless and until we know what kind of government is getting formed, and what will be their priorities as they analyze the verdict the markets will remain uncertain.
The markets have fallen dramatically today because they rose dramatically yesterday, says Helios Capital's Samir Arora. The markets saw a substantial rally on Monday in the wake of exit polls for the Lok Sabha elections.
Overall, it will settle down, Arora says. "Today you have assumed everything will change;' everything will not change."
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Market looks for excuses to correct, and this event (elections and results) are one such event, says veteran investor Vijay Kedia. The correction we saw today will grant investors who missed out an entry point to participate in the markets, he says.
Scenario 1:
- Modi to return as PM, but carrying alliance partners
- Govt may not function as smoothly as last 10 years
- This scenario seems most likely
Scenario 2:
- NDA forms govt, but with new prime minister
Scenario 3:
- Key alliance partners of BJP could switch sides
- This could lead to meaningful changes in govt policy trajectory
Impact on Investment Outlook
- Scenario 1 to be most positive for Indian markets
- National policy thought process could change via state elections
- Stress in mass market consumption may come into govt focus
- Country could see delays in fiscal consolidation path
- Reforms that could be placed on cold storage: Agri/food subsidy reform, land and direct tax reforms
"As more certainty returns to the political management, I think markets will start slowly recovering," he said adding that markets have realised that they overdone yesterday. He also said that its too early to look at portfolio changes and advises to wait till budget.
Negative surprise on election results to trigger derating
Current trends indicate that the NDA could end up with ~290-300 seats
See Narendra Modi returning as PM but in changed circumstances
Greater demand to stimulate consumption in the economy from both, the BJP and allies
Broad direction of economy unlikely to change
Factor market reforms related to land, agriculture, and labor are now off the table
Privatization and asset monetization are also at risk
Switch from PSUs and Capital Goods to FMCG
Buy Indian equities if the Nifty falls below 20,000 (~18x FY25 PER)
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