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Buy India, sell China: Abhiram Eleswarapu
"China could start to open up - we think that will happen through the first half of next year. And we've had a massive ‘buy India, sell China’ trade and that could reverse. So in short, I would see risks are actually climbing for a continued outperformance for India," says Abhiram Eleswarapu, Head of India Equity at BNP Paribas India. "There is no doubt fundamentals are very strong, but almost all institutional investors we speak to are concerned about valuations. Our house goal is for 2023 to see new lows for equities. So we're actually in the bearish camp. We actually see 2023 to be quite a bad year – at least the first half of next year to be quite bad for equities globally. And most of our targets actually show a 15 odd percent downside from hereon."
Seen a good participation from the underperforming sector: Neeraj Deewan
"We are almost there at all-time highs, I don't think that will be that kind of a challenge, which may come today or Monday. But all said and done I think the broader markets which have started participating now, we have seen a good participation from the underperforming sector, underperforming stock, - HDFC, HDFC Bank were not performing earlier. They have contributed a lot to this last kind of run, which is seen," says Neeraj Deewan, Director at Quantum Securities India. "IT has contributed a lot so we have to question whether this will last or not. But I think looking at where HDFC, HDFC Bank is and when IT stocks are I think there is still more steam left as far as these sectors are concerned, these stocks are concerned."
Sensex and Nifty end choppy session in the green
-- Adani Enterprises ends lower after board approves fund raise, down 0.5 percent
-- ITDC hits upper circuit on the Ashok Hotel indicative value
-- Axis Bank ends nearly one percent higher on positive management commentary
-- Indiabulls Housing Finance surges in trade to end as top midcap gainer, up 11.6 percent
-- Castrol ends 0.5 percent higher, on ki Mobility solutions acquisition
-- PNB up more than five percent after company gets government nod to sell its UTI AMC stake
-- Apollo Hospitals snaps five-day gaining streak, ends 0.5 percent lower
-- Reliance recovers in trade after company launches 5G services in Gujarat, up 1.5 percent
-- Market breadth favours advances, advance-decline ratio at 2:1
Positive on Tech Mahindra: Astha Jain
"Investor can definitely add Tech Mahindra in his portfolio for the longer term point of view, targets at the initial level is at around Rs 1,200. But in the longer term, we can see the more higher levels. I am more positive on Tech Mahindra at present moment of time, so I am just advising to buy that," says Astha Jain from Hem Securities.
Chennai Petro, Indian Oil, partners sign JV agreement for refinery complex in Tamil Nadu
The refinery complex will be built at a cost of Rs 31,580 crore and will cater to the demand for petroleum products in South India. (Read more)
Laurus Labs subscribes 26% stake in Ethan Energy India
Laurus Labs has entered into a share subscription and shareholders' agreement with Ethan Energy India for captive consumption of power, as per government policies for the same. (Read more)
Shares of ITDC jump after government reportedly sets Hotel Ashok's valuation at Rs 7,409 crore
Shares of India Tourism Development Corporation Ltd zoomed as much as 17.7 percent on Friday. The Ashok is among the eight India Tourism Development Corp assets listed under the National Monetisation Pipeline (NMP) announced by Finance Minister Nirmala Sitharaman last year. (Read more)
Would encourage everybody to wait for at least one or two more fed commentaries from the rate hikes scenario: Sunil Subramaniam
"I do think the decoupling will continue, but that way, I expect the markets to be a little bit sideways from now on. Because there has been a good lot of run up on discounting the future gains to India from a recessionary world where oil prices will crash," says Sunil Subramaniam, MD & CEO of Sundaram Mutual Fund. "I would encourage everybody to wait for at least one or two more fed commentaries from the rate hikes scenario to make up their mind. Second is that oil will likely to be hold up till February-March, because of the winter heating requirements. The demand for oil will continue to be strong, and hence a further correction in oil prices significantly, right probably to wait for a couple of months for the winter to be over. I do expect a sideways consolidating market over the next two to three months till we get fresh direction on oil as well as on the Budget."