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Modi premium for Indian stocks gets a hard look after elections
Modi premium for Indian stocks gets a hard look after elections
In recent years, investors bullish on Indian equities have cited the promise of policy reforms and rapid economic growth under Prime Minister Narendra Modi to justify its record premium over emerging-market peers.
Now, with the leader facing coalition politics after a weaker-than-expected mandate in this week’s national election, the so-called Modi premium is under scrutiny. Investors want to see evidence that Modi can sustain his reforms with the same vigor, while keeping alliance partners happy and avoiding populist measures to regain public support.
Policy continuity is now emerging as a crucial factor for global money managers weighing investments in the world’s fifth-largest stock market. Next month’s budget will be the new government’s first test, as fiscal discipline has been a hallmark of Modi’s decade in power.
“People are still in a wait-and-see mode until we see what policies are likely to come up, how are they are going to fund them and what’s the give and take the coalition has to make,” said Rahul Ghosh, an equity portfolio specialist at T. Rowe Price in Singapore. “We’re evaluating our India positioning and considering whether we should add more.”
Skepticism from foreign investors is evident. They sold more than $2 billion of local shares on a net basis on Tuesday and Wednesday, even as buying by local funds and retail investors helped the benchmark NSE Nifty 50 Index climb to a new record Friday, recouping losses spurred by the stunning election result.
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Bajaj Housing Finance files DRHP with SEBI to raise ₹7,000 crore via IPO; Details here
Bajaj Housing Finance IPO: Bajaj Housing Finance has filed it's preliminary draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds worth ₹7,000 crore through its upcoming public issue. The public issue aggregating up to ₹7,000 crore comprises a fresh issue of equity shares of up to ₹4,000 crore and an offer for sale (OFS) of up to ₹3,000 crore by the selling shareholder with face value of ₹10 each equity share by Bajaj Finance Limited--the promoter selling shareholder. Kotak Mahindra Capital Company Limited, BofA Securities India Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, SBI Capital Markets Limited, JM Financial Limited, and IIFL Securities Limited are the Book Running Lead Managers to the issue.
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Dividend Stocks: Tata Motors, HUL, Adani Ent, Bajaj Auto, among others to trade ex-dividend next week; Full list here
Shares of several important companies including Asian Paints, Tata Motors, Adani Enterprises, Canara Bank, Bajaj Auto, Hindustan Unilever Ltd (HUL), among several others will trade ex-dividend in the coming week starting from Monday, June 10. Along with these, some companies have declared a buyback of shares, while some have announced other corporate actions including bonus issue and E.G.M, according to data on the BSE. The ex-dividend date is the day on which the equity share price adjusts to reflect the next dividend payout. It is the day the stock becomes ex-dividend, which means it does not carry the value of its next dividend payment from that day forward. Dividends are payable to all the shareholders whose names appear on the company's list by the end of the record date.
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SEBI Receives Award For Enhancing Regulatory Framework In India
The SEBI has been given 'Best Conduct of Business Regulator' award in Asia Pacific by The Asian Banker for its role in enhancing the regulatory framework for securities markets in India. The award was received by SEBI's Whole Time Member Kamlesh Chandra Varshney in a ceremony held in Hong Kong. 'This authority (Sebi) has been actively working towards instantaneous settlement. In 2021, T+1 settlement was introduced in a phased manner, which was fully implemented from January 2023. This move has provided investors with faster access to their funds following trade execution and settlement, enhancing market efficiency and liquidity,' The Asian Banker said in a statement. Through rigorous enforcement and innovative regulatory practices, SEBI has significantly improved the conduct of business in the country's financial markets, ensuring fair treatment of consumers and robust market integrity, it added. The Asian Banker creates platforms to build a greater sense of community amongst players in the financial services industry, from traditional banks and digital disruptors to fintechs and platform players. It also publishes rankings and ratings of institutions, people and processes to establish high standards in the delivery of finance products and solutions.
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Sensex, Nifty End Volatile Poll Result Week At Record: Market Wrap
The benchmark equity indices recovered from their losses on counting day and recorded their highest close on Friday as heavyweights led the rally. The NSE Nifty 50 closed 468.75 points or 2.05%, up at 23,290.15, while the S&P BSE Sensex closed 1,618.85 points or 2.16%, higher at 76,693.36. During the day, the Sensex also hit an intraday high of 76,795.31. On a weekly basis, the Nifty gained 3.37% and the Sensex gained 3.69%. Aditya Agarwala, head of research and investments, referred to Monday's high as a source of resistance. He said that when the markets reached that level, profit-booking would occur.
Shares of Reliance Industries Ltd., Infosys Ltd., Mahindra & Mahindra Ltd., Bharti Airtel Ltd., and HDFC Bank Ltd. contributed the most to the gains in the Nifty. State Bank of India and Tata Consumer Products Ltd. weighed on the index.
Most sectoral indices on the NSE ended the week higher. The Nifty IT gained nearly 9% and the Nifty PSU Bank was the only index that ended with weekly losses.
All 20 sectoral indices on the BSE rose, with the BSE Telecommunication rising the most. The broader markets underperformed, with the BSE MidCap closing 1.28% higher and the BSE SmallCap ending 2.18% up. The market breadth was skewed in the favour of the buyers as 2,889 stocks rose, 970 fell and 93 remained unchanged on the BSE.
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Top Gainers and Losers today on 7 June, 2024: Mahindra & Mahindra, Wipro, SBI Life Insurance Company, Tata Consumer among most active stocks; Check full list here
Top Gainers and Losers Today : The Nifty index closed at 22821.4, up by 2.05%. Throughout the day, the Nifty reached a high of 23320.2 and a low of 22789.05. The Sensex traded between 76795.31 and 74941.88 and closed 2.16% higher at 75074.51, which was 1618.85 points above the opening price. The Nifty Midcap 50 underperformed the Nifty 50, closing 1.55% higher. On the other hand, small cap stocks outperformed the Nifty 50, with the Nifty Small Cap 100 ending at 16826.1, up by 389.45 points and 2.31% higher.
The Nifty 50 has provided the following returns:
In the last 1 week: 3.36%
In the last 1 month: 4.42%
In the last 3 months: 3.53%
Nifty Index Top Gainers and Losers Today
The top gainers in the Nifty index were Mahindra & Mahindra (up 5.84%), Wipro (up 5.11%), Tech Mahindra (up 4.57%), Infosys (up 4.17%), and Ultratech Cement (up 4.06%). The top losers in the Nifty index were SBI Life Insurance Company (down 1.18%) and Tata Consumer (down 0.37%).
The Bank Nifty ended at 49291.9, with an intraday high of 49943.2 and a low of 49080.45. The Bank Nifty's performance in the following time frames is as follows:
In the last 1 week: 1.62%
In the last 1 month: 3.09%
In the last 3 months: 4.06%
In the last 6 months: 6.27%
In the last 1 year: 12.43%
Here is the list of top gainers and losers in different indexes during the trading session on 07 Jun, 2024:
Sensex Top Gainers And Losers Today
Top Gainers: Mahindra & Mahindra (up 5.83%), Wipro (up 5.09%), Tech Mahindra (up 4.50%), Infosys (up 4.13%), and Tata Steel (up 4.04%)
Top Losers: N/A
Nifty Top Gainers And Losers Today
Top Gainers: Mahindra & Mahindra (up 5.84%), Wipro (up 5.11%), Tech Mahindra (up 4.57%), Infosys (up 4.17%), and Ultratech Cement (up 4.06%)
Top Losers: SBI Life Insurance Company (down 1.18%) and Tata Consumer (down 0.37%)
Nifty MidCap 50 Top Gainers And Losers Today
Top Gainers: L&T FINANCE, Vodafone Idea, Persistent Systems, Coforge, and Steel Authority Of India
Top Losers: Page Industries, Oberoi Realty, Jubilant Foodworks, Escorts Kubota, and Petronet LNG
Nifty Small Cap 100 Top Gainers And Losers Today
Top Gainers: Amara Raja Energy & Mobility, IRB Infrastructure Developers, Great Eastern Shipping Company, Sonata Software, and Raymond
Top Losers: JBM Auto, Finolex Cables, Glenmark Pharmaceuticals, Triveni Turbines, and Nippon Life
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