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Share Market Update | Trideep Bhattacharya's view on market
"One of the themes for 2023 would be recession before rebound, in the sense globally we are likely to face recessionary conditions before rebound. One of the drivers of that has been the quick succession interest rate increase of close to about 500 basis points that we have seen globally, and will now flow through the economies to various economies in different degrees in the first half of calendar year 2023. In the context of rate headwind flowing through the economy, the earnings update cycle is likely to be tested. If you look at the earnings that have come so far the pockets of growth or the pockets of beats have been certainly narrower and more pointed and generally, the commentary has been probably kind of cautiously optimistic, throwing a bit of caution, more than optimism so far. While some sectors have reported good earnings, some have reported some meaningful misses, like probably one we saw today, or the last couple of days," says Trideep Bhattacharya, CIO-Equities Edelweiss AMC.
Market at Close | Sensex and Nifty 50 end volatile session lower, ends at 3-month low
-- BSE companies erase market cap of nearly Rs 11 lakh crore in the last two sessions.
-- Sensex falls 874 points to 59,331 and Nifty 288 points to 17,604
-- Nifty Bank slides 1,302 points to 40,345 and Midcap index 452 points to 30,242
-- Adani group stocks slide for second straight day, group loses Rs 4 lakh crore market cap in two days
-- Tata Motors, Bajaj Auto rises six percent each following better-than-expected December quarter earnings.
-- Dr Reddy’s and Cipla too see gains following a healthy set of earnings.
-- Major fall in Adani group stocks triggers sharp slide in banking names.
-- All Nifty Bank constituents close in the red, ICICI and HDFC Bank biggest losers
-- Adani group shares fall up to 27 percent intra-day, Adani Ports, Ambuja, Adani Ent top losers
-- Vedanta slips two percent while Bajaj Fin closes with minor cuts ahead of earnings.
-- Dixon Tech posts biggest fall since listing, down 20 percent on weak earnings and guidance cut.
-- Indus Towers falls another 13 percent today after reporting quarterly loss and provision for VI
-- PVR rises more than five percent on a strong Pathaan movie collections.
-- Amara Raja gains more than two percent and DLF one percent after better-than-expected earnings
Stock Market Update | Elixir Equities' Dipan Mehta on PVR
“I think PVR is a good trading opportunity because all of the Pathaan numbers will get reflected in the March quarter. Even the December quarter was decent because of Avatar. However that is going to be problem area with multiplexes that they are going to have lumpy earnings. So that doesn’t really enthuse long term investors per se. There is always this fear that entertainment habits are changing and so trying to predict box office collections is more difficult than predicting stock price movements. So I would be a bit cautious at current levels. You can have a trading rally but I don’t see very good earnings maybe 2-3 years down the line. So I would not look at investing in multiplexes at this point of time,” says Dipan Mehta, Director, Elixir Equities.
Share Market Update | Dilip Buildcon is declared as lowest bidder for projects worth Rs 1,373.6 crore
-- Tenders floated by the National Highways Authority of lndia on Hybrid Arnuity basis in the state of Andhra Pradesh.
-- One is a Rs 599.5 crore project while another is Rs 774.1 crore project. The completion period for both is 24 months.
Stock Market Update | Benchmark indices falls to day's low, Nifty below 17,500
-- Sensex falls over 1,100 points, slips to near 59,000
-- Nifty 50 makes fresh intraday low of 17,497.6
-- 42 out of the 50 Nifty constituents trading with losses
-- Adani Ports & Adani Enterprises are the top Nifty laggards
-- Nifty Bank declines more than 1,400 points
-- All constituents of the Nifty Bank index trade with losses
-- PSU Bank index down over five percent while Metal index down over 4.7 percent.