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Some more headroom in BSE: Ambareesh Baliga
Market expert Ambareesh Baliga said the performance of BSE depends mainly on that of the market, which has been extremely good. Earlier in the day, BSE shares ended 15.7 percent higher at Rs 1,911.9 apiece on NSE.
"That was one of the reasons it did well and the other one is clearly the benchmark. The NSE IPO is expected for the last so many months; we are closer to that. We have seen placements happening in NSE about two years back at levels of about Rs 900. Nowadays, we hear the placements are happening at Rs 3,000-plus, so the way NSE has moved, I think BSE has underperformed. I think there is still some more headroom as far as BSE is concerned," he said.
Positive on Maruti Suzuki: Ambareesh Baliga
According to independent market expert Ambareesh Baliga, Maruti Suzuki is one stock that has seen extremely good correction due to a lot of negatives in the past couple of months. Most of those negatives appear to be actually priced in, he said.
He expects a bounce in the Maruti Suzuki stock to about Rs 7,800 levels in the short term. "In the longer term, in FY23, we are looking at an EPS of about Rs 291. So my target in the longer term is about Rs 10,200," Baliga said.
"Margins were under pressure because of the commodity price rise. Now the company have increased the selling price... Now you're seeing the commodity prices actually peaking out. Also chip shortages in the last couple of months actually affected both production and sales, but then again, December could be slightly lower. However, all that is already discounted, and things expected to improve over the next two to three months," he said.
"No one can really beat that strong brand and large distribution network that Maruti has; replicating that is next to impossible. As far as Maruti is concerned, in the next 2-3 months, we should see decent number of launches. We are awaiting a hybrid launch as well as the EV launch, which should be a big kicker," Baliga added.
Momentum good, Nifty50 can possibly go up another 100-200 points: Ambareesh Baliga
Independent market expert Ambareesh Baliga believes the Nifty50 can possibly rise another 100-200 points as the momentum appears to be good. He, however, suggests caution at the current juncture. "Investors may utilise this upmove to book out to a certain extent because this is the time to get into cash to a certain extent," he said.
The markets is also ignoring the risks of the new COVID variant, at least for the time being, he said.
"It is more of a bounceback and a response to that good GDP data but we should remember that Q2FY21 was when India was still affected, and was just trying to recover," he added.
More overweight on midcap, smallcap stocks than largecaps for now: Anand Shah
Anand Shah, Head of PMS and AIF Investments at ICICI Prudential AMC, believes a few midcap and smallcap companies are attractively priced even after a sharp rally. "We used to have a little more largecap before but if you see more recently, especially in last 18-20 months, we have seen a sharp recovery. So that has been the distinct difference between the macro and the micro reading of this market. While all along we have been discussing the challenges that macro has been throwing on the economy, on various companies, but at the micro level, we are seeing a very solid earnings growth rate for especially in midcap and smallcap segments," he said.
To that extent yes, maybe in the future, we might have a little higher (allocation to) largecaps in our portfolio but today we are a little bit more overweight on midcap and smallcap," Shah added.
Recent correction in market healthy, was much needed: ICICI Prudential AMC's Anand Shah
Anand Shah, Head of PMS and AIF Investments at ICICI Prudential AMC, said the recent correction in the market was much needed. "Ahead of this correction, the market was very much in a steep rally and the expectations were very high. What this correction does is: One, it slows down the speculative activity in the market, and two, it brings down expectations," he said.
"A little longer of this healthy correction would be only helping the market over the long term to bring in more long-term investors," he said.
Sun Pharma may report better numbers going forward: Deven Choksey
Deven Choksey of KRChoksey beleives some of Sun Pharma's products are particularly gaining good traction in the US. "Domestic issues pertaining to production and stability of plants and their operation, including the US FDA clearance-related issues, are now behind. So obviously this year should be seen as a year where Sun Pharma could be reporting relatively better numbers compared to the last 3-4 years," he said.
"From here on, I think the situation should be much better. Given the kind of pipeline that they have, I would think that the company should be in a better position to report the greater set of numbers in subsequent quarters," he added.
Buy-on-dips opportunity in Maruti Suzuki: Deven Choksey
Deven Choksey of KRChoksey sees a buy-on-dips opportunity in Maruti Suzuki. "Maruti Suzuki is probably enjoying a situation where it has got a pipeline inventory or pipeline demand of about two lakh vehicles, which is required to be fulfilled. Obviously, I think the price hike is being affected, though not fully, but to a greater extent... and the demand situation is supporting the company," he said.
"I think the semiconductor shortage situation is not coming under control. So going forward, the delivery of vehicles would be a little more predictable, and the company, being the largest manufacture and market share commander, would be in a relatively better position... January to March quarter would be the first test for the company, as the quarter might see a gradual improvement over the last quarter," he added.
Nifty can restart upward trajectory if it stays above 17,400-17,500 for a couple of sessions: Manish Hathiramani
The Nifty has closed around its resistance area of between 17,400 and 17,500, and the market can restart its upward trajectory if the index trades above this zone for a couple of days, said Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments.
Market At Close | Last-hour surge helps Sensex, Nifty close at day’s highs
Here are some highlights:
--47 of 50 Nifty stocks in the green, Bajaj twins, Shree top gainers
--HDFC, HDFC Bank, Infosys top Nifty movers
--Nifty Bank gains 143 points to 36,508; midcap index rises 341 points to 30,296
--GMR, Persistent, PVR, SRF, MCX, Mindtree top midcap gainers
--Vedanta, Pfizer, Indus Towers, Godrej Consumer, Ashok Leyland top midcap losers
--Bharat Dynamics Rises 3% after Rs 471 crore order from Indian Army
--Bharti Airtel gains; Vodafone Idea flat ahead of spectrum case hearing
--Market breadth favours bulls; advance-decline ratio at 5:2
Closing Bell | Sensex up 777 points at 58,461, Nifty50 at 17,402
The 30-scrip index ended 776.5 points or 1.4 percent at 58,461.3 and the broader Nifty50 benchmark settled at 17,401.7, up 234.8 points or 1.4 percent from its previous close. Both headline indices closed higher for a second straight day.
M&M Financial Services November disbursement up 27% at Rs 2,500 crore
Mahindra & Mahindra Fianncial Services disbursement rose 27% on a year-on-year basis to Rs 2,500 crore in November.
Here are some other highlights:
--Collection efficiency at 94% vs 91% MoM
--Payment behaviour has reflected in MoM reduction in Stage 2, Stage 3 MoM
--Expects positive trend to continue in December