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ONGC a good short-term momentum play, but not for long term: Deepak Shenoy
Deepak Shenoy, Founder of Capitalmind, views ONGC as a good short-term momentum play and not suitable for the long term. "The stock is one of the few ones making a new high now. But if you look at the structure of crude oil... Instead of generating supernormal profits at ONGC level, let us reduce the losses at the marketing level, so that people have to pay lesser prices for oil. You should expect that ONGC will see such commentary in the next few weeks," he says.
"In general, oil prices aren't rising forever. It is a supply problem that currently exists and eventually, when the situation kind of evens out, I believe there will be a compromise that allows Russia to trade oil, especially with countries like India... If you have negative government action, the long-term approach of buying ONGC is probably not a great idea," he adds.
Hindalco looks well poised in non-ferrous space: Mayuresh Joshi
Mayuresh Joshi of William O'Neil likes Hindalco from the non-ferrous space at the current juncture. "All the tailwinds are playing out wonderfully well for Hindalco at. With the assumption that Russian supply will probably get hit to the tune of what Russia produces and the end-use application with aluminium prices on the LME being much higher than the reported price in Q3, I think the earnings momentum will continue," he adds.
Banking will continue to see some pressure: Sunil Singhania
Sunil Singhania, Founder of Abakkus Asset Management, is of the view that from a fundamental perspective, some of the banks have done pretty well. "But the relentless selling has been too huge for any domestic buying to sustain the prices," he says.
As long as FII numbers continue to be majorly negative, banking as a sector will continue to see some pressure, according to Singhania.
Market At Close | Sensex, Nifty down more than 15% from record highs
Here are some highlights:
--Nifty Bank down more than 20 percent from record high, falls over 4 percent in a single-day for 2nd time in last 1 week
--BSE-listed cos erase market cap of more than Rs 11 lakh crore in March so far
--BSE-listed cos erase mcap of more than Rs 5 lakh crore on Monday
--Among sectoral indices, Nifty Realty, PSU Bank fall most; Metal, PSU indices rise
--Volatility index up 5 percent
--HDFC Bank, HDFC, HUL, 7 other Nifty stocks hit 52-week lows
--12 Nifty stocks down 5 percent or more lower
--Financial stocks remain major drag on index; IndusInd, Axis top losers
--ONGC hits 4-year high amid surging crude oil prices
--Rupee hits record low of 76.96 against dollar
--Hindalco, Coal India, Bharti Airtel, HCL, UPL gain
--JK Cement top midcap loser after company announces entry in paint business
--Market breadth improves from opening but still favours bears; advance-decline ratio at 1:5
Market At Close | IndusInd, Maruti Suzuki, Axis Bank, Britannia, Bajaj twins top blue-chip laggards
UltraTech, M&M, Tata Motors, Hero MotoCorp also among top losers. On the other hand, ONGC, Hindalco, Coal India, Bharti Airtel and UPL rise the most among the 12 gainers in the Nifty50 basket.
How the 30-scrip pack looked at the close:
Closing Bell | Sensex down 1,491 points, Nifty50 below 15,900
The 30-scrip index ends at 52,842.8, down 1,491.1 points or 2.7 percent from its previous close. The Nifty50 sheds 382.2 points or 2.4 percent to settle at 15,863.2.
Both headline indices close lower for the fourth session in a row.
IT sectors may be a good hiding space, but for some cos valuations still above historical averages: Mithun Aswath
Mithun Aswath Managing Partner at Kivah Advisors believes that some IT valuations are still at a premium to their historical averages, even though IT may be a good hiding space now. He is of the view that making incremental money from the IT space now can be difficult.
Rupee hits all-time low vs US dollar amid surging oil prices, breaches COVID low
"With every $10 rise in crude price, there is a considerable negative impact on our current account deficit, and inflation is estimated to rise by 24 bps," Sugandha Sachdeva, VP-Commodity and Currency Research at Religare Broking, tells CNBTV18.com.
She expects the rupee to continue in negative territory and test the 77.50 level against the US currency in the near term. (Key reasons behind rupee depreciation)
Nifty Bank in bear zone
The Monday mayhem on Dalal Street sent a number of key indices more than 20 percent lower from their peaks - known in market parlance as the bear zone. At noon, the Nifty Bank index was down more than 21 percent from its 52-week high of 41,829.6, having taken its distance from the milestone to 22 percent earlier in the day. (Read more)
Need to wait in such volatility, keep cash in hand: Sunil Singhania
Sunil Singhania of Abakkus Asset Management tells CNBC-TV18 that it is best for investors to wait in such high levels of volatility, and to keep cash in hand. He is of the view that oil rates will come down significantly once geopolitical issues end.
He remains bearish on oil from a medium-term perspective. He finds large private banks attractive.
The rural economy continues to perform pretty well, he adds.
Nifty Bank, Auto, Financial Services indices down 5%
Here's how NSE's sectoral indices fare as the market enters the last hour of trade:
|NIFTY FINANCIAL SERVICES||-4.8|
|NIFTY PSU BANK||-5.5|
|NIFTY PRIVATE BANK||-5.5|
|NIFTY HEALTHCARE INDEX||-1.2|
|NIFTY CONSUMER DURABLES||-2.6|
|NIFTY OIL & GAS||-0.3|