ETMarkets Morning Podcast: Chris Wood gets greedier on India | The Economic Times Markets Podcast

ETMarkets Morning Podcast: Chris Wood gets greedier on India | The Economic Times Markets Podcast

Hi there! Welcome to ETMarkets Morning, the show about money, business and markets. I am Nandini Sanyal, and here is what we have to start your day.

>> Chris Wood gets greedier on India
>> The Indian equity investor gets younger
>> NYSE again considering Chinese delisting

>> Saudi breaks ranks to cut oil output

And there is more. But first, a quick glance at the state of the markets..

>> Nifty futures on the Singapore Exchange traded 16 points lower at 7:45 am (IST), signalling possible weakness ahead on Dalal Street.

>> Asian stocks were mixed on Wednesday as investors anxiously awaited results of US runoff elections. Stocks saw modest gains in Japan, while South Korea’s Kospi topped the 3,000 level for the first time. Australian equities retreated.

>> Wall Street trimmed earlier gains overnight as political uncertainty and the discovery of a more contagious variant of the Covid virus in major hubs like New York City tempered bullishness. Dow rose 0.55%, the S&P500 0.71% and the Nasdaq 0.95%.

>> The rupee depreciated by15 paise to settle at 73.17 against the US dollar on Tuesday, in tandem with most Asian currencies as fresh lockdowns in Europe and rising geopolitical tensions in the Middle East sapped risk appetite.

>> The dollar traded at its lowest level since February 2018 against its major peers. The offshore yuan traded at 6.4361 and the euro was at $1.2299.

>> Brent oil prices rose to the highest since February after Saudi Arabia agreed to make bigger cuts in output than expected during a meeting with allied producers, while industry data showed US crude stockpiles fell last week. Brent crude rose as much as 0.6 per cent to $53.94 a barrel, the highest since February 26, 2020.

>> Bitcoin gained 6.41% to trade at $34,077.96.

>> Gold prices rose on a weak dollar as focus turned to the Georgia run-offs. On MCX, gold contracts for February delivery gained Rs 64, or 0.12 per cent, to Rs 51,488 per 10 gm while silver contracts for March delivery rose by Rs 374, or 0.53 per cent, to Rs 70,410 a kg

All in all, the trade setup on Dalal Street looked weak. Nifty50 formed a small bullish candle on the daily chart on Tuesday. Analysts recommended buy on dips.

LET ME NOW GIVE YOU A HEADS-UP on some of the top news we are tracking at this hour.

… A downward-sloping Covid-19 graph and an upward-sloping Nifty50 chart in India have nudged Christopher Wood, Global Head of Equity Strategyat Jefferies, to increase exposure to Indian equities in his ‘GREED and Fear’ portfolio yet again. Wood has increased weightage of Indian equities by 150basis points to 14 per cent in his Asia Pacific ex-Japan relative-return portfolio, by trimming exposure to Chinese and Pakistani equity markets, themarquee investor said in his latest GREED and Fear report.

… The young are beginning to make their presence felt on Dalal Street. Data compiled by five brokerages showed the portfolio size of young investors — just out of college — has nearly trebled to Rs 75,000-1 lakh in the past two years. The average age for Indian investors has been declining in the past few months, suggesting that more youngsters are buying equities. Factors such as symmetry in information access, availability of resources to learn fundamentals and informative television web-series, and the ease of demat account operations have drawn young investors to the markets from all parts of the country.

… After reporting losses for six straight quarters, India’s No. 2 carrier Bharti Airtel is likely to report a net profit in the December quarter — unless there are unforeseen exceptional items — boosted by the sustained recovery of its India mobile business, strong customer additions and a surge in 2G-to-4G user conversions, analysts said. Bharti Airtel and Reliance Jio are likely to report sequential gains in mobile revenue, while loss-making Vodafone Idea is likely to continue losing customers and report sequential dips in revenue.

… The New York Stock Exchange is again considering proceeding with the delisting of three major Chinese telecommunications firms after Treasury Secretary Steven Mnuchin criticised its shock decision to grant the companies a reprieve. The NYSE’s potential pivot follows a whirlwind 18 hours in which the exchange caught US officials off guard, with the exasperation reaching the highest levels of the Trump administration. The back-and-forth also sowed deep confusion within global financial markets about the policy.

… Saudi Arabia surprised the market with a large cut in crude production, a bold assertion of primacy over the global oil industry that came directly from the kingdom’s de-facto ruler. The move papered over cracks in the Opec+ coalition and was a U-turn from some recent Saudi oil-policy priorities, but those things paled in comparison next to the global impact of the decision.

… India’s stockbrokers have sought higher rebate ceilings for long-term capital gains taxes (LTCG) and an exemption of individual dividend tax liability of up to Rs 10,000 for each listed company to encourage savers to invest long term in equity assets. In a pre-budget letter to the tax authorities, the Association of National Stock Exchange Members of India (ANMI) chairman Pramod Chandra Mody sought the increase in LTCG exemption limit beyond Rs 1 lakh


>> Bharti Airtel has approached the Supreme Court, pointing out ‘arithmetical errors’ made by the Department of Telecommunications in calculating the company’s adjusted gross revenue (AGR) dues.

>> L&T has emerged the lowest bidder for a key railway project connecting Rishikesh and Karnaprayag in Uttarakhand,

>> Home First Finance is in final stages of listing its shares locally in an IPO, which seeks to raise up to Rs 1,200 crore, CEO Manoj Viswanathan said.

That’s it for now. For all the market news through the day, do track Have a great day ahead! Bye-bye

Source link


Please enter your comment!
Please enter your name here