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Time of India
5 days ago
- Business
- Time of India
Market pressure remains amid US-India trade deal uncertainty, weak Q1: Sudip Bandyopadhyay
Sudip Bandyopadhyay, Group Chairman, Inditrade Capital, says considering the valuation at which most of the stocks were trading and considering the uncertainty and subdued Q1 results, the market is drifting downwards, that is our view. Till the time there is a concrete positive news flow around the trade deal or good corporate results come out, we will continue to hover around this with a negative bias. ET Now: This week we have ended below 25,000 mark, but the concerns, the tensions, the news flow remains the same as it was there last week. I want to understand from you how do you assess the market direction now vis-à-vis the news flow still remains the same? 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There are multiple news coming but till the time the deal is in front of us, we do not know exactly what it is, so it is kind of a lot of companies, lot of businesses, and the market is on tenterhooks. So that is one part of the uncertainty which is plaguing the market. The second part is, of course, corporate results. It is nothing great which is coming out. By and large it is around expectations. Leave aside JSW Steel which has beaten the expectations or Wipro who has given a very good forecast about their next H2 as well as Q2 but by and large the results have been subdued. So, considering the valuation at which most of the stocks were trading and considering the uncertainty and subdued Q1 results, the market is drifting downwards, that is our view. Till the time there is a concrete positive news flow around the trade deal or good corporate results come out, we will continue to hover around this with a negative bias. Live Events ET Now: You mentioned about distinction about two types of news flow, one was earnings and one was, of course, the global news flow which is continuing. In terms of earnings, this weekend and today actually is very-very important because Reliance is coming, you will have ICICI, HDFC Bank all the heavy weights especially for Nifty, the earnings are due this weekend. Do you think there could be a different direction when we meet on Monday? Sudip Bandyopadhyay: Oh yes. these three stocks together is about 30% of Nifty weightage, so definitely if they come up with results which gives a direction one way or the other, market will move. As far as both the banks are concerned, expectations are mixed. After the Axis results came out, there are a lot of concerns as well, particularly on the growth side. Let us wait and watch what happens. But yes, you are absolutely right if they give some results which is indicating a direction, market will take the cue and move. ET Now: What is going to be your view, especially on tier II, talking about the midcap IT space, do you think that is going to be exciting and someone who really wants to stay put in this particular sector should be looking on the tier II counters or maybe initiating something, so they have a better projection? Sudip Bandyopadhyay: Well, two things. One is tier II, I will definitely look forward to Coforge numbers. This is one company which has been beating expectations and performing exceedingly well. So, I would definitely watch for their numbers. But if I have to pick something from the entire universe, probably I will look at the largecap once only and Wipro definitely deserves a look considering the confidence with which management is reiterating that their Q2 numbers as well as H2 numbers will be much better. So, yes, Wipro is talking about coming back to growth and valuation-wise also it is attractive, so, one can look at that. As far as the other midcap IT companies are concerned, one has to be extremely careful about the valuation. Look at LTIMindtree. The numbers were pretty good. Management commentary was good, but the stock is still correcting because the valuation was and still is a bit rich. ET Now: You did mention about your pick in the IT sector, but I want to ask about defence sector as well. How do you see this sector performing particularly on Friday, it was a kind of a dragger? Sudip Bandyopadhyay: Fundamentally, I do like defence and it is a long-term bet. And one has to remember that the valuations are not cheap. So, if you are looking at a long-term investment, long-term view, some of the defence stocks even at current valuation definitely good because they have a strong order book, they will continue getting better and more and more orders. The execution will be phased over a period of time and over a period of time valuation will catch up and move ahead of the current fundamentals. But as things stand today, the valuation is far ahead of the fundamentals, and to expect a short, medium-term significant upside, it is bit unrealistic considering where these companies are positioned. ET Now: How do you look at metals because that is always a new specific sector? I want to understand from you because there has been lot of news flow recently and metal has been…, if you see past one week, it has gained momentum of around 1%, but again it is much dependent on the global news flow. Sudip Bandyopadhyay: Absolutely right. Metal is always a sector which has lot of global inputs and at this stage if I look at a medium to long-term trend, the trend is positive undoubtedly and metals over a period of time will do well. Short-term fluctuations, short-term price movements will be there and there will be volatility because inherently with global news flows and global demand-supply prices of metals move and hence the stocks also move, but from a long-term point of view these are positive, particularly on domestic scenario I do like Vedanta quite a bit and this is in spite of all the reports and other things which are coming out. Fundamentally, the company is in strong businesses and there is a significant value unlocking happening and it is not a matter of speculation, it is happening, it has already happened, the execution is getting done. So, it is a matter of time before the benefit of value unlocking accrues to the Vedanta shareholders as well. So, yes, if somebody has to look at metals, Vedanta definitely would. Apart from Vedanta, we do like Hindustan Zinc also. Zinc, of course, they are the leaders and all that. Along with that, silver and both these two metals are gaining momentum significantly. The company is doing exceedingly well and one can look at Hindustan Zinc as well.
Time of India
12-07-2025
- Business
- Time of India
Sudip Bandyopadhyay's 3 sectoral picks in choppy markets
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel "This is a global issue, and India is no exception. Additionally, Indian markets are dealing with corporate results that do not justify current valuations. There's a clear disconnect between the valuations at which many stocks are trading and their underlying fundamentals," says Sudip Bandyopadhyay , Group Chairman, Inditrade Capital The market needs clarity, but currently, we are in an ambiguous state. We do not know what is happening on the tariff front. We also do not know how the earnings season will pan out, as the start has not been as strong as one would have hoped. What is your assessment regarding the market direction?Sudip Bandyopadhyay: Well, there is considerable volatility ahead. You're absolutely right—the corporate results season has begun, with TCS already out, and others will follow quickly over the next couple of weeks. However, we are not expecting anything spectacular. We anticipate a subdued set of numbers from Indian corporates at this stage. Yes, there will be exceptions, but the overall tone is likely to remain that, the tariff-related volatility emanating from the US is creating turmoil in the markets. It's not just about specific tariff issues—even companies like TCS have spoken about widespread uncertainty. They are struggling to secure new contracts, with many deals being delayed or slowed down as US corporations adopt a cautious stance. This uncertainty is impacting several sectors beyond those directly affected by is a global issue, and India is no exception. Additionally, Indian markets are dealing with corporate results that do not justify current valuations. There's a clear disconnect between the valuations at which many stocks are trading and their underlying discussing market direction, I'd like to know which sectors you believe are worth betting on in the current scenario. Also, has the market already made a near-term top?Sudip Bandyopadhyay: I don't think we've made a near-term top—or a near-term bottom, for that matter. Volatility remains the norm. Until we get some certainty or at least stability on the tariff front, markets will continue to swing. We'll see stock-specific and sector-specific movements based on news terms of sectors, we like cement. Although the monsoon season may bring daily developments that are not favorable to the cement story, fundamentally and structurally, the sector looks good. UltraTech , the leader in the space, remains attractive even at current sector we're positive on—despite seasonal monsoon-related challenges—is construction and infrastructure. Larsen & Toubro, the leader in this space, looks good at current valuations. Its order book is robust, including margin-accretive global orders, which are improving the company's overall margin profile. Under these circumstances, L&T is attractive at current is another space where most investors are overweight. While we like the sector, we prefer a cautious approach. SBI , from the PSU banking space, offers valuation comfort compared to private-sector peers and looks good from a medium- to long-term with banking and financials, I'm observing increased activity in the real estate sector. There's talk that the upcycle remains intact for the long term. Based on recent sales trends and brokerage reports, do you think a dip would be a good buying opportunity in real estate?Sudip Bandyopadhyay: Selectively, yes. One has to be a bit cautious because demand at the top end of the residential market is plateauing. It's not declining, but incremental demand is becoming harder to generate. So we need to tread commercial real estate—particularly in southern states—is booming due to the continuing GCC boom. Therefore, players with a healthy mix of residential and commercial projects in major metros are worth considering. DLF , with its extensive land bank and long-term potential, is attractive at current levels. Phoenix Mills is another name worth looking at. While there may be short-term volatility and occupancy-related challenges, fundamentally, it looks promising from a three- to five-year your view on the IT sector? TCS's results weren't particularly encouraging, and the stock was under pressure on Friday. With continued ambiguity in news flow, should investors consider building fresh positions in IT stocks now that valuations are relatively attractive?Sudip Bandyopadhyay: As you rightly said, uncertainty persists. The lack of fresh order inflows and the slowing or stalling of existing projects are pressuring both large-cap and mid-cap IT firms. This strain will remain visible, and companies will find it difficult to provide clear guidance—not just for the full year, but even for the next this backdrop, caution is advisable. However, if you're a long-term investor looking to gradually build a position in IT, this may be a good opportunity. Whether the right moment is today, next week, or the week after is difficult to predict. But if you believe in the long-term story of Indian IT, it makes sense to start accumulating slowly. These are fundamentally strong companies and will perform well over time—but right now, we're in a period of heightened volatility.
Economic Times
12-07-2025
- Business
- Economic Times
Sudip Bandyopadhyay's 3 sectoral picks in choppy markets
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel "This is a global issue, and India is no exception. Additionally, Indian markets are dealing with corporate results that do not justify current valuations. There's a clear disconnect between the valuations at which many stocks are trading and their underlying fundamentals," says Sudip Bandyopadhyay , Group Chairman, Inditrade Capital The market needs clarity, but currently, we are in an ambiguous state. We do not know what is happening on the tariff front. We also do not know how the earnings season will pan out, as the start has not been as strong as one would have hoped. What is your assessment regarding the market direction?Sudip Bandyopadhyay: Well, there is considerable volatility ahead. You're absolutely right—the corporate results season has begun, with TCS already out, and others will follow quickly over the next couple of weeks. However, we are not expecting anything spectacular. We anticipate a subdued set of numbers from Indian corporates at this stage. Yes, there will be exceptions, but the overall tone is likely to remain that, the tariff-related volatility emanating from the US is creating turmoil in the markets. It's not just about specific tariff issues—even companies like TCS have spoken about widespread uncertainty. They are struggling to secure new contracts, with many deals being delayed or slowed down as US corporations adopt a cautious stance. This uncertainty is impacting several sectors beyond those directly affected by is a global issue, and India is no exception. Additionally, Indian markets are dealing with corporate results that do not justify current valuations. There's a clear disconnect between the valuations at which many stocks are trading and their underlying discussing market direction, I'd like to know which sectors you believe are worth betting on in the current scenario. Also, has the market already made a near-term top?Sudip Bandyopadhyay: I don't think we've made a near-term top—or a near-term bottom, for that matter. Volatility remains the norm. Until we get some certainty or at least stability on the tariff front, markets will continue to swing. We'll see stock-specific and sector-specific movements based on news terms of sectors, we like cement. Although the monsoon season may bring daily developments that are not favorable to the cement story, fundamentally and structurally, the sector looks good. UltraTech , the leader in the space, remains attractive even at current sector we're positive on—despite seasonal monsoon-related challenges—is construction and infrastructure. Larsen & Toubro, the leader in this space, looks good at current valuations. Its order book is robust, including margin-accretive global orders, which are improving the company's overall margin profile. Under these circumstances, L&T is attractive at current is another space where most investors are overweight. While we like the sector, we prefer a cautious approach. SBI , from the PSU banking space, offers valuation comfort compared to private-sector peers and looks good from a medium- to long-term with banking and financials, I'm observing increased activity in the real estate sector. There's talk that the upcycle remains intact for the long term. Based on recent sales trends and brokerage reports, do you think a dip would be a good buying opportunity in real estate?Sudip Bandyopadhyay: Selectively, yes. One has to be a bit cautious because demand at the top end of the residential market is plateauing. It's not declining, but incremental demand is becoming harder to generate. So we need to tread commercial real estate—particularly in southern states—is booming due to the continuing GCC boom. Therefore, players with a healthy mix of residential and commercial projects in major metros are worth considering. DLF , with its extensive land bank and long-term potential, is attractive at current levels. Phoenix Mills is another name worth looking at. While there may be short-term volatility and occupancy-related challenges, fundamentally, it looks promising from a three- to five-year your view on the IT sector? TCS's results weren't particularly encouraging, and the stock was under pressure on Friday. With continued ambiguity in news flow, should investors consider building fresh positions in IT stocks now that valuations are relatively attractive?Sudip Bandyopadhyay: As you rightly said, uncertainty persists. The lack of fresh order inflows and the slowing or stalling of existing projects are pressuring both large-cap and mid-cap IT firms. This strain will remain visible, and companies will find it difficult to provide clear guidance—not just for the full year, but even for the next this backdrop, caution is advisable. However, if you're a long-term investor looking to gradually build a position in IT, this may be a good opportunity. Whether the right moment is today, next week, or the week after is difficult to predict. But if you believe in the long-term story of Indian IT, it makes sense to start accumulating slowly. These are fundamentally strong companies and will perform well over time—but right now, we're in a period of heightened volatility.
Economic Times
27-06-2025
- Business
- Economic Times
Is a market rally sustainable now and how soon will it see a correction? Sudip Bandyopadhyay explains
Sudip Bandyopadhyay, Group Chairman, Inditrade Capital, anticipates continued market volatility due to tariff uncertainties and geopolitical tensions, including the ongoing Ukraine-Russia war. Despite this volatility, the Indian market demonstrates resilience and a positive bias, fueled by consistent inflows from both global and domestic investors. This sustained inflow supports a generally optimistic outlook for the Indian market. The bulls are back. The market seems to be taking volatility in its stride, climbing the walls of worry since the past few days. Why are we seeing this kind of optimism on the street? Sudip Bandyopadhyay: A couple of things: One, the war cloud over West Asia dissipating was good news for the global equity markets and the positive mood which was prevailing in the world markets did percolate back to India as well. So, there was cheer all around. Of course, India gets more enthused when the oil prices start coming down and oil prices where they are is definitely good news for India. Apart from that, what acted in favour of Indian markets was that Thursday was the monthly F&O expiry day and that led to a lot of short covering in the markets. A cumulation of these factors – general positive sentiment prevailing all over, global oil prices coming down, rupee appreciating, and the short covering seen in the market led to the rally which took Nifty past 25,500. But the big question on everybody's mind is that will there be steam ahead for the bulls to surge and is this rally sustainable and how soon will the market see correction? Sudip Bandyopadhyay: Well, a couple of things I would like to point out very clearly. One, the global markets and Indian markets will continue to remain volatile. The volatility will stem from the tariff-related uncertainties and the future shenanigans around the tariff. We will also have a lot of tension on the geopolitical front. As you rightly pointed out, temporarily there is a ceasefire, and one cannot rule out a flare up once again. The Ukraine-Russia war is still continuing. There is a lot of stress in different parts of the world. So, yes, the volatility will be there and that volatility will affect global equity markets including India. So, we should be prepared for volatility. We should not assume that the market will be on an absolutely peaceful one-way trajectory. The second point is that, in spite of volatility, the way the markets have behaved over the last few months, there is a certain amount of resilience and a certain amount of positive bias for the Indian market. So, the mood is definitely positive. Whether we talk about the global investors or the domestic investors, their outlook on India continues to be positive. The flows into the market – be it domestic, mutual fund, or other funds, flow into the market on a continuous basis is significant and that to an extent is leading to this kind of inflow into the market which is sustaining a continuous positive bias for the markets. So, when you talk about these perceived volatilities that we will perhaps see because of the kind of tensions that may emanate out of the global geopolitical setup, but domestically one would believe that due to a good monsoon that could be in store for Indian companies, it is going to be a big positive factor and of course, the onset of the festive season is coming soon. What is your medium-term view in terms of the kind of moves that we are likely to see as far as the Indian markets are concerned? Are you comfortable with the valuations at present? Sudip Bandyopadhyay: A couple of points that you touched upon are very important. The domestic factors do look good. They are still not very good, but there are hopes of things improving. One is definitely a good monsoon will lead to significant upside in rural consumption which definitely corporate India needs. We will also see the spillover impact of that positive rural consumption on urban and semi-urban India, and this is absolutely critical for us. We are already seeing the capital expenditure promised by the government in the union budget getting implemented and that is absolutely good news. Corporate India has tightened belts. Cost efficiencies have increased significantly. So, we are all waiting for the quarterly numbers or the performance of the corporates to improve significantly from here on. Now, whether the improvement comes in Q2 or Q3, Q4 we will have to wait and watch and a lot of factors will determine that. The inflation is under control and that is leading to RBI being able to cut interest rates, that is good for growth and good for the corporate performance. So, overall, we think the groundwork which is being laid at this stage for corporate performance is very positive. Under these circumstances while the valuation even today does look a bit rich in multiple pockets, the opportunity of valuation or the corporate performance catching up with valuation in the near future is definitely there. Having said that, I will also say that the market works in the future. If there is an expectation of good numbers and good performance going forward, markets will start discounting that very-very soon. So, we have to remember that valuation always moves ahead of actual performance. There is nothing wrong with that. The next point I would like to mention is that there are still pockets in the Indian market where the valuation is attractive. So, if one is coming into the market, there are pockets, there are stocks, there are segments where even now buying looks attractive. As far as today's session is concerned, we did see some profit taking in defence stocks with BEL and Mazagon Dock and HAL, they fell in the range of 2% to 3%. Why do you think investors are not looking at defence with a long-term view? Sudip Bandyopadhyay: Investors always look at defence with a long-term view. I do not think there is any problem with that. When a war starts anywhere in the world and that gets wide publicity, defence stocks all over the world go up. And when the war ends, defence stocks correct to an extent. This is absolutely normal par for the course. So, we should not read too much into that. The moment this war flared up, whether it is the India-Pakistan skirmish or this West Asia conflict, defence stocks went up significantly from where they were and once the war stops, the stocks do correct. There is a saying that you buy defence stocks when there is peace and sell defence stocks when the war starts, that is how you should manage your portfolio for optimum returns.
Time of India
27-06-2025
- Business
- Time of India
Is a market rally sustainable now and how soon will it see a correction? Sudip Bandyopadhyay explains
Sudip Bandyopadhyay , Group Chairman, Inditrade Capital , anticipates continued market volatility due to tariff uncertainties and geopolitical tensions , including the ongoing Ukraine-Russia war. Despite this volatility, the Indian market demonstrates resilience and a positive bias, fueled by consistent inflows from both global and domestic investors. This sustained inflow supports a generally optimistic outlook for the Indian market. The bulls are back. The market seems to be taking volatility in its stride, climbing the walls of worry since the past few days. Why are we seeing this kind of optimism on the street? Sudip Bandyopadhyay: A couple of things: One, the war cloud over West Asia dissipating was good news for the global equity markets and the positive mood which was prevailing in the world markets did percolate back to India as well. So, there was cheer all around. Of course, India gets more enthused when the oil prices start coming down and oil prices where they are is definitely good news for India. Apart from that, what acted in favour of Indian markets was that Thursday was the monthly F&O expiry day and that led to a lot of short covering in the markets. A cumulation of these factors – general positive sentiment prevailing all over, global oil prices coming down, rupee appreciating, and the short covering seen in the market led to the rally which took Nifty past 25,500. But the big question on everybody's mind is that will there be steam ahead for the bulls to surge and is this rally sustainable and how soon will the market see correction? Sudip Bandyopadhyay: Well, a couple of things I would like to point out very clearly. One, the global markets and Indian markets will continue to remain volatile. The volatility will stem from the tariff-related uncertainties and the future shenanigans around the tariff. We will also have a lot of tension on the geopolitical front. As you rightly pointed out, temporarily there is a ceasefire, and one cannot rule out a flare up once again. The Ukraine-Russia war is still continuing. There is a lot of stress in different parts of the world. So, yes, the volatility will be there and that volatility will affect global equity markets including India. So, we should be prepared for volatility. We should not assume that the market will be on an absolutely peaceful one-way trajectory. Live Events You Might Also Like: Overall situation rosier than expected; we are getting into peace, not war & India is in a sweet spot: Swaminathan Aiyar The second point is that, in spite of volatility, the way the markets have behaved over the last few months, there is a certain amount of resilience and a certain amount of positive bias for the Indian market. So, the mood is definitely positive. Whether we talk about the global investors or the domestic investors, their outlook on India continues to be positive. The flows into the market – be it domestic, mutual fund, or other funds, flow into the market on a continuous basis is significant and that to an extent is leading to this kind of inflow into the market which is sustaining a continuous positive bias for the markets. So, when you talk about these perceived volatilities that we will perhaps see because of the kind of tensions that may emanate out of the global geopolitical setup, but domestically one would believe that due to a good monsoon that could be in store for Indian companies, it is going to be a big positive factor and of course, the onset of the festive season is coming soon. What is your medium-term view in terms of the kind of moves that we are likely to see as far as the Indian markets are concerned? Are you comfortable with the valuations at present? Sudip Bandyopadhyay: A couple of points that you touched upon are very important. The domestic factors do look good. They are still not very good, but there are hopes of things improving. One is definitely a good monsoon will lead to significant upside in rural consumption which definitely corporate India needs. We will also see the spillover impact of that positive rural consumption on urban and semi-urban India, and this is absolutely critical for us. We are already seeing the capital expenditure promised by the government in the union budget getting implemented and that is absolutely good news. Corporate India has tightened belts. Cost efficiencies have increased significantly. So, we are all waiting for the quarterly numbers or the performance of the corporates to improve significantly from here on. Now, whether the improvement comes in Q2 or Q3, Q4 we will have to wait and watch and a lot of factors will determine that. The inflation is under control and that is leading to RBI being able to cut interest rates, that is good for growth and good for the corporate performance. You Might Also Like: Where should you pick stocks within strong structural trends? Dhiraj Agarwal explains So, overall, we think the groundwork which is being laid at this stage for corporate performance is very positive. Under these circumstances while the valuation even today does look a bit rich in multiple pockets, the opportunity of valuation or the corporate performance catching up with valuation in the near future is definitely there. Having said that, I will also say that the market works in the future. If there is an expectation of good numbers and good performance going forward, markets will start discounting that very-very soon. So, we have to remember that valuation always moves ahead of actual performance. There is nothing wrong with that. The next point I would like to mention is that there are still pockets in the Indian market where the valuation is attractive. So, if one is coming into the market, there are pockets, there are stocks, there are segments where even now buying looks attractive. As far as today's session is concerned, we did see some profit taking in defence stocks with BEL and Mazagon Dock and HAL, they fell in the range of 2% to 3%. Why do you think investors are not looking at defence with a long-term view? Sudip Bandyopadhyay: Investors always look at defence with a long-term view. I do not think there is any problem with that. When a war starts anywhere in the world and that gets wide publicity, defence stocks all over the world go up. And when the war ends, defence stocks correct to an extent. This is absolutely normal par for the course. So, we should not read too much into that. The moment this war flared up, whether it is the India-Pakistan skirmish or this West Asia conflict, defence stocks went up significantly from where they were and once the war stops, the stocks do correct. There is a saying that you buy defence stocks when there is peace and sell defence stocks when the war starts, that is how you should manage your portfolio for optimum returns.
