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Economic Times
18-06-2025
- Business
- Economic Times
Long-term, India is the best story in the making: Anshul Saigal
Live Events You Might Also Like: How should you place your bets as Nifty makes a U-turn from 25,000? Vinay Rajani answers You Might Also Like: Neeraj Dewan on Israel-Iran conflict and why he prefers to bet on domestic consumption (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Founder,, says despite West Asia's geopolitical tensions , markets remain resilient, focusing on positive earnings trajectories. Financials, particularly private and PSU banks, show promise with positive price action and earnings tailwinds. A shift from unorganized to organized distribution across sectors like metals and pharma presents opportunities, alongside demand in capital goods and defence, suggesting long-term investment there is negative news flow from West Asia and we have to see this in sequence. Since 2022, geopolitical issues have played out across the globe. But other than temporary moves downward in the market, the markets have been quite resilient. Even in times like this, the markets have been quite resilient in the context of how big the situation is in the West Asian there is something cataclysmic, like a nuclear holocaust or something like that, it looks like the markets are taking all of these geopolitical issues in their own stride. The trend and the prevailing emotion are positive in the markets and as a result, we think markets over the long term will follow earnings trajectory which clearly from recent numbers, as also from commentary from management looks like it is going to be positive. I should say we are in a favourable risk-reward situation. In case this geopolitical event abates, the markets are primed for an up after sector is seeing tailwinds. We think that the financial space is quite interestingly poised. We in the last year saw an earnings downgrade from the previous year in this sector and also stocks across the board consolidated. But in recent times, price action in that sector has been quite positive, particularly in the private sector banking space. Also, the price action in the PSU banking space seems to be quite are upticks that we have seen over the last two-three months. Also, earnings look quite interesting in that space as well. Earnings seem to have tailwinds. So, banking and finance looks quite interesting. Another theme that we are seeing is that post the GST implementation, we saw a move from the unorganised to organised on the manufacturing side, but very little of that happened on the distribution see the second leg of that unorganised to organised move happening on the distribution side across sectors. Whether it is metals, pharma or capital goods, we are seeing that on the distribution side there is a move from the unorganised sector to the organised sector and as a result there are huge tailwinds in that space as the numbers are showing. That space has a few listed companies and the price action in those listed companies seems to suggest that this move has legs. We see in the distribution bracket quite a nice tailwind in demand, capital goods and is stock specific but in those sectors, we are seeing opportunity in discretionary spending in that space. There is opportunity across the board and one should not trade looking at the next quarter or two but rather invest for the next 5-10 years. India is the best story in the that is the crux of the situation as to whether most of the negativity is in the price. If you look at news flow and alongside that if you see price action, for some of the names that you mentioned like Tata Motors, the news flow was back-ended while the price action was front ended. So, price action was adverse and then the news flow became adverse as things played out on the clearly tells us that the markets are forward looking and reacting first while considering earnings and then the earnings will follow. Now with price action having been adverse in most players' cases and also news flow suggesting that things are bad, we believe that from here, earnings will determine price action and earnings in most cases seem to have bottomed out. Also, the volume trajectory for PVs in particular, in the current year is stable to the case of commercial vehicles, there is an acceleration and given the action on interest rates by RBI, it does look like there are tailwinds for discretionary spends that we can anticipate in the current year. It looks like autos may be in a bottoming out phase. Most of the negativity seems to be in the price and any positive action on both the macro as also the micro of individual companies should lead to positive price action in stock prices. That is how we see this you remember, a similar sort of situation happened on the frontline index in NSE some time back and the exchange witnessed a negative impact on expected earnings. It is quite likely that we will see the same thing here. Also, BSE in particular has seen an uptick on F&O activity and market share. With this particular change, there is likely an expectation that there will be a hit on market share going forward, which in turn could have an impact on earnings as well. Now given how the stock has behaved in the last two-three years and particularly in the last six months with so much expectation being built in, there is very little room for error and this development clearly has the makings of shaking up the stock and so we will have to wait and see. But clearly this is not the best. It is not the best thing to have happened when the price has behaved the way it you ask traders about what metrics they follow to understand short-term moves, they will tell you that there is something called the MVP indicator, which is momentum, volume, price. If an uptick on all three parameters is anticipated, then the markets will see an up move going in the current phase of our markets, we have seen about a 10% move in Nifty and thereafter, there has been some amount of consolidation on the back of mostly geopolitical tensions and also to some extent, the Q4 derating in numbers that we have seen. However, that derating has been tempered around 2% to 3%.Given this sort of a situation and for the markets to consolidate and not really derail or fall, tells us about the emotion of the market which seems to be on an uptrend. Given that the earnings trajectory may have bottomed out as last year was a weak year and also that geopolitical tensions may be at peak and may have only downside from here both on earnings and also on geopolitical issues, we may have positive triggers going any of those two things or both combined play out positively for the markets, these markets will probably move up. The emotion in the markets is clearly to move up from here not so much down.
Time of India
18-06-2025
- Business
- Time of India
Long-term, India is the best story in the making: Anshul Saigal
Live Events You Might Also Like: How should you place your bets as Nifty makes a U-turn from 25,000? Vinay Rajani answers You Might Also Like: Neeraj Dewan on Israel-Iran conflict and why he prefers to bet on domestic consumption (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Founder,, says despite West Asia's geopolitical tensions , markets remain resilient, focusing on positive earnings trajectories. Financials, particularly private and PSU banks, show promise with positive price action and earnings tailwinds. A shift from unorganized to organized distribution across sectors like metals and pharma presents opportunities, alongside demand in capital goods and defence, suggesting long-term investment there is negative news flow from West Asia and we have to see this in sequence. Since 2022, geopolitical issues have played out across the globe. But other than temporary moves downward in the market, the markets have been quite resilient. Even in times like this, the markets have been quite resilient in the context of how big the situation is in the West Asian there is something cataclysmic, like a nuclear holocaust or something like that, it looks like the markets are taking all of these geopolitical issues in their own stride. The trend and the prevailing emotion are positive in the markets and as a result, we think markets over the long term will follow earnings trajectory which clearly from recent numbers, as also from commentary from management looks like it is going to be positive. I should say we are in a favourable risk-reward situation. In case this geopolitical event abates, the markets are primed for an up after sector is seeing tailwinds. We think that the financial space is quite interestingly poised. We in the last year saw an earnings downgrade from the previous year in this sector and also stocks across the board consolidated. But in recent times, price action in that sector has been quite positive, particularly in the private sector banking space. Also, the price action in the PSU banking space seems to be quite are upticks that we have seen over the last two-three months. Also, earnings look quite interesting in that space as well. Earnings seem to have tailwinds. So, banking and finance looks quite interesting. Another theme that we are seeing is that post the GST implementation, we saw a move from the unorganised to organised on the manufacturing side, but very little of that happened on the distribution see the second leg of that unorganised to organised move happening on the distribution side across sectors. Whether it is metals, pharma or capital goods, we are seeing that on the distribution side there is a move from the unorganised sector to the organised sector and as a result there are huge tailwinds in that space as the numbers are showing. That space has a few listed companies and the price action in those listed companies seems to suggest that this move has legs. We see in the distribution bracket quite a nice tailwind in demand, capital goods and is stock specific but in those sectors, we are seeing opportunity in discretionary spending in that space. There is opportunity across the board and one should not trade looking at the next quarter or two but rather invest for the next 5-10 years. India is the best story in the that is the crux of the situation as to whether most of the negativity is in the price. If you look at news flow and alongside that if you see price action, for some of the names that you mentioned like Tata Motors, the news flow was back-ended while the price action was front ended. So, price action was adverse and then the news flow became adverse as things played out on the clearly tells us that the markets are forward looking and reacting first while considering earnings and then the earnings will follow. Now with price action having been adverse in most players' cases and also news flow suggesting that things are bad, we believe that from here, earnings will determine price action and earnings in most cases seem to have bottomed out. Also, the volume trajectory for PVs in particular, in the current year is stable to the case of commercial vehicles, there is an acceleration and given the action on interest rates by RBI, it does look like there are tailwinds for discretionary spends that we can anticipate in the current year. It looks like autos may be in a bottoming out phase. Most of the negativity seems to be in the price and any positive action on both the macro as also the micro of individual companies should lead to positive price action in stock prices. That is how we see this you remember, a similar sort of situation happened on the frontline index in NSE some time back and the exchange witnessed a negative impact on expected earnings. It is quite likely that we will see the same thing here. Also, BSE in particular has seen an uptick on F&O activity and market share. With this particular change, there is likely an expectation that there will be a hit on market share going forward, which in turn could have an impact on earnings as well. Now given how the stock has behaved in the last two-three years and particularly in the last six months with so much expectation being built in, there is very little room for error and this development clearly has the makings of shaking up the stock and so we will have to wait and see. But clearly this is not the best. It is not the best thing to have happened when the price has behaved the way it you ask traders about what metrics they follow to understand short-term moves, they will tell you that there is something called the MVP indicator, which is momentum, volume, price. If an uptick on all three parameters is anticipated, then the markets will see an up move going in the current phase of our markets, we have seen about a 10% move in Nifty and thereafter, there has been some amount of consolidation on the back of mostly geopolitical tensions and also to some extent, the Q4 derating in numbers that we have seen. However, that derating has been tempered around 2% to 3%.Given this sort of a situation and for the markets to consolidate and not really derail or fall, tells us about the emotion of the market which seems to be on an uptrend. Given that the earnings trajectory may have bottomed out as last year was a weak year and also that geopolitical tensions may be at peak and may have only downside from here both on earnings and also on geopolitical issues, we may have positive triggers going any of those two things or both combined play out positively for the markets, these markets will probably move up. The emotion in the markets is clearly to move up from here not so much down.
Time of India
18-06-2025
- Business
- Time of India
Nomura upgrades IndusInd Bank to buy, sees 30% upside; shares rally 4%
Shares of IndusInd Bank climbed as much as 3.9% on Wednesday to Rs 841 on the BSE after global brokerage Nomura upgraded the stock to a 'buy' and sharply raised its price target, citing improved governance, a cleaned-up balance sheet, and a stronger earnings outlook. Nomura increased its price target on the private lender by 50%, from Rs 700 to Rs 1,050, and upgraded its rating from 'neutral' to 'buy'. The new target implies a potential 30% upside from Tuesday's closing price. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo 'The past few months have been turbulent for IndusInd Bank owing to governance failings and accounting lapses. However, the bank has undergone a significant clean-up of its books and has taken one-time provisions to address legacy issues,' Nomura said. The brokerage noted that the bank's board is showing a 'clear intent to start FY26F on a clean slate' and highlighted the ongoing search for new leadership as a constructive step. It also cited 'recent comments from the Reserve Bank of India (RBI) acknowledging IndusInd Bank's recovery efforts' as a source of regulatory comfort, adding that potential approval for the promoter to raise its stake could help ease investor concerns. Live Events Stronger fundamentals, improved outlook Nomura compared IndusInd Bank's current trajectory to past turnaround cases such as RBL Bank in 2021 and Yes Bank in 2018, where concerns over asset quality prompted leadership changes. In both instances, 'while near-term stock performance was muted, we did see a revival of performance over the medium term as fundamentals improved,' the brokerage noted. It highlighted IndusInd's healthy capital and liquidity buffers, with a CET-1 ratio of 15.1% and a Liquidity Coverage Ratio (LCR) of 118%. The bank's 'strong business model in retail' is expected to support a faster recovery in profitability. Nomura raised its FY27–28F earnings per share (EPS) estimates by 14–16%, citing stronger net interest income (NII) and lower credit costs. It now expects return on assets (RoA) to improve to 0.8–1.1% and return on equity (RoE) to 7–10% over FY26–28F. Importantly, Nomura believes 'IndusInd Bank's profitability outlook is stronger than that of State Bank of India and Bank of Baroda .' At 0.9 times its one-year forward book value per share (BVPS), the stock's valuation appears 'inexpensive.' However, the brokerage flagged key risks, including 'the possibility of further discrepancies in the books and delays in appointing new leadership.' The stock remains down nearly 17% so far in 2025. Also read | Pick up defence stocks for long term; 2 shipping stocks to buy: Neeraj Dewan ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
18-06-2025
- Business
- Economic Times
BSE shares in focus as Sebi approves Tuesday expiry for NSE derivatives
Shares of BSE are likely to remain in focus on Wednesday, June 18, after the Securities and Exchange Board of India (Sebi) approved the National Stock Exchange's (NSE) proposal to shift its weekly equity derivatives expiry from Thursday to Tuesday, effective September 1, 2025. ADVERTISEMENT To avoid a clash of expiry dates across exchanges, the market regulator has simultaneously directed that the BSE Sensex derivatives expiry be moved from Tuesday to Thursday. The development was announced via a Sebi circular aimed at reducing market volatility and bringing uniformity in expiry day scheduling across stock exchanges. The decision follows consultations and recommendations from the Secondary Market Advisory Committee (SMAC), which reviewed feedback from a March 2025 discussion paper on the issue. As per the Sebi circular, BSE will not introduce any new weekly index futures contracts from July 1, 2025. The current expiry schedule will remain unchanged for existing contracts, except for long-dated index options, which will be realigned in line with past set to expire on or before August 31, 2025, will retain their current expiry dates, while new contracts will follow the revised non-benchmark index options, index futures, and single-stock derivatives, the minimum contract tenor will now be one month. These contracts must expire on the last Tuesday or last Thursday of the month, depending on the schedule chosen by the respective exchange. ADVERTISEMENT Earlier, NSE had considered shifting the expiry of key contracts—including Nifty, Bank Nifty, FinNifty, Nifty Next50, and Nifty Midcap Select—to Mondays via a circular dated March 4, 2025. However, that plan was later the new guidelines, each exchange is allowed to offer one weekly benchmark index options contract on its preferred day. This move consolidates expiry days and aims to bring clarity and consistency to the derivatives market, which had previously seen expiries scattered across the trading week. ADVERTISEMENT With BSE now required to shift its weekly expiry to Thursday to accommodate NSE's Tuesday expiry, investor attention may turn to how this realignment will impact BSE's derivatives trading volumes and its positioning in the competitive exchange landscape. On Tuesday, BSE shares closed 1.4% lower at Rs 2,660 on NSE. ADVERTISEMENT Also read: Pick up defence stocks for long term; 2 shipping stocks to buy: Neeraj Dewan (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
18-06-2025
- Business
- Time of India
BSE shares in focus as Sebi approves Tuesday expiry for NSE derivatives
Shares of BSE are likely to remain in focus on Wednesday, June 18, after the Securities and Exchange Board of India (Sebi) approved the National Stock Exchange's (NSE) proposal to shift its weekly equity derivatives expiry from Thursday to Tuesday, effective September 1, 2025. To avoid a clash of expiry dates across exchanges, the market regulator has simultaneously directed that the BSE Sensex derivatives expiry be moved from Tuesday to Thursday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks The development was announced via a Sebi circular aimed at reducing market volatility and bringing uniformity in expiry day scheduling across stock exchanges. The decision follows consultations and recommendations from the Secondary Market Advisory Committee (SMAC), which reviewed feedback from a March 2025 discussion paper on the issue. As per the Sebi circular, BSE will not introduce any new weekly index futures contracts from July 1, 2025. The current expiry schedule will remain unchanged for existing contracts, except for long-dated index options, which will be realigned in line with past practices. Contracts set to expire on or before August 31, 2025, will retain their current expiry dates, while new contracts will follow the revised structure. Live Events For non-benchmark index options, index futures, and single-stock derivatives, the minimum contract tenor will now be one month. These contracts must expire on the last Tuesday or last Thursday of the month, depending on the schedule chosen by the respective exchange. Earlier, NSE had considered shifting the expiry of key contracts—including Nifty, Bank Nifty, FinNifty, Nifty Next50, and Nifty Midcap Select—to Mondays via a circular dated March 4, 2025. However, that plan was later deferred. Under the new guidelines, each exchange is allowed to offer one weekly benchmark index options contract on its preferred day. This move consolidates expiry days and aims to bring clarity and consistency to the derivatives market, which had previously seen expiries scattered across the trading week. With BSE now required to shift its weekly expiry to Thursday to accommodate NSE's Tuesday expiry, investor attention may turn to how this realignment will impact BSE's derivatives trading volumes and its positioning in the competitive exchange landscape. On Tuesday, BSE shares closed 1.4% lower at Rs 2,660 on NSE. Also read: Pick up defence stocks for long term; 2 shipping stocks to buy: Neeraj Dewan ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
