BUSINESS
During previous property bull run over 2004-08, retail flows into equities also rose
The post-Covid surge in direct retail activity has normalised as evident in the non-institutional share of market volumes which is off 12 ppt from peak. Data on 'active' accounts from NSE shows a 22 per cent decline in these accounts by May 2023 from the mid 2022 peak. Also, while the past few weeks has seen mid-cap stock volumes rise, they are still to reach levels associated with mid-cap index peaks.
Global XR headset shipments fell 33% in Q1 this year: Report
According to Counterpoint Research, customers are losing interest in the XR market, as Meta’s Quest series, the market leader, has not been refreshed in over two years. "The performance of the newly launched next-generation Sony PSVR2 (PlayStation VR2), along with the price reduction of the Quest 2 by Meta, saved the global market from a more drastic decline," said Senior Analyst Karn Chauhan.
RIL stock has historically outperformed going into AGM
“We expect similar announcements this year, especially around Jio Financial Services (JFS), clean energy and digital business. RIL stock has historically outperformed going into the AGM on most instances”, the report said. RIL is in the new list of 10 quarterly stock recommendations among Asia Pac companies based on the view that these stocks could have the most significant market and business-related catalysts in the quarter ahead, BofA said.
Economic fundamentals don't warrant continuation of stock market rally beyond current levels: Analysts
V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the 15 per cent surge in Nifty from the low levels of March has given a bullish flavour to this rally; but it is difficult to describe this as a bull market since valuations do not permit a sustained rally and the evolving economic fundamentals do not warrant continuation of the rally much beyond the current levels.
India's economic scale, market potential enabling startups to flourish: Piyush Goyal
Addressing the ‘Startup20 Shikhar’ in Gurugram, Goyal, the Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, said that there must be a global effort to nurture inclusive, supportive and sustainable startup ecosystems in all parts of the world to address global challenges.
Foreign investors seem way more allocated to private equity markets over public markets
The cumulative net investments in public markets (public equity and fixed income) for the same period is about $250 billion, said Arvind Chari, CIO, Quantum Advisors. Private market is an important investment destination. Foreign investor seem way more allocated to private markets over public markets, Chari said.
Rated Indian companies are in good credit shape: S&P Global Ratings
"Solid earnings momentum over the next two years, by our forecasts, will make for one of the healthiest four-year stretches seen," said S&P Global Ratings analyst Neel Gopalakrishnan. Added to this is India's economic growth, which is the highest in the region, at 6 per cent for 2023 and 6.9 per cent in 2024, as per S&P Global Ratings forecast, the credit rating agency said.
India at lifetime high while other emerging markets are 30% away from their peaks
This is largely a result of strong FPI equity flows (highest among select EMs for four months in a row), pick-up in MF equity flow, benign crude oil prices, sharp progress in south-west monsoon, continued demand traction (with signs of rural and capex cycle recovery), and likely mid-teen corporate earnings growth (with minimal earnings downgrade), Antique Stock Broking said in a note.
Indian markets scaled new peaks on Tuesday
The Sensex of BSE touched a high of 65,672.97 points and Nifty of NSE 19,434.15 points. The Sensex opened at 65,503.85 points and raced up to reach a 52 week high of 65,672.97. On Monday, the Sensex had closed at 65.205.05. points. At the NSE, the Nifty opened at 19,406.60 and flared up to a 52 week high of 19,434.15 points.
Jio’s new launch could disrupt the 2G market
"We believe Jio's new product launch (announced 3rd July post market) should help it garner incremental wireless subscribers, which we would view as a positive catalyst for the RIL stock. However, with the industry feature phone base continuing to decline (50-60 mn total shipments in FY23), we see the potential revenue impact, while positive for Jio and negative for Bharti, as likely to be limited," Goldman Sachs said.
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