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Indian sovereign debt players bond with bonds following Mint Road\’s move to decelerate rate-increase drive and JPMorgan\’s recognition. CCIL data shows a 40% increase in monthly trades, reaching ₹8.6 lakh crore in 2023.
So, overall demand-supply outlook over the next couple of years does not look so good because supply increases are very rapid, demand increase has been subdued and companies have been unable to increase prices.
It is a nice combination to therefore have look forward to and that is what is keeping the market excitement up. Of course, we have a plethora of important events which we get into in the second half of the year whether it is the outcome of the monsoons, policy on the budget and of course certain global events as well including the US elections, the whole thing about policy rates, interest rates and how are we going to be navigating that over the next six odd months.
What we have scanned and found out is that they expect the demand to improve in calendar year 2024 but definitely it will be below normalised level. Secondly, their priority is to upgrade the tech stack.
So, for the Nifty, we believe we should be targeting 23,800 by next week and for the Bank Nifty, 51,000. Therefore, the strategy should be to buy the dip, with strong support placed around 23,100.
So, Hyundai is probably an harbinger of that, but you could actually see more such MNC players coming in and listing their companies in India because of the premium that Indian stocks tend to get.
But to assume or extrapolate that this similar kind of execution and similar kind of order book will stay for next three-five years which the stock prices are saying, I think that will be too much of expectation.
It is difficult to put incremental money in these pockets and so ABB is 50 times EV by EBITDA, 80-90 times earnings and probably the next four-five-year order book is probably in the price.
So, we are on a solid foundation because of certain initiatives that have taken place. It is not that it just happened like that. So, there is a reason for which and it sets the economy on a solid foundation.
Quess Corp\’s demerger process, led by chairman Ajit Isaac, aims to unlock value at India\’s largest third-party staffing supplier. The company plans to file an application with the NCLT and has seen a 44% stock rally in the past year.
Domestic markets rose driven by global cues and domestic buying. Expectations for the next week are positive with macro trends, government spending, monsoon, and earnings support.
The S&P 500 and Nasdaq hit record highs fueled by technology shares and AI enthusiasm ahead of economic data and Fed speeches.