Market Town Hall with Jefferies' Chris Wood; Dow Jones' best day in over a year; Budget Ballot Box & more
Good Morning! Today, we look at one of the world's leading market strategists Chris Wood and his bullish take on India, SEBI's proposal for a new asset class to bridge the gap between mutual funds and PMS, the upcoming Paris Olympics and more
CNBC-TV18 Market Town Hall
Indian bull market nowhere near ending, says Chris Wood of Jefferies
"We are nowhere near to ending the bull market in India," said Chris Wood, Global Equity Strategist of Jefferies. Wood was speaking at CNBC-TV18's exclusive Market Townhall a week ahead of the Union Budget 2024.
Wood said that his base case on India is a repeat of what happened between 2002-2009, which began by an uptrend in the property market and which was not undone by a monetary policy tightening cycle which later morphed into a broader capex cycle.
"We have come out of a seven-year property downturn and are into the third year of a property upturn. We have had a monetary policy tightening cycle in India which has not undone the property upturn and last year we have also seen a pick-up in private sector investments," Wood said.
Growing Equity Culture in India is a long-term positive story, says Chris Wood
India's growing retail participation is good news for building an "equity cult" in the country and is a long-term positive story, said Chris Wood of Jefferies.
The Global Equity Strategist, in an exclusive interaction at the CNBC-TV18 Market Townhall alluded to the rise in equity participation in the US between the 1980s and the 2000s.
India's retail participation has been the driving force behind the resilience seen in the markets post the Lok Sabha election results. Data indicated that while fund managers and brokers sold shares on June 4, retail was a buyer on a day both the Nifty 50 and the Sensex declined by over 6%.
"Fundamentally it is extremely healthy that the Indian market is driven by domestic flows and not what the foreigners are doing," Wood said
No Defence stocks in your portfolio? Chris Wood describes when they can be added
The problem in Indian equity markets is "what not to own", according to Jefferies' Global Equity Strategist Chris Wood. In an exclusive interaction at CNBC-TV18's market townhall, Wood shared his views on PSU stocks and how he missed out on the rally seen in Defence names.
Veteran investor Ramesh Damani, one of the early backers of PSU stocks before this gravity-defying bull run said that the PSU stocks have been the leaders in this bull market and that he expects this leadership to continue due to better corporate governance and higher government expenditure."Eventually, all bull markets end and so will the bull market in public sector stocks I'm sure. But till then, there is a party going on," Damani said.
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Dow Jones sees best day in more than a year with 700 point rally, Russell 2000 jumps 3%
US markets on Wall Street continued to hit new highs on Tuesday as the names beyond big-tech and megacap stocks began contributing to the surge amidst renewed hopes of rate cuts from the US Federal Reserve.
The Dow Jones surged nearly 750 points to end near the 41,000 mark at 40,954. This was not only a new record high for the index, it also saw its best single-day gain since June 2023. The Russell 2000 though, continued its dramatic surge, notching up its fifth straight day of advances with a 3% gain. The smallcap index is now up 11% in the last one week.
SBI's broker financing jumps over 7 times to ?30,000 crore in a year
The record-breaking rally on Dalal Street seems to have pushed the funding requirements of stockbrokers higher. At the end of March 2024, the State Bank of India's (SBI) exposure to stockbrokers stood at ?29,678 crore. That compares with an advance of ?4,107 crore in FY23.
The record-breaking rally on Dalal Street seems to have pushed the funding requirements of stockbrokers higher. At the end of March 2024, the State Bank of India's (SBI) exposure to stockbrokers stood at ?29,678 crore. That compares with an advance of ?4,107 crore in FY23.
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SEBI proposes a new asset class to bridge gap between mutual funds and PMS
The Securities and Exchange Board of India (SEBI) has unveiled plans to introduce a new asset class aimed at filling the gap between mutual funds and portfolio management services (PMS).
This move is designed to provide regulated, higher-risk investment opportunities while curbing unauthorised schemes in the financial markets, the market regulator said in its consultation paper.
Vedanta Shares — What lies ahead for Anil Agarwal's firm post ~?7,000 crore QIP
Vedanta Ltd. has launched its Qualified Institutional Placement to raise up to $800 million. This includes a base size of $600 million with a green shoe option of another $200 million.
The timing of the same is perfect as the globe braces for interest rate cuts from the US Federal Reserve, which will result in a softer US Dollar and serve as a booster shot for base metals, making Vedanta better placed.
Vedanta has lined up capex worth $3.5 billion across the group level across the next two years. The funds used from these proceeds could be used for this capex. Vedanta can also attempt retiring higher cost debt and ultimately make a case for a change in its ratings.
CNBC-TV18 Budget Ballot Box
Mumbai's MBA students discuss their budget 2024 expectations
As the anticipation builds around Budget 2024, CNBC-TV18 took a unique approach to gauge the pulse of the nation’s youth. Placing ballot boxes at various strategic points across cities, including Mumbai, the initiative sought to capture the aspirations and concerns of citizens directly. Among those eager to voice their expectations were the MBA students of Mumbai's esteemed K.J. Somaiya Institute of Management.
When asked about their views on the current unemployment scenario and their salary expectations, the students articulated a mix of optimism and apprehension. "There is a fear of uncertainty that lingers," remarked one student cautiously. "The job market is undeniably competitive, but I believe we are moving towards better opportunities," another student added optimistically.
Paris Olympics 2024
Paris 2024: Four veterans who are likely to represent India for one last time at Olympics and why they need to be celebrated
At Paris 2024, many Indian athletes will be making their Olympic debut. These young turks will bring in much needed the much needed fervour to India's campaign at Paris Games. But at the other end of the spectrum there are a few athletes for whom Paris is likely to be a final hurrah at the Olympic stage.
Neeraj Chopra, Avinash Sable and more — These athletes from Indian Army will be taking part at Paris Olympics 2024
India is sending a contingent of over 100 athletes for the upcoming Paris Olympics. From the 100+ athletes there are several sportspersons who are from the Indian Army.
Here is a look at the athletes from the Indian Army who will be in Paris representing India at the Olympic stage.
In Pics | Eiffel Tower to The Grand Palais — Six iconic landmarks in Paris that will double up as Olympic venues
The Olympic Games in France begin on July 26 with a visually stunning opening ceremony through central Paris along the River Seine. The city of Paris boasts of many iconic landmarks which hold historical and cultural significance. Some of these landmarks will also be utilized as the venues for sports events at the Olympics.