Nifty downtrend to continue or bulls to stage a comeback? 7 things to know before share market opens Indian benchmark indices are likely to open lower amid weak global cues, hinted SGX Nifty as Nifty futures traded 63 pts lower at 18,746 level on the Singapore Exchange. In the previous session, the BSE Sensex fell 34 points to 62,835, while the NSE Nifty 50 gained 5 pts to settle at 18,701. “We expect the market to consolidate for the next few days given the RBI policy on Wednesday and Gujarat election outcome on Thursday. Today, we might see some reaction based on Gujarat exit poll data,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services. Key things to know before share market opening bell Also Read: HDFC, TVS Motor Co, Natco Pharma, Bajaj Consumer Care, BCL Industries, DreamFolks, Go Fashion stocks in focus Nifty technical view: A small negative candle was formed on the daily chart with a long lower shadow. “Technically, this market action signals a formation of a bullish hammer-type candle pattern. Normally, such candle pattern after a reasonable decline calls for caution for short positions and more often results in upside bounces from the lows. Nifty sustained on a immediate support of 10-day EMA and also a trend line support as per the concept of change in polarity as per daily chart. The minor downward correction in Nifty is about complete and the market is set to show upside bounce from the lows in the short term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Levels to watch for: “According to the volume profile, 18650 may act as robust support while on the upside, 18850 may act as an immediate hurdle. On the other hand, Bank nifty has support at 42900 levels while resistance is placed at 43500. We would advise being cautious and frequently booking profit,” said Ameya Ranadive, Equity Research Analyst, Choice Broking. Call, Put OI data: OI data indicates, on the call side the highest OI was witnessed at 18800 followed by 19000 strike price while on the put side, the highest OI was witnessed at 18600 strike price. Nifty Put Call Ratio stands at 0.90. Bank Nifty OI data indicates, on the call side the highest OI was witnessed at 43500 while on the put side, the highest OI was witnessed at 43000 strike price. FII and DII data: Foreign institutional investors (FIIs) net offloaded shares worth Rs 1,139.07 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 2,607.98 crore on 5 December, according to the provisional data available on the NSE. Stocks under F&O ban on NSE: The National Stock Exchange has GNFC, Delta Corp and Indiabulls Housing Finance under its F&O ban list for 6 December. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit. Also Read: Share Market LIVE: Nifty, Sensex stare at negative start amid weak global markets; RBI MPC meet eyed for cues Oil falls: Crude oil prices fell over 3% on Monday, following US stock markets lower, after US service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path. Brent crude futures settled down $2.89, or 3.4%%, at $82.68 a barrel. West Texas Intermediate crude (WTI) fell $3.05, or 3.8%, to $76.93 a barrel.
Logistics, good or bad, are driven by the states and the commerce ministry has a LEADS (Logistics Ease Across Different States) report, based on perceptions. The 2023 version was released in December. Since states are heterogenous, in the reporting, they are divided into four groups—coastal, landlocked, north-east, and UTs. States that do well are called achievers. Nomenclature matters. Thus, states that are middling aren’t called average. They are called fast movers. States that are sub-par are called aspirers. Let me highlight coastal states, since 75% of export cargo is estimated to originate from them. Among coastal states, ones that do well are Andhra Pradesh, Gujarat, Karnataka, and Tamil Nadu. The ones that lag are Goa, Odisha, and West Bengal. While India’s logistics performance may have improved over time, that’s not true of every state. Some have slipped. Most states have a state-level logistics policy, including Goa and Odisha. West Bengal, bottom of the pecking order in the coastal category, doesn’t have one. To quote from LEADS 2023, “Looking ahead, the State (West Bengal) could benefit from formulating a State Logistics Master Plan and State Logistics Policy to drive efficiency improvements and facilitate investments within the logistics sector and undertake consultation with the logistics stakeholders for educating and informing them about the initiatives State is undertaking for the development and improvement of logistics sector.”
Logistics has been talked about for a long time and India has also focused on improving performance. We are now getting some precise data on measurement and quantification. That helps.
Bibek Debroy, chairman, EAC-PM. Views are personal.
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.