Closing Bell: Indian Indices sustains to close in green: Nifty holds 19,440, Sensex over 64,970; Bank Nifty sheds 79 points The benchmark equity indices ended Wednesday’s trading session in positive territory. The gains were led by midcap and smallcap stocks. The NSE Nifty 50 added 36.80 points or 0.03% to settle at 19,443.50, while the BSE Sensex gained 33.21 points to 64,975.61, whereas the banknifty ended down by 79.25 points or 0.18% at Rs 43,658.65. “The domestic market traded range bound with a positive bias. And further confidence may be derived from the global market cues post the FED chair speech.” said Vinod Nair, Head of Research, Geojit Financial Services. Realty, Pharma and Healthcare stocks led the gains among the other sectoral indices and added over 1% each, while Banking, Financial Services and IT stocks faced corrections. BPCL, Adani Ports, Asian Paints, Cipla, and Titan Company were the top gainers on the NSE Nifty 50, while the laggards included ICICI Bank, Infosys, NTPC, Tech Mahindra, Tata Consumer Products.
2. Warren Buffett talked about his business partner Charlie Munger in his letter. He said they both think alike but what it takes Warren Buffett a page to explain, Charlie Munger sums up in a sentence. Charlie Munger’s version, moreover, is always more clearly reasoned.
The lesson for investors: “I will add to Charlie’s list a rule of my own: Find a very smart high-grade partner – preferably slightly older than you – and then listen very carefully to what he says,” Warren Buffett said.
3. Warren Buffett emphasised that his long-time business partner Charlie Munger and he are business pickers, not stock pickers. He further said that efficient markets exist only in textbooks.
“We own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business pickers,” Warren Buffett said.