Indian markets, on Wednesday, opened in the green and touched all-time highs. The benchmark index S&P 500 BSE Sensex opened in the green and soared to an all-time high at 56,102 while NSE Nifty50 also opened in the positive territory to jump to 16,676 mark. However, on Thursday, SGX Nifty signals a negative start for the Indian equities. At 0707 IST, Nifty future was trading at 16,650, down 30 points or 0.18 per cent. The Chinese ban on private industries is still weighing on the equity markets across the globe. On Thursday, Asian stock markets also behaved in a mixed manner, as they await more clarity on Federal Reserve’s tapering of stimulus and regulatory outlook in China.
Asian bourses like Japan fluctuated, while Australian bourses slipped, apart from Asian equities, US equity also slipped after key indices S&P500 and Nasdaq jumped to record overnight.
“We believe that the current market valuations are stretched. At 56,027, Sensex is trading at CY22 P/E 20.7X (EPS of Rs 2,711) which is higher than the average one year forwarded P/E of 19X. So the current valuations are on the higher side and have already priced in the positives of future economic recovery. We believe that the upside from the current level is limited and the Sensex is expected to be range bound. The current valuations are expensive and we see a very limited upside. So we do not expect the Sensex to cross 60,000 in the near term, Vinit Bolinjkar, head of research, Ventura Securities said.
Taking cue from the global markets, Indian markets could behave in a mixed manner on Thursday- and due release of GDP data, clarity on regulatory outlook in China, clarity on US Fed’s tapering of stimulus are some of the factors that are going to weigh on the Indian equity markets as well.
Here are some stock that would in focus today:
Airtel: Airtel to hold board meeting on August 29 to consider capital raising via equity, equity linked or debt instruments or a combination of both.
Max Healthcare Institute: The institute’s board of directors has approved an additional investment for an amount up to Rs 50 crore by way of subscription towards Rights issue of equity shares of Alps Hospital Limited.
Ujjwal Small Finance Bank: The bank on its board meeting on Wednesday approved the appointment of carol Furtado as the officer on special duty (OSD). This comes after the resignation of Nitin Chugh.
Chenplast Sanmar: After making a market debut, the SBI fund management bought 53.07 lakh equity share.
Infosys: Infosys announced on Wednesday that is all set to open new digital development centre in Canada’s Mississauga. The intent behind developing a centre is to create 500 jobs over the next three years.
Bank Of India: Bank of India approved Rs 3,000 crore QIP and has set floor price at Rs 66.19 per share.
Tata Consultancy Services: Software giant crosses market valuation of Rs 13.5 lakh crore.
Yes Bank: The market regulator Sebi on Wednesday ordered defreezing of bank accounts as well as share of mutual holdings of Rana Kappor.
Dishman Carbogen Amcis: Drug firm Dishman Carboge Amcis announced on Wednesday that its Switzerland-based arm, Carbogen Amcis AG has eneteres into a co-investment agreement of CHF 4 million.
Cipla: Pharmaceutical company Cipla announced an execution of a joint venture with Kemwell Biopharma to develop, manufacture and commercialise biosimilars for global markets.
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