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Macquarie initiated coverage on the National Stock Exchange of India with an Outperform rating and a Rs 1,965 target price. The brokerage called NSE “The Dominator” due to its strong market position. While the firm expects near-term pressure from the Closing Auction Session, it remains positive about long-term growth prospects.
Larsen & Toubro and Welspun Corp are key Indian stocks to watch as Saudi Arabia rebuilds its oil and gas infrastructure. L&T already secured many large orders from Saudi Aramco. Meanwhile, Welspun expects gains from water projects. Management said, "The Saudi government has been investing heavily in the water infrastructure."
Pratik Dharmshi, Fund Manager at Union AMC, says investors should avoid chasing small-cap outperformers. He suggests focusing on quality businesses with sustainable earnings. Dharmshi said, "We remain positive on equities across market capitalisations as the risk-reward has turned favourable." Investors should keep a 5-7 year horizon to manage market risks.
Brent crude futures fell to $102.13 a barrel on September 24 as Iran signaled openness to diplomacy. Prices slipped after a recent surge, even as tensions remain. Meanwhile, Saudi Arabia restarted its East-West Pipeline, helping global supply. US Secretary of State Marco Rubio said, "reaching a deal would require hard work."
India reduced import duties on crude and refined edible oils to lower prices before the festive season. Prices rose 20% over the past year, hurting many families. "Refiners had held back on purchases, but they will now step up imports to meet festival-season demand," said broker Sandeep Bajoria.
The dollar clung to a two-month high on Thursday after a strong manufacturing reading reignited inflation fears and rate-hike bets. Chris Weston said, "The US dollar continues to stand firm in its attraction to own." Rising yields and potential overheating in the US economy pushed the currency to new levels.
The National Stock Exchange of India is set for a modest 2%-3% gain in its trading debut on Thursday. Analysts said, "we expect the stock to drift down through the day given concerns around moderating earnings growth." Investors now watch how the shares trade as the company starts its journey.
Anand Vardarajan, CEO and MD of Tata Mutual Fund, said large IPOs will not affect secondary-market inflows. He noted that household savings are 22% of GDP, with many new investors joining the market. He added, "The investor base will continue to expand, providing sufficient liquidity for both primary and secondary markets."
WhiteOak Capital plans an initial public offering to raise ₹1,500 crore, targeting a ₹9,000 crore valuation. Founder Prashant Khemka said, "the firm does envisage going public at some point." The company manages $13 billion in assets. Many alternative investment managers now use the public markets to grow their businesses in India.
Shipping stocks in Asia are rising as freight rates jump due to geopolitical tensions. A Goldman Sachs gauge of shipping climbed 17% this quarter, while semiconductor stocks fell 18%. Joakim Hannisdahl said, “The demand is quite good this year.” Disruptions in the Red Sea continue to keep shipping prices high.
The National Stock Exchange makes its public debut Thursday, but grey market trends suggest a modest start. Shares show a premium of ₹83 over the ₹1,785 price. "While GMP indicators hint at a muted 2-5% premium, the real story lies in its tight initial supply," said Manish Bhandari.
Indian equity benchmarks closed higher on Wednesday, with the Nifty 50 gaining 117.80 points. Bharat Dynamics, NTPC, Canara Bank, and Waaree Energies will remain in focus on Thursday. Vatsal Bhuva said, “On the derivatives front, strengthening PCR and Put writing at higher strikes indicate a gradual shift in the base.”