Quite a feat, but it says nothing about future: Sanjeev Sanyal
January 21, 2021
Nilesh Shah says Sensex reflects positive sentiment
With the Sensex breaching the 50,000-mark on Thursday, the market participants were naturally in a state of frenzy, but what was unusual was Sanjeev Sanyal, principal economic advisor to the Finance Ministry, reacting to it.
And, this is what he tweeted: “BSE Sensex at 50K & Nifty almost 15K!! I usually refrain from commenting on financial markets, but am making an exception here. Whatever one thinks of valuations, this is quite a milestone given the events of the past year.” At the same time, Sanyal noted that one would do well to “just enjoy the milestone”, highlighting that this “tells you nothing about what will happen in the future.”
MUMBAI: The better-than-expected December quarter earnings performance by index heavyweight Infosys and Wipro today may have set up the BSE Sensex index for a dash to move above the psychologically crucial level of 50,000 points on Thursday.
Infosys earlier today surprised investors by announcing a higher-than-expected increase in its revenue growth guidance for 2020-21. The blockbuster earnings by the index heavyweight, which has a weight of over 9 per cent in the Sensex, will aid the BSE Sensex post strong gains on Thursday, said analysts.
Similarly, Wipro reported strong earnings growth for the December quarter just like its peers Tata Consultancy Services and Infosys. The company also gave firm sales growth guidance for the March quarter, suggesting that revenues may grow at 1.5-3.5 per cent.
January 11, 2021
Harsha Upadhyaya, President and CIO - Equity, Kotak Mahindra AMC - BUSINESS LINE×
The NFO closes on January 25
Kotak Mahindra Asset Management Company has launched Kotak NASDAQ 100 Fund of Fund that will invest in units of overseas exchange-traded funds (ETF) and schemes such as iShares NASDAQ 100 ETF, Lyxor Nasdaq-100 ETF and USA Nasdaq 100 Index Fund. The shares listed on the Nasdaq 100 are worth $15 trillion.
The new fund offer (NFO), which opened for subscription on Monday, will close on January 25.
Nasdaq-100 is one of the world’s major large-cap growth indices. It includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Exchange. These companies are leaders in information technology, telecom, retail, wholesale trade and biotechnology.
How the FM can make it a never before Budget. Top experts weigh in
Illustration by Nilanjan Das
Finance minister Nirmala Sitharaman will present Budget 2021 in the backdrop of an exceptionally chaotic 2020. In Q1 of FY21, India s lockdown-struck gross domestic product (GDP) contracted an unprecedented 23.9 per cent, the worst among major economies. When the economy opened up, pent-up demand pushed up consumption, but GDP still shrank 7.5 per cent in Q2. And even though the RBI predicts that the economic shrinkage is over and GDP will grow 0.1 per cent and 0.7 per cent in third and fourth quarters, respectively, FY21 is destined to go down in history as India s fifth recession.
Welcome to new beginnings in 2021.
The New Year raises new hopes, new expectations, new aspirations - even new anxieties. Finance Minister Nirmala Sitharaman has raised hopes by inviting ideas to spur growth with a promise to deliver a Budget like never before . Centre has shown an open mind to suggestions. That has given rise to the belief that the government will finally act on the biggest problem facing the economy - demand or consumption. Centre s attempts so far to accelerate supply-side economy, idolising the China model of investment-led growth has turned out to be a wrong diagnosis of the current state of Indian economy. It delivered neither investment, nor growth. Instead, it caused several quarters of unimpeded deceleration as demand collapsed on the back of slowdown, uncertainty and job losses. Covid only worsened the state of the economy.