Losses in IT, consumer and private sector financial stocks pulled the headline indices lower, though gains in auto, metal and PSU banking names lent some support.
“We have been seeing good demand in the real estate space, particularly in residential housing, and it is happening across the country, in all the metros.
In auto ancillaries, we like players that are going to be major beneficiaries of new technology — be it safety norms, more airbags or whether it is the transition to EVs.
Rajesh Kothari, MD at AlfAccurate Advisors, said Bajaj Finance’s Q3 earnings were impressive particularly on the asset quality front.
So, if you look at Tata Power, Torrent Power or JSW Energy, these companies are doing what happened to the ferrous sector in terms of reset and absolute paradigm shift two years back when all the biggies started to do well,” he said.
In fact, we had recommended clients to buy into it after this dip and these numbers justify the fact that it could catch up much faster than what was anticipated,” he added.
Paytm parent One97 Communications’ shares hit a record low on Wednesday, closing below the Rs 1,000 mark for the first time ever.
Grasim, Bajaj Finance, HDFC Life, Nestle, Kotak Mahindra Bank and TCS were also among the top laggards.
The 30-scrip index fell 656 points or 1.1 percent lower at 60,098.8 and the broader Nifty50 benchmark settled at 17,938.4, down 174.7 points or one percent from its previous close.
Rupak De, Senior Technical Analyst at LKP Securities, said that during Wednesday’s session, the Nifty slipped below its 10-day exponential moving average for the first time since December.
Even if it is expensive, a business like Happiest Minds Technologies is something which I seriously like.
“If I had to buy into this correction, given the softness that is available right now, it would probably be some of those midcap names that I mentioned about and then hold on to those to for at least a couple of years for the story to pan out…
If you actually look at even within the largecap space, you have HCL Tech, which is still available at 23-24 times, you have Wipro, which has done well and has corrected to give you that opportunity to get in.
Mumbai-based AGS Transact Technologies’ IPO was subscribed 77 percent so far on Wednesday, the first day of the bidding process.
Benchmark German debt yields on Wednesday climbed above zero percent for the first time since the start of the pandemic, as investors are betting on central banks to cut back on money infusion into the economy.
Rohit Srivastava, Founder and Strategist at Indiacharts.com, remains bullish on the metal pack as he believes that most of the negatives have been priced in.
The weekly momentum indicators that we are tracking have actually crossed over to the ‘buy’ side already for the metal index.
Shailesh Chandra, MD at Tata Motors PV and Tata Passenger Electric Mobility, said in an interaction with CNBC-TV18 that the company’s CNG sales are driven by rising fuel prices and high availability of CNG stations.
As countries across the globe focus on cutting greenhouse gas emissions, researchers are working on developing a host of green technologies that will ease global heating.
Paytm parent One97 Communications’ shares fell as much as five percent to a fresh record low of Rs 990 apiece on BSE.
Jay Kale, Senior Vice President Research at Elara Capital, expects a weak December quarter for the auto space thanks to the shortage of semiconductors for passenger vehicles and a weak festive season for two wheelers.
If we see a pickup in demand in Q4, which was expected till a few days back, we are expecting that passenger vehicle should meaningfully improve in the fourth quarter, and then in FY23.