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<ul><li>Benchmark stock indices have broken below the 200-day moving average.</li><li>This is a key level watched by traders and a breach may lead to faster fall in the market.</li><li>Sensex and Nifty have lost over 5.7% since this month as foreign investors pulled out money after the tax on super rich imposed in the latest budget.</li></ul>Indian markets are firmly in a bear grip closing the day at a five-month low. Benchmark indices, Sensex and Nifty, have lost 5.7% since the start of the month and today (July 30), they broke below the average closing price over the last 200 days. This is a key level watched by traders and when it is breached, it indicates a sharper fall ahead. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 "The trajectory of the index shall remain downwards with an initial target of 11,100 and below that, a bigger target in the zone of 10,850–10,740 levels can't be ruled out going forward," Mazhar Mohammad, Chief Strategist – Technical Research &amp; Trading Advisory, Chartviewindia.in <a href="https://www.moneycontrol.com/news/business/markets/technical-view-nifty-breaks-200-dma-to-form-big-bearish-candle-next-downside-target-seen-at-11100-4261341.html" data-type="tilCustomLink" target="_blank">told Moneycontrol</a>. The Sensex ended the day down 289.13 points at 37,397.24, while Nifty was down 103.80 points at 11,085.40. All sectoral indices other than IT ended in the red. <table style="width: 96pt;"> </colgroup></colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:48pt">Index</td> <td class="xl64" style="border-left-width: initial; border-left-style: none; width: 48pt;">July 30</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">PSU Bank</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-4.90%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Auto</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2%</td> </tr> <tr> <td class="xl68" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Pharma</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2.20%</td> </tr></tbody></table> Over <a href="https://www.moneycontrol.com/news/business/markets/d-street-buzz-over-500-stocks-hit-52-week-low-on-bse-including-rbl-bank-hero-moto-vix-jumps-4266201.html" data-type="tilCustomLink" target="_blank">500 stocks hit their lowest level in a year</a> today, including some marquee names like Coffee Day Enterprises, Vodafone Idea, RBL Bank, Ashok Leyland, Bharat Forge, Godrej Consumer, Tata Steel, Tata Motors, Maruti Suzuki, and TVS Motor among others. 
 
 
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 Mukesh Ambani-owned Reliance Industries, one of the top three stocks in India, has been a drag on the market. The stock has lost over 8% in the last six days wiping out billions in investor wealth. 
 
 
 
 
 
 
 
 
 
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 A bunch of factors have pushed investors in India to pull out money. But none more than the recent budget, which imposed a tax on super rich, which automatically brought in nearly 40% of all foreign portfolio investors in India under a higher tax bracket. This has led to a sharp reaction from the foreign investors who have pulled out $2.5 billion from India in 3 weeks, according to <a href="https://www.indiainfoline.com/article/general-blog/forget-the-monsoons-there-is-fpi-drought-in-july-119073000341_1.html" data-type="tilCustomLink" target="_blank">an India Infoline (IIFL) report</a>. The tax on share buybacks did not go well with foreign investors and neither did the proposal to increase the free float-- shares publicly held for trading-- to 35% from the existing 25%. All of these proposals threatened to eat into the profits that foreign investors could have made. 
 
 
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 A combination of erractic and uncertain monsoon, a fall in consumption, and a slowdown in corporate earnings have further eroded investor confidence. Global factors like the trade war between the US and China, the tensions in the middle east affecting oil prices as well as the fear of the monetary policy moves from the US Fed have also contributed to the fall in India. SEE ALSO: <a href="https://www.businessinsider.in/top-20-mutual-funds-in-india-latest-data/articleshow/70256239.cms" data-type="tilCustomLink" target="_blank">The top 20 mutual funds in India and their performance over the last one year</a> <a href="https://www.businessinsider.in/share-price-of-maruti-tata-motors-and-mahindra-fall-as-government-pushes-for-electric-cars/articleshow/70430370.cms" data-type="tilCustomLink" target="_blank">India's push for electric vehicles is haemorrhaging car makers</a> <a href="https://www.businessinsider.in/hdfc-bank-reliance-industries-tcs-infosys-indusind-bank/articleshow/70329099.cms" data-type="tilCustomLink" target="_blank">Six Indian blue-chip companies have declared earnings so far - most of them lack the 'markets mojo'</a>

Sensex and Nifty have hit a 5-month low and the fall will be sharper hereon

<ul><li>Both Sensex and Nifty gave up the initial gains as <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> delivered her budget speech.</li><li>The Benchmark index gave up the morning gains and fell to the day's low, down over 400 points by 1:30 pm. </li><li>The tax on the country's super rich has dampened sentiment in India's equity markets.</li></ul>Finance Minister Nirmala Sitharaman's first budget for the Narendra Modi government's second term cut down the tax on 99% of all firms in the country, proposed to infuse fresh money into the banks, helped assuage a lot of fears around the solvency of some good shadow banks, helped small taxpayers with sops on home loans and promised to make room for corporate borrowing in India by taking a part of the government borrowing abroad. All of these lifted the market's spirits but it all came crashing down as soon as she proposed more tax on the country's super rich. The impact on people earning ₹2 crore to ₹5 crore a year will be 3% and 7% on those earning more than ₹ 7 crore. Market fears this will further worsen the exodus of millionaires from India into tax havens. More money supply Banking stocks jumped as Sitharaman announced fresh capital infusion plan for PSU banks of ₹70,000 crore. She also proposed to take away the regulation housing finance companies from the National Housing Board, and hand it over to the RBI in the wake of the recent crisis. The Finance Minister also proposed to improve the liquidity in the market and reduce the panic with the following measure. "For purchase of high-rated pooled assets up to ₹100,000 crore, government will give PSU banks one-time partial guarantee for loss up to 10%, Sitharaman said. Sitharaman has proposed that government will borrow money abroad in foreign currency because India's sovereign debt to GDP ratio is among the lowest in the world, less than 5% of GDP. When the government borrow from banks in India, as it has done so far, it reduces the amount available for other businesses. When the borrowing is high, it increases the lending rates for the private enterprise. Now, if government takes part of its loans abroad, it will reduce the pressure liquidity in the domestic market. Lesser corporate tax Budget has also proposed 25% corporate tax on companies with revenue up to ₹400 crore, up from the earlier threshold of ₹250 crore. To tackle the rising corporate debt, the FM said that stock exchanges should allow AA rated bonds as collateral. She also called for regulators to come together. "There should be inter-operability between Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) which will allow retail investors to invest in treasury bills," Sitharaman said in her speech. Railways infrastructure boost In a big boost to railway stocks, the government has proposed to open up the crucial railway sector to private partnerships to fast-track infrastructure development. Sitharaman also promised to start a railway station modernisation programme this year. FM says Central government's land parcels across the country can be used to develop affordable housing and public infrastructure. They can be used in the form of joint development and provide concessions. She also announced pension benefits to retail traders. with annual turnover less than ₹1. 5 crore. SEE ALSO: <a href="https://www.businessinsider.in/budget/income-tax-bank-recap-air-india-and-5g-spectrum-sale-in-finance-minister-nirmala-sitharamans-first-budget-speech/articleshow/70081328.cms" data-type="tilCustomLink" target="_blank">Income tax , bank recap, Air India, and 5G spectrum sale are some things to watch out for in Finance Minister Nirmala Sitharaman's first budget speech</a> <a href="https://www.businessinsider.in/defence-budget-2019-20indias-defence-budget-has-nearly-doubled-in-5-years/articleshow/70037360.cms" data-type="tilCustomLink" target="_blank">India’s defence budget has nearly doubled in 5 years but the money is not enough to upgrade the weapons</a> <a href="https://www.businessinsider.in/niti-aayog-wants-education-budget-to-increase-further/articleshow/69941463.cms" data-type="tilCustomLink" target="_blank">India’s education budget has improved over the years — but it’s still too low</a> <a href="https://www.businessinsider.in/health-budget-2019-india-might-increase-spending-on-healthcare-but-that-may-not-be-enough/articleshow/69956156.cms" data-type="tilCustomLink" target="_blank">India might increase spending on healthcare but that may not be enough</a>

The tax on super rich makes Nirmala Sitharaman's budget a bitter one for the market

Watching the Sensex can be misleading-- India's mid and small cap stocks have lost ₹2.4 trillion of investor wealth this year alone

<ul><li>Tensions over the Middle East spike after an oil tanker from Iran gets hit by missiles off the coast of Saudi Arabia.</li><li>The company that owned the tanker called it a 'terrorist attack'.</li><li><keyword id="102132" type="PERSON" weightage="20" keywordseo="Crude-Oil-Prices">Crude oil prices</keyword> spiked from the negative zone to being up over 1.4% soon after the news.</li></ul>An oil tanker, owned by National Iranian Oil Company, had suffered heavy damage and was leaking oil into the Red Sea some 60 miles from Jeddah, according to a report by Reuters. The AFP too reported that two missiles were suspected in the tanker blast off the coast of Saudi Arabia. The Iranian company called it a 'terrorist' attack. Soon after the reports, oil prices spiked by as much as 1.4% from being down in the red for much of the day. Indian markets which track oil prices were spooked. Sensex turned down after a strong start, and gave up nearly all its early gains this Friday. The rise in oil prices is bad news for India, which imports over 80% of all its crude oil requirements. SEE ALSO: <a href="https://www.businessinsider.in/defense/irans-gunboat-challenge-against-a-british-tanker-could-have-caused-a-massive-explosion-and-billions-in-damages/articleshow/70181918.cms" data-type="tilCustomLink" target="_blank">Iran's gunboat challenge against a British tanker could have caused a massive explosion and billions in damages</a>

Oil spikes and Sensex slips after missiles take down an Iranian oil tanker off Saudi Arabia coast

<ul><li>The market value of Indian shares fell sharply since the latest Union Budget, which proposed additional tax on super rich investors.</li><li>The total loss of market value of shares from July 5 until August 23 is pegged at ₹ 14.7 trillion whereas the expected tax revenue from the additional surcharge was a mere ₹14 billion.</li><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> rolled back the surcharge on Friday to stem the market meltdown and revive investments.</li></ul>Whether it is while buying a car or a house, or while making choosing a stock or a mutual fund over another, or even while asking someone out for a date-- weighing the likely risks against the potential reward would seem like a matter of instinct. However, India's Finance Minister Nirmala Sitharaman, or her team, particularly any person who recommended the additional surcharge on super-rich investors, seemed to have beat his or her own instinct. The damage was borne by investors as stocks in both the Bombay Stock Exchange (BSE) and the National Stock Exchange (<keyword id="6354646" type="UNKNOWN" weightage="20" keywordseo="nse">NSE</keyword>)-- including the Sensex and the Nifty-- went tumbling over the next 49 days. And the rupee became the <a href="https://www.hindustantimes.com/business-news/the-impact-of-rupee-fall-on-you/story-aV83jz1OaFm2Hw5uAPHdcI.html" data-type="tilCustomLink" target="_blank">worst performing currency in Asia</a> in August. The latest budget for the financial year ending March 2020 imposed an additional tax on the profit made from shares by the country's super rich and foreign portfolio investors (FPI) got caught in the crossfire. The subsequent anger and market sell-off has wiped off billions of rupees in share market wealth since then as foreign investors rushed for the exit. Most foreign portfolio investors in India operate as non-corporate entities such as trusts and associations, which are taxed like individuals and therefore the additional tax would fall on them. Foreign investors folded many of their investments and pulled money out in hordes-- nearly ₹22.5 billion since the budget day. The value of shares in the India fell by a whopping ₹14.7 trillion from July 5 to August 23. However, on Friday (August 23), when Sitharaman decided to rollback the levy on investors, the Revenue Secretary, Ajay Bhushan Pandey, revealed that the withdrawal will cost the government just ₹14 billion. SEE ALSO: 
 
 
 
 
 
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 "Tax rates for FPIs will come down by up to 7%, back to the pre-budget levels, and this removes the anomaly created by the Budget 2019,” Rajesh Gandhi, a partner at Deloitte India, told the Economic Times. But the damage had already been done. The rupee has fallen to its lowest level since December 2018 and much of it has to do with foreign investors pulling out dollars in haste. A weaker rupee would mean India will have to pay more for crude oil and that in turn will increases prices of other essential items. And India imports over 80% of all the crude oil it needs. SEE ALSO: 
 
 
 
 
 
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 It may be argued that not all the loss in market value is due to the surcharge. Donald Trump's trade war with China had a role to play too. However, that has been unravelling for many months now and the risks were palpable. Pushing investors, who were already risk averse, to pay more tax was entirely avoidable. SEE ALSO: <a href="https://www.businessinsider.in/markets/economy/fm-to-provide-public-sector-banks-with-rs-70000-crore/articleshow/70806189.cms" data-type="tilCustomLink" target="_blank">Indian government to make loans easier and cheaper with a ₹70,000 crore gift to banks</a> <a href="https://www.businessinsider.in/politics/policy/nirmala-sitharam-address-on-india-economic-stimulus-live-updates-and-highlights/articleshow/70804926.cms" data-type="tilCustomLink" target="_blank">India unveils economic stimulus-- from homes to cars to banks to infrastructure to equity markets</a>

India lost ₹15 trillion trying to make ₹14 billion from tax surcharge on investors

<keyword id="9292761" type="UNKNOWN" weightage="20" keywordseo="equity-benchmark-sensex">Equity benchmark Sensex</keyword> opened over 350 points higher to hit its record intra-day level on Tuesday, tracking a global market rally driven by <keyword id="44612" type="COMPANY" weightage="20" keywordseo="Pfizer">Pfizer</keyword>'s progress in the development of COVID-19 vaccine amid persistent foreign fund inflow. After touching its lifetime peak of 42,959.25 in the opening session, the 30-share BSE index was trading 216.15 points or 0.51 per cent higher at 42,813.58. Similarly, the broader NSE Nifty too claimed a fresh high of 12,557.05. Later, it was trading with 51.65 points or 0.41 per cent gain at 12,512.70. ICICI Bank was the top gainer, surging around 3 per cent, followed by ONGC, HDFC, L&amp;T, SBI, HDFC Bank, IndusInd Bank and Bajaj Finance. On the other hand, Tech Mahindra, Infosys, HCL Tech, TCS, Nestle India and Maruti were in the red. In the previous session, Sensex ended 704.37 points or 1.68 per cent higher at 42,597.43 -- its record closing high. The Nifty too closed at a lifetime high of 12,461.05, up 197.50 points or 1.61 per cent. Trade set up in domestic equities continues to look good with Asian markets are trading in green with handsome gains, said Arjun Yash Mahajan Head Institutional Business at Reliance Securities. "Clarity over COVID-19 vaccine is likely to ease the concerns of the possible second wave of coronavirus in India, which essentially means that revival of economic activities should persist. The domestic market should continue to see traction in the equities market in the near term," he said. Amid positive signals, investors were also cautious ahead of <keyword id="9317522" type="COMPANY" weightage="20" keywordseo="the-bihar-assembly">the Bihar Assembly</keyword> election results, traders said. Pfizer and BioNTech on Monday said their vaccine candidate was found to be more than 90 per cent effective in preventing COVID-19. US equities ended mostly higher as positive news about the COVID-19 vaccine bolstered investor confidence further. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were trading up to 0.74 per cent higher in mid-session deals, while Seoul was flat. Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 4,548.39 crore on Monday, according to provisional exchange data. Meanwhile, international oil benchmark Brent crude was trading 1.23 per cent lower at USD 41.88 per barrel. SEE ALSO: <a href="https://www.businessinsider.in/politics/india/news/checkout-here-bihar-assembly-election-2020-results-and-updates-online/articleshow/79142084.cms" data-type="tilCustomLink">Bihar Election Results 2020: Counting of votes begin, early trends indicate the Grand Alliance edging ahead of the JDU</a> <a href="https://www.businessinsider.in/tech/news/google-will-be-probed-by-indias-competition-commission-for-allegedly-abusing-dominance-to-push-gpay/articleshow/79141895.cms" data-type="tilCustomLink">Google will be probed by India’s Competition Commission for allegedly ‘abusing dominance’ to push its payments app</a> <a href="https://www.businessinsider.in/science/health/news/pfizers-covid-19-vaccine-is-90-effective-in-preventing-coronavirus-in-those-who-havent-been-infected-ever-before/articleshow/79130097.cms">Pfizer’s COVID-19 vaccine is 90% effective in preventing coronavirus in those who haven’t been infected ever before, shows data from latest trials</a>

Market opens at record high, Sensex soars over 350 points on coronavirus vaccine hopes

The Sensex lost nearly 500 points on Monday as investors feared a tit-for-tat trade battle between the US and India after the latter raised tariffs on 28 US items in retaliation to US tariffs. The US had raised tariffs on Indian aluminium and steel last year and had ended India's $5.6 billion trade concessions under the Generalised System of Preferences (GSP) programme earlier this year. Besides, the US-China trade tension also weighed on the investor sentiments. Caution was also seen ahead of the Federal Reserve meeting which will start on June 18-19. "Domestic market has been caught in a bearish grip as investors are increasingly turning cautious led by global trade war which has got murkier. Additionally, geopolitical tensions in the Middle East triggered a sudden spurt in oil prices," said Vinod Nair, Head of Research, Geojit Financial Services Ltd. "Domestic market consolidation will be maintained till global events unfolds like central bank and GST council meet this week. Consolidation was broad based with metals, auto, pharma and financials under performing," he added. Metal stocks lost the most over slowdown fears. The Nifty metal index declined by 2.83 per cent. The Sensex, after trading in the red throughout the day, closed 491.28 points or 1.25 per cent lower at 38,960.79. The Nifty also shed 148.45 points or 1.26 per cent to settled at 11,674.85. Investor fear was also evident as the India Vix shot up by over 6 per cent. "Local investors will be worried as to how US could react to this (India's raising tarifffs). However, FIIs will wait for any such move by the US before feeling the Indian market," Deepak Jasani of HDFC Securities told IANS. "$250-400 million is not a big number, but 28 items consist of almonds, walnuts and apples which affect their farmers. This could trigger a response... which will not bode well for the Indian markets," he added. Tata Steel, Tata Motors, ONGC, Vedanta and index heavyweight Reliance Industries lost the most during the day's trade while Yes Bank and Coal India and Insosys were the only scrips who managed to finish in the green on the BSE. SEE ALSO: <a href="https://www.businessinsider.in/business/india-tariff-on-us-imports-ahead-of-mike-pompeos-visit-to-delhi/articleshow/69819645.cms" data-type="tilCustomLink" target="_blank">India hits back at US with added tariffs on 28 products including almonds, apples and walnuts — just ahead of Pompeo's visit</a>

Indian stock market is spooked by the trade tariffs war with US

<ul><li><keyword id="45446" type="PERSON" weightage="20" keywordseo="Samir-Arora">Samir Arora</keyword> believes that the current environment is good for Indian markets because Budget 2021 was focussed on growth and didn’t bother much about the fiscal deficit.</li><li>According to him, in the next 1-2 years, the Indian stock market may add nearly 15% per annum.</li><li>Arora believes no matter the market conditions; sectors like financials, consumer discretionary, housing and real estate are better poised to growth than others.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>India's benchmark equity index <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> is at a record, above 50,000, with a surge of 9% in just the last 4 trading sessions. While many in the market are debating whether this is a bubble, Singapore-based <keyword id="154791" type="POSITION" weightage="20" keywordseo="Hedge-fund-manager">hedge fund manager</keyword> Samir Arora⁠— who rightly predicted in November 2020 that <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> would scale 13,000-14,000⁠— expects 2021 to be a good year for India's share market. He expects a 15% per year rise for at least next 2 years. The question still remains, are there any stocks that can still earn investors a good amount of profit over the long term? According to Arora, the founder and fund manager at Helios Capital, "nothing is cheap". But that doesn't mean investors should stay away from the market. You can watch the entire interview here. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="7" retweetcount="1" status="On #BudgetInsider today, @iyer_sriram will prod the witty @Iamsamirarora for long-term investment themes based on F… https://t.co/SAPnQQO6ap" createdat="1612341205000" id="1356883476029480961"></div> He believes that banks, financials, IT, consumer discretionary, and pharmaceuticals are still good bets for long-term investors. "These are no confusion sectors," he said in an interview with Business Insider. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BSE Indices </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change in last 6 months </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BSE IT index </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BSE Consumer index </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">29% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BSE Oil and Gas </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> Here’s the excerpts from the interview with Samir Arora. In November 2020, you said Nifty may hit 13-14,000 and you were bang on? Where will the Nifty and Sensex go from here? Right now, it's a good environment for many reasons. First is that the world is good in terms of the market in any way. Equity markets are doing well. Secondly, there is bound to be a strong economic recovery in the world and India. They won't increase anybody's taxes and reassure them that things are more aggressive in helping than that animal spirit. And global and Indian investors have not been investing at least in the mutual funds for the last 5-6 months, and therefore we can't say that you everybody who had to buy is already buying. And the fourth thing is that more recently, as in say, two weeks ago, the market was at one point down 4-5%. Today if we look at it on a year to date basis, it is up nearly 5-6%. If you were to look at this event and say that had we known about this event, say on 15th January or 1st January, that whole dip could not have happened, and you would have still got another 5-10% rally. <div type="image" title="SAmir Arora2-1200" msid="80682716" hostid="261"></div> In December 2020, you said that the market may find it difficult to continue with the rally. Every company says they have either recovered from the COVID shock or will recover soon. And that can't be true. Is that a view you still hold? Because I am a long-short fund manager, I know that these guys are doing well or they're not doing well. But they're exaggerating that if they're not doing well, they'll end up doing well in the next six months. So that is not possible because some sectors have been massively hit, but they're all coming on TV because they have to make a trade-off between what they tell the government and what they tell the market. They will say we have to fire people to the government, or we will be forced to fire. But in the market, you come and say everything is fine. So actually I think because of COVID there are going to be many disruptions. Tata Motors’ market cap has crossed ₹1 lakh crore. Not so long back, people counted it among the weaker auto stocks. How did the narrative change so quickly? I have no comment on individual stocks. Since I see it differently, there are some stocks where there is a conflict between a macro factor and acyclical factor. Just example, the auto industry, all you have to do is type and see how much the Volkswagen Group committed to electric vehicles. It is $25 billion. General Motors says that 100% of their vehicles will become electric by 2035. In that environment, our guy is saying that we want to reduce debt, plus I want to introduce electric vehicles, plus I'll be profitable. I think there are many sectors; there is no such confusion. The sector with no confusion is the financial sector because it can change according to the market. First of all, some of these companies' history is very good, so you're not taking some big quantum anyway, and they have delivered as well as anybody else. The other sectors where there is no confusion is IT services because they are not themselves betting on any technology. They will learn over time, and those investments are becoming bigger and bigger and plus they are foreign exchange owners. So that's the only way for us to play new things in the world. The other sector where there is no disruption in that sense is consumer discretionary, housing, real estate, so these things are not going to change. Still, there's no need to go into auto or even into this theatre, kind of companies which are not relevant on day one to India. India’s Chief Economic Advisor has called for another asset quality review for banks. For someone like you, who is heavily invested in banks, does it spook you? No. So first of all, I think quite a bit of cleanup has happened, and because if you look at the big picture, the problems came because the banks gave money to cooperate who invested in steel and power in those days and infrastructure, that will end up in the 2006-2008 period. And then all these he got into trouble because either SC stopped something or either corruption was found. There's been no investment recently; nobody has lost money. There may be some fraud here and there. With some more might be discovered. I don't think it's a very serious problem plus we are anyway buying these private sector banks and one state bank. And, they have been around for 25 years, so suddenly we don't think that they've been artificially hiding things and all, then attractive so long and super good so far. I am still not interested in companies that aggressively give to the infra sector. The experience has been so bad. The government's investment does not mean that today morning I have to buy a stock related to it. The economy needs some things which the stock market does not need. Let's talk about the IPO's this year because we've had a great 2020 so far as IPOs are concerned. The problem with the IPO market is that if the IPO is good, nobody gets it. So then you have to buy it from the market. The first day the stock is up 100%, and you are more slightly, unlikely to make money for a long time. I think that they are not very easy to buy 'cause you will only get the items that are not doing well in terms of allocation, which makes a difference. But of course, one part is participating in the lottery. Because it is oversubscribed some 100 times, but some five people will get it. So please go ahead and do it, but that doesn't work for a fund. But otherwise, there are many, many companies which are in the not necessarily absolute cutting edge because we don't have that. But as I said, the tech does it. Pharma does it. The best way of analyzing an individual is to look at the Forbes billionaires list. Look at which sectors that come from. These guys have been billionaires because they were able to hold onto large equity and then get acquitted well. And they only come from three or four sectors. They will come from the consumer sector, technology sector or they will come from financial because they're hedge fund managers or whatever. I want to touch upon two or three pain points, which is basically tourism travel hospitality, which are also consumer sectors, right? I agree that travel is the best thing for employment and India has a lot of travel opportunities in the sense that foreigners want to come in, for us to increase there, but it's not happening because somehow travel is viewed as a rich man thing. And I didn't bother about it because there are not many listed companies. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-subsidiary-to-sell-all-of-its-upstream-assets-in-marcellus-shale-play-for-250-million/articleshow/80682497.cms" data-type="tilCustomLink">Reliance subsidiary to sell all of its upstream assets in Marcellus shale play for $250 million</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-says-sebi-ban-wont-stop-future-group-deal-with-reliance/articleshow/80680781.cms" data-type="tilCustomLink">Kishore Biyani says SEBI ban won't stop Future Group's deal with Reliance</a>

You Searched For "sensex latest news" and got 8 results

Sensex and Nifty have hit a 5-month low and the fall will be sharper hereon

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India lost ₹15 trillion trying to make ₹14 billion from tax surcharge on investors

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INTERVIEW: A hedge fund manager explains where to invest when nothing is cheap in India

Navdeep Yadav

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