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“I expect 11-12% returns from Nifty at an index level. That is where my decadal return story comes in. I have divided the Indian market returns into 4 decades and at the end of 2001, we saw there is a 11% return and this is S&P 500 but if you see BSE Sensex also, 2001 to 2011 was 20% then it was 12% and current is of course under way.”

RSI or the relative strength index computes the ratio of the recent upward traction in the stock price movement relative to its absolute price movement.

"The current inclusion of India into the JPMorgan bond index is likely to put a cap on yields in the medium to short term and will also ease out once we start receiving inflows. Softening in government bond yields across tenures could lead to a downward shift in India’s yield curve, aided by expectations of a shallow rate cut of 50-75 bps starting from Q2 FY25."

India VIX was down by 1.78% from 11.07 to 10.88 levels on Friday. Volatility has been cooling off from the last two sessions and aided in support-based buying in the indices.

CLSA maintained a buy rating on SBI with a target price of Rs 700. Most parameters are on track with net interest margin (NIM) moderation, a slight surprise.

“The equipment manufacturers are definitely there, the cement is also seeing some life, steel is seeing some life because these are all essential ingredients for any kind of construction and that is the sector I have been looking at and I have nibbled at over the last three, four months.”

About 13 stocks in which, the cumulative holding of FIIs topped 10% in the quarter gone by, have given upto a staggering 297% returns, an analysis of shareholding by ETMarkets showed.

Zomato posted a Rs 36-crore profit after tax (PAT) against the estimates of Rs 5-crore loss by ETNow poll. The company had posted a surprise profit of Rs 2 crore in the preceding June quarter and a loss of Rs 251 crore in the year-ago period.

Conversely, Tata Steel, UPL, and Tech Mahindra contributed adversely to Nifty earnings. For 2QFY24, Nifty stocks reported a sales/EBITDA/PBT/PAT growth of 5%/24%/31%/35% YoY.