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A total of 691 shares changed hands on the counter till 02:10PM (IST)

Nasdaq 100 Index futures dropped as Microsoft Corp. and Google’s parent Alphabet Inc. delivered a mixed picture of big tech earnings. Contracts on the Nasdaq sank 0.8% and those on the S&P 500 were down 0.5%.

Anuj Puri, Chairman of Anarock Group, believes that a construction ban would have negative consequences for various stakeholders, including the exchequer, the real estate industry, and construction workers. He suggests implementing measures to contain dust at construction sites instead. Puri also states that the demand for real estate is primarily driven by end-users, not investors or speculators, and therefore, the long-term demand is unlikely to be affected by a construction ban. He hopes that the upcoming festival season will see a stronger demand for homes.

“Today almost 25% of our products are CNG and about 15% of the industry now is CNG as compared with about 17.5% for diesel. Yes, EV is also separate, currently at around 2.4% of the industry. Yes, there would be support for EV and in the intermediate period before EVs become mainstream, you would find support continuing for hybrid and CNG as well.”

“The 20-week average for the Nifty Smallcap Index is close to the 12,000 mark and we currently are at around 12,500. That is another 500 points lower for the Nifty Smallcap Index. So, we are not done here. In fact, the smallcap index has corrected slightly less than the midcap and so there is still more room for the smallcaps to correct relative to midcaps.”

A total of 13,896 shares changed hands on the counter till 01:44PM (IST).

The stock quoted a 52-week high of Rs 53699.95 and a 52-week low of Rs 34968.6.

“It is not that we are still at the beginning of the cycle. What happened in the previous cycle from 2002 to 2007 when we saw the capex cycle, we actually saw ROEs expand from 10-11% to almost 25%. We saw utilization levels go from 60% odd to about 85-90%. So the cycle is still ahead of us. The operating leverage is still ahead of us.”

So reprioritization of the sector for the new government is a real risk that we are carrying. So some amount of taking money off the table is warranted at this juncture, I would definitely say. But from the quality of business perspective, I would say we are probably underestimating the size that these companies can become over a three, five-year horizon.

Gold jewellery demand is expected to improve in the domestic market in the last quarter of 2023 due to the festival season and wedding season. However, overall demand has been lower compared to last year due to factors such as weak monsoon and higher prices. The ongoing geopolitical concerns and factors like a slowdown in global growth and central bank buying are expected to support the current rally in gold prices. Silver has underperformed gold this year, and its investment demand has declined.