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Updated: 4 hours 48 min ago

India, NZ announce resumption of FTA talks

March 16, 2025 - 5:04pm
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Heatwave grips multiple states across India

March 16, 2025 - 3:27pm
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Sunita Williams' career in space exploration

March 16, 2025 - 2:48pm
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Ahead of Market: 10 things that will decide stock market action on Monday

March 16, 2025 - 1:08pm
The Indian market was closed on Friday, in observance of Hindu festival Holi, giving investors an extended weekend before trading resumes on Monday.On Thursday, the Indian benchmark indices closed lower, erasing early gains from optimism over softer U.S. and local inflation data, as trade war concerns intensified with US President Trump threatening more tariffs on Europe and Canada following their retaliatory measures, while heavyweight Reliance Industries and HDFC Bank dragged the benchmarks the most.The benchmark BSE Sensex lost 200.85 points or 0.27% to close at 73,828.91, while the broader Nifty 50 index closed at 22,397.20, lower by 73.30 points or 0.33%.Here's how analysts read the market pulse:Shortened trading week and sell-off in the US short market are providing a hiccup to the global market, said Vinod Nair, Head of Research at Geojit Financial Services, adding that "however, India is withstanding with resilience and healthy outperformance, by a narrow negative trend.""Even concerns that the U.S. may have to bear a recession are not impacting the Indian market due to signs of recovery in fundamentals led by moderation in inflation, future rate cuts, and improvement in the economy in FY26 led by government spending and improvement in consumer income. However, if US policy continues to be tepid, it will become a point of concern," Nair said.Also read | 5 Wall Street moguls who dismissed Bitcoin as a fad — Guess what they’re saying now!US marketsUS stocks rebounded on Friday as investors seized buying opportunities following a volatile week marked by escalating trade tensions from President Donald Trump, which had stoked recession fears and dampened risk appetite.The Dow Jones Industrial Average climbed 674.62 points, or 1.65%, to close at 41,488.19. The S&P 500 gained 117.42 points, or 2.13%, finishing at 5,638.94, while the Nasdaq Composite surged 451.07 points, or 2.61%, to 17,754.09.European MarketsEuropean shares edged higher on Friday but remained on course for their steepest weekly decline in three months, as intensifying global trade tensions fueled concerns over an economic slowdown.As of 0950 GMT, the pan-European STOXX 600 had risen 0.4% but was still down roughly 2% for the week.Tech ViewThe Nifty has been forming a symmetrical triangle pattern on the hourly chart, which is a continuation pattern, said Rupak De, Senior Technical Analyst at LKP Securities.“For the past three days, Nifty has largely remained within the range of 22,350–22,550. A decisive move above 22,550 could trigger a meaningful rally in the short term. Conversely, a decisive fall below 22,350 could weaken sentiment in the short term," De said.Also read | Explained: Why banks are flying gold worth billions from London to New York amid Trump tariff fearsMost active stocks in terms of turnoverData Patterns (India) (Rs 2,178 crore), IndusInd Bank (Rs 2,159 crore), BSE (Rs 1,499 crore), Bharti Airtel (Rs 1,364 crore), HDFC Bank (Rs 1,346 crore), Zomato (Rs 1,240 crore) and Infosys (Rs 1,238 crore) were among the most active stocks on NSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.Most active stocks in volume termsVodafone Idea (Traded shares: 40.86 crore), YES Bank (Traded shares: 6.24 crore), Zomato (Traded shares: 6.07 crore), Tata Steel (Traded shares: 4.82 crore), Suzlon Energy (Traded shares: 4.38 crore), JP Power (Traded shares: 4.21 crore) and MRPL (Traded shares: 4 crore) were among the most actively traded stocks in volume terms on NSE. Stocks showing buying interestShares of MRPL, ITI Ltd, Godfrey Philips, UNO Minda, Data Patterns (India), WABCO India and Elgi Equipments were among the stocks that witnessed strong buying interest from market participants.52 Week highOver 57 stocks hit their 52 week highs today while 309 stocks slipped to their 52-week lows. Stocks seeing selling pressureStocks which witnessed significant selling pressure were KEC International, Policy Bazaar, Bharat Forge, Zee Entertainment, TBO Tek, Redington and Sona BLW Precision Forgings.Sentiment meter bearishThe market sentiments were bearish. Out of the 4,105 stocks that traded on the BSE on Thursday, 2,561 stocks witnessed declines, 1,424 saw advances, while 120 stocks remained unchanged.Also read | Indian firms return lowest earnings as cash to shareholders: Aswath Damodaran(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Categories: Business News

Fund Manager Talk: Indian IT to outpace global growth; SaaS, startups driving sectoral shift: Balakumar B

March 16, 2025 - 11:45am
Technology spending has increasingly become a necessity rather than a discretionary expense, with Indian IT companies historically outpacing global growth due to talent availability and the adoption of the global delivery model—a trend expected to continue despite cyclical moderations, says Balakumar B, Fund Manager & Senior Equity Analyst, HDFC AMC.Edited excerpts from a chat:HDFC Technology Fund focuses on a sector that is dynamic and fast-evolving. What is your core investment philosophy when managing this fund? How do you balance between established tech giants and emerging players in the portfolio?The key industries that form the core (80%+ of AUM) of the Fund are IT (services, software and hardware), telecom, internet and media. These sectors vary in terms of growth profile, competitive landscape, leverage, and profitability/return metrics. Within the industries as well, you have quite a few established large companies and many emerging companies, which provides options for active investing. We follow a bottom-up investment strategy, focusing on both a) industry leaders with competitive moats at reasonable valuation and b) disruptors and market share gainers with potential for re-rating and higher compounding, where traditional valuation metrics may not be as relevant.India’s tech sector is traditionally dominated by IT services companies. Do you see this changing with the rise of SaaS, AI, and fintech startups?Yes, we are seeing our technological prowess expanding into newer segments. Indian companies are gaining scale in SaaS, with the largest SaaS company generating over US$1 billion in annual revenues. India's digitalisation story is dominated by Indian startups, which have gained scale now, in segments such as ecommerce, food delivery, payments etc. This will help provide further diversification opportunities for the fund over the foreseeable future. Given the global slowdown in IT spending, what is your outlook for the Indian IT sector in the next 3-5 years?Over time, technology spends have become more of a necessity, rather than discretionary. If we look at tech spends as percentage of GDP for countries or tech spends as percentage of revenues for enterprises, the number has gone up over the long term, signalling increasing technology intensity. Barring cyclical moderations, we expect the trend to continue. Historically, the Indian IT sector has grown faster than global IT services spending, as the companies gained market share due to the talent availability and adoption of the global delivery model by customers. We expect this trend as well to continue.Post the sharp pick up in tech spends during the pandemic, we saw normalisation of growth in CY23/24. We expect the growth rate to recover. However, the pace of recovery is dependent on global economic growth which has seen some uncertainty being induced by geopolitical tensions. The technology sector has seen significant corrections in the past. How should retail investors approach sectoral funds like HDFC Technology Fund?The Fund is categorized as a Sectoral / Thematic Fund as per the SEBI categorization. Hence, it carries higher risks versus diversified equity mutual funds on account of concentration and sector specific risks. Do you see quick commerce as a viable long-term business model? Can companies in this space eventually become profitable, or is it a case of chasing scale with uncertain unit economics?The rapid adoption of the business model underscores the consumer need. Quick commerce penetration is still at low to mid-single digit of the underlying market. For further penetration, it needs continued investments in customer acquisition, supply chain and technology. As per the disclosures by companies in the segment, older dark stores are already profitable. When the competitive pressures ease and the pace of investments normalise, quick commerce could become profitable, as we have seen in food delivery.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Categories: Business News

SpaceX Crew Dragon opens hatch with ISS

March 16, 2025 - 11:38am
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Trump signs order to slash Voice of America

March 16, 2025 - 11:22am
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