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(Bloomberg) — Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:
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- FIIs’ India view
- Mutual fund purchases
- Cables and wires
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Good morning, this is Chiranjivi Chakraborty, an equities reporter in Mumbai. Indian shares are set to post their third straight week of losses, a streak not seen since early March. High valuations aren’t helping, and a disappointing earnings season, especially from the IT sector, is pushing the recovery timeline out further. All eyes are now on Reliance Industries, which is set to report its first-quarter results later today. Meanwhile, solar stocks might take a hit as US rivals call for tariffs on imports.
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Indian stocks lose their shine
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Back in April when President Donald Trump stunned markets from Tokyo to New York by announcing higher tariffs on allies and rivals, India’s domestic-centered economy was a seen as a safe haven by global investors. That enthusiasm has started to fade. Citigroup Inc. has downgraded the nation’s stocks to neutral from overweight, citing slow earnings and rich valuations. It’s not just Citi. In the latest Asia fund managers’ survey by Bank of America, India has also slipped down the list of most favored markets in the region.
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Mutuals funds go on spending spree
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Indian mutual funds are putting their cash to work at the fastest pace since the height of the pandemic. According to Elara Securities, actively managed fund plans saw a 1.3 percentage point-decline in cash levels — the quickest deployment rate since July-August of 2020. A big chunk has been funneled into the booming primary market, Elara says. While India’s secondary market has been most flat in recent months, the IPO scene is buzzing, with the recent strong debut of this year’s largest offering by HDB Financial Services supporting the momentum.
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Data center boom drives surge in cable demand
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India’s $10 billion cables and wires industry is gearing up for strong growth, with analysts at JM Financial projecting a 12% compound annual growth over the next three years. A mix of rising investments in renewable energy and a major expansion in data centers in driving this surge. Large players like UltraTech and the Adani Group are also stepping into the space — a move seen likely squeezing out smaller, unorganized players, while giving organized producers a boost. JM Financial’s top picks are: Polycab, KEI Industries, and RR Kabel.
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Analysts actions:
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- AWL Agri Business Raised to Hold at KR Choksey; PT 265 rupees
- Cummins India Cut to Neutral at Sushil Finance; PT 3,623 rupees
- LT Foods Cut to Hold at Mirae Asset Securities; PT 516 rupees
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Three great reads from Bloomberg today:
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- Meta Hires Two Key Apple AI Experts After Poaching Their Boss
- Crypto Market Gets Major Win as Congress Passes Stablecoin Bill
- Big Take: Jane Street’s Secrets Spill Into Open and Face Rivals’ Scrutiny
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And, finally..
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Shares of Reliance Industries are finally outpacing the country’s key benchmark index after a gap of two years. The momentum may just be getting started. With quarterly profits expected to post their steepest growth in three years, investors are now looking ahead to what’s next — particularly any hints around potential listings of its key business units.
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—With assistance from Ashutosh Joshi.
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English (US)