Nifty momentum dull, don't expect vertical rise: Anand James on how to trade this week
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Time of India
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Bitcoin surges to record high, nears $112,000 mark
Bitcoin climbed to an all-time high near $112,000 late on Wednesday, bolstered by an increased risk appetite and persistent institutional demand as traditional financial market players embraced the world's largest cryptocurrency . It touched a record peak of $111,988.90 and was last up 0.4% at $111,259. Since the beginning of the year, bitcoin has advanced more than 18%. "Bitcoin is the only asset I am aware of where it becomes less risky as it grows in size," wrote Anthony Pompliano, founder and CEO of Professional Capital Management in a letter to investors on Wednesday. Crypto Tracker TOP COIN SETS DeFi Tracker 4.48% Buy Crypto Blue Chip - 5 3.88% Buy NFT & Metaverse Tracker 2.83% Buy AI Tracker 1.68% Buy Web3 Tracker 1.53% Buy TOP COINS (₹) Ethereum 238,638 ( 6.79% ) Buy XRP 208 ( 5.22% ) Buy Solana 13,597 ( 4.35% ) Buy Bitcoin 9,542,315 ( 2.3% ) Buy BNB 57,480 ( 1.31% ) Buy "There were few sophisticated capital allocators who could gain exposure when bitcoin was $100-200 billion market cap. Now that the asset is measured in trillions, almost every capital allocator on the planet can put the exposure on." Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » The Trump administration's crypto-friendly policies have bolstered digital assets overall, opening pools of capital to the sector. Live Events For instance, Trump Media & Technology Group, run by the U.S. president's family, is looking to launch an exchange-traded fund that will invest in multiple crypto tokens, including bitcoin, ether , solana and ripple, according to a filing with the U.S. markets regulator on Tuesday. Bitcoin's rally also spread to other cryptocurrencies. Ether, the second-largest digital currency in terms of market capitalization , also rallied, hitting a one-month high of $2,794.95. It last traded up 5.4% at $2,740.99. Other crypto-related stocks also gained. Strategy, co-founded by the leading voice in the bitcoin treasury movement Michael Saylor ETMarkets WhatsApp channel )
Economic Times
42 minutes ago
- Economic Times
Tariff fears hit pharma, but long-term story remains intact: Krishnan VR
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel "Within this framework, if we consider sectoral strategies tactically, especially given recent RBI actions in the last monetary policy—cutting CRR by 100 basis points and the repo rate by 50 basis points—these are somewhat positive developments, particularly for companies offering fixed-rate loans. These loans won't be immediately repriced to a lower rate, while the cost of funding (i.e., liabilities) will fall faster. This can support net interest margins for companies like vehicle financiers," says Krishnan VR , begin with, corporate earnings growth in India is likely to become scarcer going forward. If you look at nominal GDP growth, broadly speaking, real GDP is forecasted at around 6–6.5%, while inflation has come down to about 3.5–4%, based on last month's CPI reading. Even with a few percentage points added here and there, in a best-case scenario, aggregate corporate earnings growth is unlikely to exceed 12–13%.Furthermore, Indian corporates are significantly less leveraged today compared to five years ago. So, the difference between revenue growth and bottom-line EPS growth should be minimal at the aggregate level. As a result, we believe companies that can deliver earnings growth in this environment will command a premium—which is to be therefore, should be more selective. Secondly, they need to be more valuation-aware—both relatively and absolutely—and focus on fundamentals rather than this framework, if we consider sectoral strategies tactically, especially given recent RBI actions in the last monetary policy—cutting CRR by 100 basis points and the repo rate by 50 basis points—these are somewhat positive developments, particularly for companies offering fixed-rate loans. These loans won't be immediately repriced to a lower rate, while the cost of funding (i.e., liabilities) will fall faster. This can support net interest margins for companies like vehicle keep in mind that over the past year, the yield curve has steepened by about 100 basis points compared to its previously flat the tariff-related headlines—which we now see almost daily—let's take the IT sector as an example. It's down around 9% in the first half of this year, compared to the Nifty's decline of about 8%. This indicates the extent of derating in the sector, possibly driven by fears of a US recession or economic if we actually look at US economic data from May or the previous month, it has consistently surprised on the upside. For instance, last week's payrolls data was stronger compared to the same period last year. So, the bearish outlook on the US economy isn't supported by hard data as of that, the underperformance of IT stocks seems to be more sentiment-driven than fundamentally justified. There could be some scope for clawing back the derating, even though we don't see any strong fundamental triggers. Most large-cap IT companies are still delivering mid- to high-single-digit revenue growth, so fundamentally, there's no major the other hand, sectors like pharma are facing real tariff-related issues. We even saw fresh news from the US yesterday. Still, if one adopts a longer-term view, many Indian pharma companies may present attractive we take a long-term view, we recently published a study comparing the performance of cyclical or value stocks—like low P/E stocks—with quality or defensive stocks over a 20-year period. Interestingly, the overall performance of both styles has been broadly typically happens is that one style outperforms the other over shorter spans—say 5 to 10 years. For example, from 2002 until the Lehman Crisis, value stocks did exceptionally well. Post-Lehman until COVID, quality stocks took the lead. Then again, post-COVID, cyclical stocks outperformed—driven by factors like strong government capex and the fact that many of these stocks were heavily derated during COVID due to lockdown-related a result, these stocks performed strongly over the last five years, outpacing defensive quality portfolios by a wide looking ahead, with government capex likely to moderate and inflation trending lower, the environment may once again become more favourable for quality and defensive investing—compared to the cyclical names that have already had a strong run.
Time of India
an hour ago
- Time of India
Tariff fears hit pharma, but long-term story remains intact: Krishnan VR
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads "Within this framework, if we consider sectoral strategies tactically, especially given recent RBI actions in the last monetary policy—cutting CRR by 100 basis points and the repo rate by 50 basis points—these are somewhat positive developments, particularly for companies offering fixed-rate loans. These loans won't be immediately repriced to a lower rate, while the cost of funding (i.e., liabilities) will fall faster. This can support net interest margins for companies like vehicle financiers," says Krishnan VR , begin with, corporate earnings growth in India is likely to become scarcer going forward. If you look at nominal GDP growth, broadly speaking, real GDP is forecasted at around 6–6.5%, while inflation has come down to about 3.5–4%, based on last month's CPI reading. Even with a few percentage points added here and there, in a best-case scenario, aggregate corporate earnings growth is unlikely to exceed 12–13%.Furthermore, Indian corporates are significantly less leveraged today compared to five years ago. So, the difference between revenue growth and bottom-line EPS growth should be minimal at the aggregate level. As a result, we believe companies that can deliver earnings growth in this environment will command a premium—which is to be therefore, should be more selective. Secondly, they need to be more valuation-aware—both relatively and absolutely—and focus on fundamentals rather than this framework, if we consider sectoral strategies tactically, especially given recent RBI actions in the last monetary policy—cutting CRR by 100 basis points and the repo rate by 50 basis points—these are somewhat positive developments, particularly for companies offering fixed-rate loans. These loans won't be immediately repriced to a lower rate, while the cost of funding (i.e., liabilities) will fall faster. This can support net interest margins for companies like vehicle keep in mind that over the past year, the yield curve has steepened by about 100 basis points compared to its previously flat the tariff-related headlines—which we now see almost daily—let's take the IT sector as an example. It's down around 9% in the first half of this year, compared to the Nifty's decline of about 8%. This indicates the extent of derating in the sector, possibly driven by fears of a US recession or economic if we actually look at US economic data from May or the previous month, it has consistently surprised on the upside. For instance, last week's payrolls data was stronger compared to the same period last year. So, the bearish outlook on the US economy isn't supported by hard data as of that, the underperformance of IT stocks seems to be more sentiment-driven than fundamentally justified. There could be some scope for clawing back the derating, even though we don't see any strong fundamental triggers. Most large-cap IT companies are still delivering mid- to high-single-digit revenue growth, so fundamentally, there's no major the other hand, sectors like pharma are facing real tariff-related issues. We even saw fresh news from the US yesterday. Still, if one adopts a longer-term view, many Indian pharma companies may present attractive we take a long-term view, we recently published a study comparing the performance of cyclical or value stocks—like low P/E stocks—with quality or defensive stocks over a 20-year period. Interestingly, the overall performance of both styles has been broadly typically happens is that one style outperforms the other over shorter spans—say 5 to 10 years. For example, from 2002 until the Lehman Crisis, value stocks did exceptionally well. Post-Lehman until COVID, quality stocks took the lead. Then again, post-COVID, cyclical stocks outperformed—driven by factors like strong government capex and the fact that many of these stocks were heavily derated during COVID due to lockdown-related a result, these stocks performed strongly over the last five years, outpacing defensive quality portfolios by a wide looking ahead, with government capex likely to moderate and inflation trending lower, the environment may once again become more favourable for quality and defensive investing—compared to the cyclical names that have already had a strong run.
