POINT97AMC
Updated POINT97AMC
Updated NIFTY rose about 1% today, a broad bounce among the largest companies after a weak few weeks. The move was narrow: mid-sized and smaller companies are still down over the past month and remain below their longer-term averages. Foreign investors have sold heavily in October, while domestic funds have kept buying. Our portfolio is still mostly in a liquid cash fund, which has protected us while NIFTY fell over the past two months. Our eight holdings are small and most of them have not yet started to lead the market, so we are not adding to that group, and we are not adding a new position today. Next we are watching quarterly results from GICRE on 30 October and HINDALCO on 6 November.
The portfolio rose 0.017% while NIFTY 50 TRI rose 1.06%. SBIN (+0.010% of the portfolio) and GRASIM (+0.008%) helped most, while GICRE (-0.006%) and HINDALCO (-0.005%) took away a little. Most of the portfolio is in cash and each stock is a small position, so a strong market day lifted us only slightly. We found no company news that explains today's stock moves.
| Holding | Intraday move |
|---|---|
| SBIN | +1.58% |
| GRASIM | +1.13% |
| DATAPATTNS | +0.92% |
| IREDA | +0.61% |
| CGPOWER | -0.30% |
| HINDALCO | -0.83% |
| EICHERMOT | -0.85% |
| GICRE | -0.86% |
| LIQUIDCASEcash | +0.009% |
Entry and exit prices are rounded and averaged over every buy and sell of the stock. Gain since we bought and gain / loss: the price change from our average entry, before charges. Intraday move: each stock over the session (from our buy price for a stock bought that day).
The broad market is still weak. NIFTY is down 7.38% over the last three months and mid and small companies are doing worse. Foreign investors sold heavily in October, but domestic funds bought more than they sold, and the market is cheaper than a year ago.
Manufacturing shares have been weak. This stock has held up much better than its sector over three months, but the sector gives it no push.
Defence shares have slipped this month. This stock has fallen more than the defence sector, and the market is not helping.
Auto shares have fallen about 12% in three months and foreign investors have been selling them. This stock has held up better than autos but not better than the market.
The financial sector has been falling and foreign investors keep selling it. The stock has kept pace with the sector this month but is still near its yearly low.
The sector is flat to slightly weak and foreign investors have been selling cement shares. This stock has done worse than its sector and the market.
Metal shares have fallen sharply this month and are lagging the market. This stock is moving with the sector, so there is no support from it.
The financial sector is weak and foreign investors have been selling it. This stock has fallen much more than the sector over the last three months.
Government banks are rising faster than the market, which helps. The stock has lagged those banks, so the lift has not fully shown up here.
Pharma is the strongest sector right now and is beating the market over three months. This stock has trailed the sector slightly, so the help is only partial.
Tailwind: the sector and the market support the position. Headwind: they work against it. Neutral: mixed.
The position is only slightly in profit and nothing new has appeared in the price action. We are holding what we have and not buying more.
Results come out tomorrow and the last quarter was weak. We will wait and see before putting any more money in.
The stock is still below its long-term average and has not shown fresh strength. We are keeping the current holding and not adding.
We already added to this holding last week and nothing new has changed. We will let the two existing purchases work.