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Equity markets took a heavy beating with the BSE Sensex tumbling 1,062 points on Thursday. Analysts said investors are trimming their equity exposure at a faster pace as the election season heats up, which can be seen from the drubbing that mid and small-caps received.Stocks that were in focus include names like IRB Infra, which fell 3%, IGL, which was down 2.48%, and Dr Reddy's, whose shares declined 2.8%.Here's what By Riyank Arora Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.IRB InfraThe stock has touched its anchor VWAP support mark of 66 on its daily charts. It is expected that the stock should hold well above its major support mark of 63.So we advise holding on to IRB Infra with a strict stop-loss of 63 on a daily closing basis for potential upside targets of 73 and 79. With the RSI (14) on daily charts witnessing a minor uptick, it is expected that the stock should pick up good momentum in the upcoming few trading sessions.IGLThe stock went up nearly 8% in Wednesday's session but later faced profit booking at higher levels, ending close to 3% higher for the day.At present levels of 451, the stock has an immediate major support at the 425 mark, and an immediate resistance is placed near the 470 mark.Overall, we expect the stock to remain sideways and face supply at higher levels and demand at lower levels, staying within the range of 425 - 470 for the week.Dr Reddy'sThe stock is trading well above its major support mark of 5880.00 on the daily charts. With the base trend being positive and the stock making higher highs and higher lows, and the RSI (14) on daily charts being around 43, momentum looks low.It is expected that the stock should hold well above its support mark. We advise a strict stop-loss at 5880 on a daily closing basis for Dr Reddy, for potential targets of 6200 and 6400.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

JPMorgan Chase & Co. is on track to include India in its emerging market debt index from June with most of its clients ready to trade, according to the firm’s global head of index research.“Based on the annual Index Governance Consultation process, market feedback so far has been largely positive, with the majority of our index clients already set up to trade in the IGB market,” managing director Gloria Kim said in an emailed reply to questions. “As always, there are still teething issues when entering a new market, however we have found these to be related mostly to the operational readiness and flexibility of counterparties and custodians rather than barriers to entry,” she said, acknowledging the reforms made by government.The difficulty in setting up to trade in India due to an elaborate documentation process has been one reason why foreign investors have been apprehensive about the nation’s entry into global indexes. Last September, JPMorgan said it would include India in its emerging market bond index, where it will have a maximum weight of 10%.JPMorgan estimates foreign inflows will be between $20 billion and $25 billion, assuming an index-neutral position, Kim said. The firm estimates its emerging-market bond gauge currently has $216 billion of assets under management, she added.“We have seen in the past that assets tracking the index are relatively sticky in nature and generally remain consistent,” Kim said.109993928Indian sovereign bonds have seen about $8 billion of inflows into the so-called Fully Accessible Route securities since the JPMorgan announcement, though there were some outflows in April amid a global debt selloff. A Bloomberg gauge of the bonds has outperformed major peers this year.The inflows from the long-anticipated index inclusion are leaving their mark on a variety of Indian assets, with corporate bonds also besting peers and foreign exchange reserves hitting a record high. They have played a role in helping the rupee shrug off the impact of a broad strengthening in the dollar.Bloomberg Index Services Ltd. will also start including India to its emerging markets index from January. Bloomberg LP is the parent company of Bloomberg Index Services, which administers indexes that compete with those from other providers.More ComfortIndian government authorities have made substantial market reforms for investors, according to JPMorgan.These include extending the trade-matching window for foreign portfolio investors and streamlining the onboarding process through the introduction of a single application form, Kim said. The registration process was also simplified by accepting digital signatures and scanned copies for account registration, she said.There are also several India-dedicated bond exchange-traded funds and UCITS funds offering intraday liquidity to investors, Kim said.“These steps have improved the overall market accessibility and tradability for FPIs, making investors more comfortable with investing in the Indian government bond market,” she said.

Mumbai: Shares of the National Stock Exchange surged by more than 25% in the unlisted market this week following a 4:1 bonus announcement last Friday. According to brokers dealing with the unlisted shares, the stock was trading at around ₹4,300-4,400 last week and is currently trading in the ₹5,400-5,800 range.At ₹5,500, NSE is valued at ₹2.73 lakh crore or about $33 billion, making it the world's seventh most valuable stock exchange, trailing Nasdaq's market capitalisation by just $1 billion.Intercontinental Exchange is currently valued at $77 billion while CME Group is valued at $76 billion. London Stock Exchange, Hong Kong Exchanges and Deutsche Boerse AG are valued between $38 billion and $60 billion.NSE shares have surged 67% so far this year, significantly outpacing the 2.27% gain in the Nifty. The momentum in NSE shares got a boost on Friday when NSE announced a bonus issue, offering four shares for every share held by investors as of the record date. 109993665Such bonus issues are typically implemented by companies to enhance stock liquidity and reduce per-share prices, enhancing accessibility for investors.NSE on Friday also reported consolidated revenue from operations at ₹4,625 crore for the March 2024 quarter, up by 34% on a year-on-year basis. Net profit rose 20% to ₹2,488 crore. For the fiscal year ended March 2024, NSE reported a net profit of ₹8,306, a jump of 13% year-on-year, and revenues of ₹14,780 crore, up 25%."For a smaller lot size, NSE shares are traded at around ₹5,800 while a 5% discount is available for higher lot size," said Sambhav Aggarwal, director of Shri Parasram Holdings. "This upswing in stock price is a result of heightened demand from high net-worth individuals and retail investors amidst a restricted supply of shares following the bonus and dividend announcement."Sandip Ginodia, managing director of Abhishek Securities, said the NSE share price shot up from around ₹4,400 to ₹5,500 this week after the FY24 results and the bonus announcement.National Securities Depository (NSDL), India's largest depository, is likely to launch its maiden public issue in the next few months at a valuation of ₹11,000-12,000 crore. NSE, which is currently holding 24% sake, is selling a 9% stake in the initial public offering (IPO). The other two listed bourses in India, BSE and MCX, rallied 22% and 18% respectively so far this year. These two exchanges are currently trading 80 times and 231 times their trailing 12-month earrings, respectively.After surging from ₹1,800 in January 2021 to ₹3,500 in December 2021, the stock stabilised around ₹3,000 until December last year, primarily due to the prevailing uncertainty surrounding its impending IPO.NSE shares can only be bought off the market through brokers who are dealing with the unlisted shares. Buying NSE's unlisted shares is not easy as the bourse has imposed stricter compliance that involves Know Your Customer, funding sources, and background checks of investors. The exchange takes time to extend approval, said brokers.