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Aurobindo Pharma, part of the pharma space, has rallied more than 100% in FY24 but found some resistance above Rs 1,100 levels in January 2024.The stock underwent price wise correction since January 2024 and is now showing signs of bottoming out which suggests that bulls are ready to take the charge again.Short-term traders can look to buy the stock now for a possible target above Rs 1,300 levels in the next 3-4 weeks, suggest experts.The pharma stock rose from Rs 518 recorded on March 31, 2023, to Rs 1,112 as on 1st April 2024 which translaates into a rise of more than 114%.Tracking the momentum, the stock hit a record high of Rs 1,177 on 30th January 2024, but it failed to hold on to the momentum.The stock witnessed a mild selloff but managed to find support above Rs 1,000 levels in February and then again in March 2024 which resulted in a double bottom formation on the weekly charts.In terms of price action, the stock is trading above crucial short- and long-term moving averages such as 5,10,30,50,100 and 200-DMA on the daily charts which is a positive sign for the bulls. 109032064The daily Relative Strength Index (RSI) is at 64.4. RSI below 30 is oversold and above 70 is considered overbought, Trendlyne data showed. The daily MACD is above its center and signal line, this is a bullish indicator.“Aurobindo Pharma has maintained a robust price structure, displaying a clear uptrend since February 2023, characterized by consistent higher highs and higher lows,” Vidnyan S Sawant, Head of Research, GEPL Capital, said.“After a healthy retracement from January 2024 following a sharp upward move, the stock has found support on the 26-week exponential moving average, suggesting a mean reversion scenario,” he said.“Additionally, a change of polarity has been observed, where the resistance of May 2021 now acts as a strong support, signaling a continuation of the upward momentum,” highlighted Sawant.“On the daily scale, the stock has formed a double bottom formation, indicating alignment between lower and higher timeframes for an upward trajectory,” recommended Sawant.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

The largest private lender, HDFC Bank, gave a solid push to deposit mobilisation in the fourth quarter of FY24, resulting in 7.5% growth or Rs 1.6 lakh crore in the last quarter alone, according to disclosures made by the bank to the exchange.Its total advances rose 55% while aggregate deposits were up 26% on a year-on-year basis, but the share of low-cost deposits fell to 38% from 44% a year ago, the bank stated.The bank's shares rallied by 2.8% to close at Rs 1524 following the bank's disclosures. The BSE Sensex was up 0.27%.A report by Macquarie released soon after HDFC Bank disclosed the numbers to the exchange said, "For a large bank like HDFC Bank to deliver 7.5% QoQ deposit growth, Rs 1.7 trillion deposit mobilisation in a single quarter, and even improve CASA growth – CASA growth was higher than overall deposit growth – All a fantastic outcome."The share of the current and savings account, which constitutes low-cost deposits and is referred to as CASA, fell due to the bank's merger with the parent housing finance company HDFC, which was effective July 1, 2023.Aggregate deposits rose to Rs 23.8 lakh crore as of March 2024. In the fourth quarter alone, it mobilised Rs 1.6 lakh crore in deposits; of this, the share of retail deposits was Rs 1.28 lakh crore, while wholesale deposits were Rs 38,000 crore.Retail deposits grew 27.8% over March 31, 2023, and around 6.9% over December 31, 2023; Wholesale deposits rose 19.4% over March 31, 2023, and around 10.9% over December 2023. In absolute terms, the bank's CASA deposits stood at Rs 9.09 lakh crore as of March 31, 2024, up 8.7% over the previous year. In four quarter alone it rose 73,400 crore, of which, the share of retail Casa was Rs 47,900 crore.Its gross advances stood at Rs 25.08 lakh crore for March 2024, as against RS 16.14 lakh crore a year ago.Retail loans rose by 109%, commercial and rural banking loans rose by 24.6%, and corporate and other wholesale loans rose by 4.1% over the end of March 2023. The report states that the stock is traded at 2x FY25E P/B (core), much lower than its historical averages."We believe this is a great time to add a quality franchise like HDFC Bank," Macquarie report said." Key risk is the inability to execute the merger well resulting in lower loan growth and/or profitability in the long run," it added.

Three small cap schemes have continuously underperformed their respective benchmarks in two consecutive years (2022 and 2023), an analysis of yearly returns of the category by ETMutualFunds showed.Around 23 small cap schemes have completed two years of existence in the market. Out of these 23 small cap schemes, three schemes – Aditya Birla Sun Life Small Cap Fund, Kotak Small Cap Fund, and PGIM India Small Cap Fund – have underperformed their benchmarks in two consecutive years in 2022 and 2023. (See table for details) We considered regular and growth options for the analysis. <iframe title="Small Cap Funds: Yearly scorecard" aria-label="Table" id="datawrapper-chart-OJMkj" src="https://et-infographics.indiatimes.com/graphs/OJMkj/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="405" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();</script>These three schemes from the list have underperformed their respective benchmarks in 2024 so far. Aditya Birla Sun Life Small Cap Fund gave 2.91% in CY2024 so far against 5.79% by its benchmark (S&P BSE 250 Small Cap - TRI). Kotak Small Cap Fund and PGIM India Small Cap Fund gave 1.89% and 0.97% respectively against 6.31% by their benchmark (Nifty Smallcap 250 - TRI). Also Read | Largecap funds deliver 6% in Jan-Mar quarter; Mirae Asset Large Cap Fund offers 1.69% returnAditya Birla Sun Life Small Cap Fund was launched in May 2007. The scheme has underperformed its benchmark since 2019. Kotak Small Cap Fund has underperformed against its benchmark since 2022. PGIM India Small Cap Fund was launched in 2021 and has underperformed against its benchmark since 2021. Small cap schemes are benchmarked against Nifty Smallcap 100 - TRI, Nifty Smallcap 250 - TRI, and S&P BSE 250 Small Cap - TRI. Note, We considered yearly returns from 2018 as Sebi did recategorization of mutual funds in this year. Note, the above exercise is not a recommendation. The exercise was done to find which small cap schemes have failed to beat their respective benchmarks in two consecutive years. Also Read | These 10 smallcap mutual funds deliver over 30% XIRR in five yearsOne should not make investment or redemption decisions based on the above exercise. One should always consider risk profile, investment horizon and goal.If you are looking for recommendations, see:Best small cap mutual funds to invest in April 2024Smallcap schemes are recommended for aggressive investors. Investors should consider investing in them only if they have a high-risk appetite and a long investment horizon.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)