The journey of the 'Nifty Magician': An exclusive interview with Anuj Singhal

Here is a captivating interview with Anuj Singhal, Managing Editor-CNBC Awaaz, a true luminary in the world of financial journalism, who is often affectionately referred to as the "Nifty Magician." He shares his journey from being a research analyst at CNBC-TV18 in 2003 to becoming the managing editor of CNBC Awaaz in 2022. With nearly two decades of experience in tracking the Indian financial markets, his insights and expertise are unparalleled. We delve into Anuj's career milestones and how he transitioned from an intern to a managing editor. He shares the evolving landscape of the Indian financial markets over the years and the pivotal role played by domestic retail investors. Anuj's role as managing editor involves providing valuable and honest content to his audience, with a particular focus on digital platforms to engage with viewers effectively. Anuj has had the privilege of conducting memorable interviews with prominent securities and legendary stock market investors. His knack for market predictions, which earned him the moniker "Nifty Magician," is highlighted as he shares some notable examples of accurate forecasts and the factors he considers when making them. He underlines that, despite his title, no one can consistently predict the market, and success often relies on a combination of technical and fundamental analysis, market sentiment, and intuition.

Excerpts:

Can you share a little bit about your journey, from starting as a research analyst at CNBC-TV18 to becoming the managing editor of CNBC Awaaz in 2022, and some of the key milestones in your career? And how many years of journey has it been for you?

I started in 2003 as a research analyst. If you want to know my journey, I'll have to go back to 2002 when I was doing my MBA. At that time, I interned with CNBC, which was known as CNBC India back then, not CNBC-TV18. I got this opportunity because one of my faculty members knew the editor of CNBC India. So, during my MBA, I interned there for two months. They were impressed with my work and offered me a job as soon as I finished my MBA in 2003. I joined as a research analyst, and from there, my career progressed. I moved from Research Analyst to Senior Research Analyst, then to Deputy Head of Research, Head of Research, Senior Editor, Stock Editor, Deputy Executive Editor, and finally, last year, I was offered the role of managing editor at CNBC Awaaz. It's been about 20 years, and I've had a great journey at Network 18.

You've been tracking the Indian financial market for over two decades. How do you see the landscape of financial markets in India evolving over the years during your career? What major changes have you observed?

The most significant change has been the shift from foreign portfolio investor money driving the Indian market to domestic retail investments, mutual funds, and SIPs. In the past, if we saw foreign selling, the market could drop significantly, even by 40% to 50%. Now, despite more selling, the market tends to be more resilient, falling only 5% to 10%. Domestic investors have played a crucial role in making the market less dependent on foreign capital. Younger demographics are now getting involved in stock markets, with many choosing equities as their preferred investment option. This shift in the demographic profile has been a major change over the last 20 years.

As the managing editor of CNBC Awaaz, what are your primary responsibilities and goals for the channel on both TV and digital platforms?

My primary goals are focused on digital platforms, aiming to increase the number of views and engagements with our viewers. However, we are committed to providing valuable and honest content to our audience. Our focus is primarily on stock markets and business. We understand the impact our content can have on viewers' finances, so we strive to ensure that our recommendations and information are top-notch to help our audience make informed decisions.

On TV, I lead the most crucial market hours, which are the market opening and closing. I provide market analysis, stock recommendations, and critical information during these times. I also host a YouTube live session and monitor channel programming throughout the day. I'm always ready to go on air when needed, as financial news can break at any time. My responsibility is to ensure the channel provides accurate and relevant financial information and analysis to our viewers.

Can you share some memorable interviews you've had with prominent securities or legendary stock market investors? Have they shared any insights or advice that left a lasting impression on you?

One interview that stands out for me is the one I used to have with Rakesh Jhunjhunwala, who, unfortunately, is no longer with us. He passed away. Rakesh Jhunjhunwala's vision has had a significant impact on my approach to anchoring and analysis. His key message was to remain bullish on India, have a long-term perspective, and not get too worked up about small market corrections or negative aspects of India.

He encouraged us to focus on the growth potential of India and not be deterred by the challenges like infrastructure issues or corruption, which are typical teething problems for a developing nation like India. He always asked us to maintain faith and stay positive. He believed that when you think about how much the market can fall, you should also consider how much it can rise. He once told me that I would witness the Nifty reaching 1.5 lakh in my lifetime, even though he wouldn't be around to see it. This conversation has left a lasting impression on me, reminding me to stay positive and have faith in the potential of the Indian market.

Your presence on social media platforms is significant. How do you see the role of social media in financial journalism and investor education, and how do you leverage it to engage with your audience?

Social media has become increasingly important, especially in the past year, following the COVID-19 pandemic and the subsequent surge in the stock market. While social media has allowed many individuals to share valuable insights, it has also attracted some unscrupulous actors involved in pump-and-dump schemes. These schemes involve recommending certain stocks to a large number of followers to inflate their prices and then selling them off, causing others to suffer losses.

It's essential to be cautious about such practices, and many legitimate experts and educators are also active on social media platforms. They provide valuable financial education without promoting specific stocks. However, it's crucial for those who do make stock recommendations to provide proper disclosures and disclaimers about their holdings, which some have failed to do.

Overall, social media has enabled many individuals who wouldn't typically have access to mainstream media to share their knowledge about financial matters and provide investor education. While some misuse the platform, regulatory authorities like SEBI have been working to enforce rules and regulations even for social media content.

In my case, I create daily Instagram reels to share valuable content, and I believe that social media allows for more accessible and digestible dissemination of financial information that might be overlooked on television.

You are often referred to as the "Nifty magician" for your market predictions. Can you share some examples of significant market predictions you've made that have been accurate? What factors do you consider when making these predictions?

Two notable market predictions come to mind. First, during the Brexit event when Britain was exiting the Eurozone and the market experienced a crash, I confidently stated that it was the best buying opportunity. My reasoning was that this event wouldn't significantly impact India, so there was no need for our markets to fall. Typically, when markets react with panic, it's often the best time to buy.

The second prediction was during the COVID-19 crisis in 2020 when many stocks were plummeting, and the Nifty had fallen almost 50%. I boldly claimed that these price drops were unwarranted and happened due to panic selling. I reasoned that in the worst-case scenario, where COVID posed a significant risk to survival, it wouldn't matter whether one held cash, stocks, or real estate. However, if COVID turned out to be a temporary issue, stocks were being offered at a 40-50% discount. These were two significant market calls that remain vivid in my memory. While I make daily assessments of the market, these were standout moments.

The "Nifty magician" tag has been given to me by a few of my fans, but it's essential to remember that no one can consistently predict the market accurately. I strive to be right most of the time, and I consider various factors, including technical and fundamental aspects, market sentiment, and my gut feeling. Peak greed and fear in the market also play a role in my assessments.

In addition to your work in financial journalism, you are known for your enthusiasm for sports like tennis and football. How does your interest in sports influence your work or provide a different perspective on market dynamics?

I believe that markets and sports are quite similar. Successful athletes would likely excel in trading or the markets due to their strong mental abilities. The mental strength of successful athletes is their common factor, not just their playing skills. Champions like Neeraj Chopra, Rafael Nadal, and Novak Djokovic possess mental fortitude, which is crucial for success.

Similarly, in the markets, those who can remain calm during periods of high volatility and uncertainty tend to excel. The belief that you can win and stay calm under pressure is what leads to success. The same logic of mental strength and determination applies to both sports and trading.

What are some of the major challenges and opportunities in financial journalism today in the context of digital media?

The digital age has created a level playing field, providing opportunities for those who may not have access to mainstream media. Many individuals are making a living through social media platforms by sharing their knowledge and offering courses. This is a significant opportunity.

However, a major challenge is the era of "WhatsApp journalism," where every piece of news shared on WhatsApp is taken seriously, impacting stock prices. Inaccurate information spreads quickly, affecting market dynamics. As an editor, I face challenges in deciding whether to cover or clarify news originating from such sources, even if we haven't reported it ourselves.

Ensuring accurate and reliable information remains crucial, and it's challenging to address the rise of unverified news circulated through social media.

You have an educational background in Economics and an MBA in Finance. How have these qualifications shaped your approach to financial journalism and market analysis?

While my educational background in Economics and Finance is important, much of what I learned in school and college hasn't directly applied to my profession. The stock market and real life work differently from what textbooks teach.

In practice, you learn more on the job and through real-life experiences. The knowledge gained on the job and interacting with people is invaluable. Education plays a crucial role in helping individuals become good human beings and navigate the world, but much of what I do as a financial journalist is learned through practical experience.

Finance and economics are subjects that are only a portion of the skill set needed for this field. The stock market operates based on a complex interplay of factors that extend beyond what you learn in a classroom.

What is your vision for the future of CNBC Awaaz, and what new initiatives or changes can viewers expect to see in the coming years under your leadership?

My primary vision for CNBC Awaaz is to establish it as the number one business platform. We've already made significant strides in the digital space, consistently ranking at the top for several months. I aim to maintain and expand our leadership in digital and achieve similar success in television ratings.

Additionally, I envision CNBC Awaaz as a platform of influence, featuring the most influential and credible voices in the business world. My goal is to provide viewers with valuable advice that can genuinely help them make money when they act on the recommendations presented on our channel.

I take the responsibility of ensuring the quality of people who appear on the channel and the stocks recommended seriously. While there are no guarantees in the stock market, my intent is to maintain the channel's purity and dedication to serving the common man and the general viewer.

In summary, my vision for CNBC Awaaz is to continue our digital success, establish ourselves as the leading business platform, and maintain our commitment to providing valuable, credible, and influential financial advice to our viewers.