View on market: Volatility Prevails, Market is searching for better value

Stocks in Asia rose after a surge on Wall Street as an unexpected inflation slowdown bolstered bets the Federal Reserve’s aggressive hiking cycle is over. Australia’s equity benchmark rose. South Korean and Japanese markets also opened higher, where as futures for Hong Kong markets rose in early Asia trading. On Tuesday, the S&P 500 gained nearly 2% on Tuesday, the most since April. Tesla Inc. led gains in megacaps and Nvidia Corp. rallied for a 10th straight session. Meanwhile, the yield on the 10-year U.S. bond was trading at 4.44% and Bitcoin was above 35,000-level. Brent crude was above at $82 a barrel, whereas WTI Crude was above $78-mark.

Economic Calendar:

  • USD: Retail Sales (MoM) (Oct) on 15th November, 2023
  • USD: PPI (MoM) (Oct) on 15th November, 2023
  • INR: Trade Balance on 15th November, 2023
  • INR: Bank Loan Growth on 17th October, 2023

Brokerage Radar:

CITI On AB Fashion: Buy, TP Rs 270 2Q: Near-term Outlook Volatile With demand trend expected to remain flattish to marginally +ve in 3Q, profitability will likely remain volatile due to high operating & financial leverage. However, expect profitability to improve in FY25E.

HSBC on Interglobe Aviation: Buy, TP cut to Rs 3140 from Rs 3230 Q2 PBT better than consensus owing to +ve oneoffs; underlying LBT was slightly worse Oct yield low y-o-y due to shift in festivals but should catch up, though high inflation may curtail bumper profitability

HSBC on Biocon: Hold, TP cut to Rs 245 from Rs 270 Lacklustre 2Q; biosimilars sales saw muted 6.2% q-o-q growth on l-f-l amid a competitive market backdrop Improved channel access to raise vol for adalimumab, though it remains uncertain whether sales will see similar step-up

International Markets

 U.S & Europe:

Particulars 14th November Chg. Chg.(%)
Nasdaq 14117.62 349.88 2.54
Dow 34827.70 489.83 1.43
FTSE 7440.47 14.64 0.20
CAC 7185.68 98.62 1.37
DAX 15614.43 269.43 1.73
Dow Fut.* 34900.82 73.12 0.21

Asian markets:

Particulars 15th November Chg. Chg.(%)
GIFT Nifty 19742.50 185.00 0.95
Nikkei 33341.56 645.63 1.94
Straits Times 3119.39 14.73 0.47
Hang Seng 17861.44 464.58 2.67
Shanghai 3072.53 16.46 0.54

ADR Watch:

Particulars    14th November  Chg.       Chg.(%)
Dr. Reddy 65.27 0.35 0.54
HDFC Bank 58.70 1.52 2.66
ICICI Bank 22.67 0.28 1.25
Infosys 16.92 0.37 2.24
Wipro 4.61 0.09 1.99

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.00 0.05
Brent 82.75 0.34
Gold 1969.05 0.13
Silver 23.207 0.32

FIIs & DIIs:

Particulars   13th November 12th November
FIIs                          -1,244.44 -190.06
DIIs 830.40 95.31

News Update:

Asian Paints: The company’s original installed production capacity of the Khandala plant has been increased to 4,00,000 KL per annum from 3,00,000 KL per annum in order to meet the medium-term capacity requirements of the company for Rs 385 crore.

Wipro: Designit Tokyo Co., a step-down subsidiary of Wipro Limited, has been voluntarily liquidated with effect from Nov. 13, 2023. The revenue contribution from such units is 0.004% as of March 2023.

Adani Energy Solutions: The distribution arm of Adani Energy Solutions Ltd., Adani Electricity Mumbai Ltd., announced a tender offer to buyback up to $120 million of its outstanding 3.949% $1,000 million senior secured notes due 2030. The tender offer is being fully funded through its cash surplus and internal accruals.

RVNL: The company received a Rs 311 crore LoA from Central Railways for the construction of tunnels and bridges in Madhya Pradesh. The time period by which the order is to be executed is 18 months.

PTC Industries: India-based PTC Industries and Safran Aircraft Engines, the French global leader in aero engine design, development, and manufacturing, announced a multi-year contract to develop industrial cooperation for LEAP engine casting parts. Under the terms of the contract, PTC Industries will produce titanium-casting parts for Safran aircraft engines.

Biocon: Biocon Biologics, a subsidiary of Biocon, has announced that MHRA, the Medicines and Healthcare Products Regulatory Agency in the U.K., has granted marketing authorization for YESAFILI, a biosimilar of Aflibercept. In September, YESAFILI received marketing authorization approval from the European Commission for the European Union.

Indian Overseas Bank: The bank decided to increase the base rate by 35 bps w.e.f. Nov. 15, 2023. The effective base rate will be 9.45%.

Source: Moneycontrol, Bloomberg Quint, Investing 

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