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

Asia markets were mixed following further gains for U.S. stocks, while Treasuries pulled back as investors gauged fresh signs of resilience in the world’s largest economy. Share benchmarks in Japan and Australia were slightly lower, while Hong Kong futures edged higher. The S&P 500 gained 0.2%, helped along by favorable corporate earnings and bets Federal Reserve tightening has reached the peak. Meanwhile, the yield on the 10-year U.S. bond was trading at 4.52% and Bitcoin was above 35,000-level. Brent crude was below $82 a barrel, whereas WTI Crude was above $76-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:

MS on ONGC: OW, TP RS 216 Production growth after more than a decade of decline is key for ONGC’s next leg of outperformance Management call today highlighted that it’s now largely derisked.

CITI on Bajaj Fin: Neutral, TP Rs 8375 RBI imposes embargo on incremental loan sanction/disbursal under ‘eCOM’&‘Insta EMI Card’ Co will undertake a detailed review of KFS & implement requisite corrective actions to RBI’s satisfaction at the earliest

Jefferies on Bajaj Fin: Buy, TP Rs 9470 RBI asked BAF to stop sanction & disbursal of loans under ‘eCOM’ & ‘Insta EMI Card’ While this is negative & see ltd financial impact as Insta EMI Card base of 4m is 5% of total clients & est. it to be 0.2% of disbursals

International Markets

 U.S & Europe:

Particulars 15th November Chg. Chg.(%)
Nasdaq 14112.41 18.03 0.13
Dow 34991.21 163.51 0.47
FTSE 7486.91 46.44 0.62
CAC 7209.61 23.93 0.33
DAX 15748.17 133.74 0.85
Dow Fut.* 34939.56 -51.65 -0.15

Asian markets:

Particulars 16th November Chg. Chg.(%)
GIFT Nifty 19749.50 32.50 0.16
Nikkei 33292.02 -227.68 -0.68
Straits Times 3113.70 -18.42 -0.59
Hang Seng 17746.74 -332.26 -1.84
Shanghai 3055.36 -17.47 -0.57

ADR Watch:

Particulars    15th 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 83.21 0.11
Brent 80.48 -0.86
Gold 1963.35 -0.05
Silver 23.407 -0.56

FIIs & DIIs:

Particulars   15th November 13th November
FIIs                          550.19 -1,244.44
DIIs 609.82 830.40

News Update:

Bajaj Finance: The Reserve Bank of India barred the company from lending under its “eCOM” and “Insta EMI Card” products. The regulator said that it would review the supervisory restrictions after the company rectifies the deficiencies to the RBI’s satisfaction.

TCS: The IT major has set Nov. 25 as the record date for its Rs 17,000 crore buyback. The company will buy back up to 4.09 crore shares for Rs 4,150 apiece.

Dabur: The company’s two foreign subsidiaries, Dabur International and Dermoviva Skin Essentials, have been removed as defendants in multiple lawsuits filed in a U.S. court over allegations that their hair-relaxer products caused ovarian cancer, uterine cancer and other related health issues.

Satin Creditcare Network: A meeting of the board of directors of the company is scheduled to be held on Nov. 20 to consider the fund-raising proposal by way of the issuance of listed/unlisted, secured/unsecured, and non-convertible debentures on a private placement basis.

IIFL Finance: The NBFC will invest up to Rs 200 crore in arm IIFL Samasta Finance by way of subscription to 7,47,94,315 fully paid-up equity shares of face value of Rs 10 each, at a premium of Rs. 16.74 per share, through rights issue.

Suzlon Energy: Suzlon Group announced the RLMM listing of its S144-3 MW series of wind turbines, which are extendable to 3.15 MW, making them a formidable force in the market. This listing marks an important milestone for the successful commercialization of the product.

One 97 Communications: The company announced a partnership with global travel technology company Amadeus for the next three years. It will integrate Amadeus’s expansive travel platform, enhancing travellers’ experiences from search to booking and payments.

Source: Moneycontrol, Bloomberg Quint, Investing 

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