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View on market: Stay Cautious, be with quality business:

Most Asian stocks dipped Wednesday after robust U.S. economic data lifted Wall Street shares, Treasury yields and the dollar and prompted more calls for tighter monetary policy. Shares were lower in Japan, South Korea and Australia. U.S. futures were little changed after American benchmarks extended a rally, buoyed by expanding retail sales and factory output. A call for more hawkish monetary policy from Federal Reserve Bank of St. Louis President James Bullard underlined worries that high inflation could eventually bite. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 0.34% to 17,941.50, as of 8:05 a.m. Treasuries held losses, with the 10-year yield above 1.6%. Traders are waiting to see the strength of demand at an auction of 20-year notes Wednesday. The dollar was near the highest level in 12 months. Markets are waiting for President Joe Biden to select the Fed chair nominee.

Economic Calendar:

  • INR: M3 Money Supply on 17th November, 2021.
  • INR: Bank Loan & Deposit Growth on 19th November, 2021.
  • USD: Building Permits (Oct) on 17th November, 2021.
  • USD: Crude Oil Inventories on 17th November, 2021.

Brokerage Radar:

CLSA ON L&T: Maintain buy at the price of Rs 1950 for the target price of Rs 2250. Upbeat on infrastructure capex; guidance on track. Divestment on track but some delays possible. Confident on margins; ESG focus gets a leg up; look out for five-year plan.

CREDIT SUISSE ON ASHOK LEYLAND: Maintain neutral at the price of Rs 146.20 for the target price of Rs 135. High competitive intensity & full valuations keep them on sidelines. Trades at 14.9x FY23 core EV/EBITDA. Trim their FY22 and FY23 EPS by ~10% each.

International Markets:

U.S & Europe

Particulars 16th Nov Chg Chg(%)
Nasdaq 15,973.86 120.01 0.76
Dow 36,142.22 54.77 0.15
FTSE 7,326.97 -24.89 -0.34
CAC 7,152.60 23.97 0.34
DAX 16,247.86 99.22 0.61
Dow Fut.* 36,085.00 24.00 0.07

Asian markets:

Particulars 17th Nov Chg Chg(%)
SGX Nifty 17,941.50 -63.50 -0.35
Nikkei 29,679.34 -128.78 -0.43
Straits Times 3,227.68 -11.12 -0.34
Hang Seng 25,566.99 -146.79 -0.57
Shanghai 3,529.54 7.75 0.22

ADR Watch:

Particulars 16th Nov Chg Chg(%)
Dr Reddy 64.11 -1.27 -1.94
HDFC Bank 70.39 -0.59 -0.83
ICICI Bank 20.31 -0.21 -1.02
Infosys 24.03 0.40 1.69
Tata Motor 34.66 1.09 3.25
Wipro 9.09 0.04 0.44

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.37 -0.15
Brent 81.77 -0.74
Gold 1856.35 0.12
Silver 25.017 0.29

FIIs & DII

Particulars 16th Nov 15th Nov
FIIs -560.67 424.74
DIIs 577.34 1524.67

 

News Update:

Biocon: Biocon Biologics and Viatris Inc. have launched interchangeable SEMGLEE (insulin glargineyfgn) injection and Insulin Glargine (insulin glargine-yfgn) injection in U.S. to help control high blood sugar in adult and pediatric patients with type 1 diabetes and adults with type 2 diabetes.

InterGlobe Aviation: IndiGo has scrapped plans to raise funds as revenue recovers. IndiGo is unlikely to raise funds through a share sale to institutional investors, as the carrier’s revenue is recovering and there are no signs of third wave of the Covid pandemic erupting in India, CEO Ronojoy Dutta said. The budget carrier is also mulling charging passengers for checked-in luggage.

Infosys and MIT Technology Review launched ‘The Cloud Hub’, a forum offering insights and learning from successful cloud transformations to help global enterprises accelerate their cloud journey.

ITC: ITC Hotels’ luxury brand Mementos has signed a new property in Jaipur strengthening its presence in Rajasthan. Under this brand, ITC Hotels manages luxury properties. Last week the company has signed another hotel in Udaipur in Rajasthan. Both properties, the company added, will cater to the destination wedding segment.

Coforge Ltd: Shareholders of the company, earlier known as NIIT Technologies, including its controlling owner Baring Private Equity Asia, will sell securities worth as much as $750 million in a proposed American Depositary Receipts offering in the US. On Tuesday, Coforge filed an offer document informing the stock exchanges that its shareholders will sell ADRs in a US IPO.

Aviation stocks: The Ministry of Civil Aviation on Tuesday allowed resumption of meal services on all domestic flights, easing more of covid-induced curbs amid a steady decline in fresh daily cases. Since the onset of the pandemic, meal services were restricted only for flights whose duration lasts for more than two hours.

PVR: CEO Gautam Dutta said the multiplex chain operator is looking forward to having “the biggest quarter” in the January-March 2022 period of the ongoing fiscal as more states lift covid-19 related restrictions with a huge amount movie releases lined up in the coming months. The company is also bullish on audiences coming back to theatres with occupancy levels at theatres gradually inching towards pre-pandemic levels across the country.

Dr Reddy’s: Pfizer Inc and the Medicines Patent Pool, a UN-backed public health organisation have announced the signing of a voluntary license agreement for Pfizer’s Covid-19 oral antiviral treatment. Dr. Reddy’s Laboratories, among the handful of Indian drug companies licensed to make a new covid-19 pill developed by Merck, said on Monday it was open to making a similar pill from Pfizer, thought to be even more effective.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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