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

Stocks in Asia decline as U.S. equities were mixed and bonds climbed after data underscored a gradual deceleration in the U.S. economy, reinforcing speculation the Federal Reserve will end its hiking campaign. Japanese and Australia shares opened lower while equity futures contracts in Hong Kong slumped. The Golden Dragon Index — a gauge of Chinese shares listed in the U.S. — fell 3.1%, weighed by a 9% drop in Alibaba Group Holding Ltd. after it called off a spinoff of its giant cloud business. Meanwhile, the yield on the 10-year U.S. bond was trading at 4.44% and Bitcoin was below 37,000-level. Brent crude was below $78 a barrel, whereas WTI Crude was above $73-mark.

Economic Calendar:

  • USD: Building Permits (Oct) on 17th November, 2023
  • USD: Existing Home Sales (Oct) on 21st November, 2023
  • INR: Bank Loan Growth on 17th November, 2023
  • INR: FX Reserves, USD 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 16th November Chg. Chg.(%)
Nasdaq 14109.73 5.90 0.04
Dow 34945.47 -45.74 -0.13
FTSE 7410.97 -75.94 -1.02
CAC 7168.40 -41.21 -0.57
DAX 15786.61 38.44 0.24
Dow Fut.* 34969.30 23.83 0.07

Asian markets:

Particulars 17th November Chg. Chg.(%)
GIFT Nifty 19792.00 -28.00 -0.14
Nikkei 33422.93 -1.48 0.00
Straits Times 3113.43 -19.62 -0.63
Hang Seng 17489.80 -343.02 -1.92
Shanghai 3040.92 -10.01 -0.33

ADR Watch:

Particulars    16th November  Chg.       Chg.(%)
Dr. Reddy 66.37 0.65 0.99
HDFC Bank 57.79 -0.73 -1.25
ICICI Bank 22.26 -0.25 -1.11
Infosys 17.27 -0.09 -0.52
Wipro 4.68 0.00 0.00

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.22 0.01
Brent 77.57 0.06
Gold 1987.55 0.01
Silver 23.892 -0.17

FIIs & DIIs:

Particulars   19th November 15th November
FIIs                          957.25 550.19
DIIs 705.65 609.82

News Update:

Banks and NBFCs: The Reserve Bank of India has made consumer lending costlier for banks and non-bank lenders and also asked them to limit exposure to such loans amid growing risk concerns. Consumer loans will attract a credit risk weight of 125% as compared with 100% earlier. For NBFCs, too, consumer loans will attract a risk weight of 125%.

JSW Infrastructure: The company has received a letter of award from the Karnataka Maritime Board for the development of an all-weather, deep-water, greenfield port at Keni in Karnataka on a PPP basis. The estimated cost of the project is Rs 4,119 crore, with an initial capacity of 30 MTPA.

InterGlobe Aviation: IndiGo continued to dominate Indian skies with a 62.6% market share in October, as per domestic air traffic data.

SpiceJet: The airline improved its market share to 5.5% in October.

Axis Bank, Manappuram Finance: The RBI imposed a monetary penalty of Rs 90.92 lakh on Axis Bank and Rs 42.78 lakh on Manappuram Finance for violation of certain directions of the banking sector regulator.

Delhivery: Softbank-backed SVF Doorbell (Cayman) has sought to sell stakes through block deals at Rs 403.5–413.85 apiece, as per Bloomberg. It holds a 14.46% stake as of Sept. 31.

SJVN: The company has signed a power purchase agreement for a 200 MW wind power project with Solar Energy Corp. of India at a cost of Rs 1,400 crore. With the allotment of this project, the wind portfolio now stands at 497.6 MW.

Coromandel International: The company unveiled its Coromandel Nanotechnology Centre at Coimbatore, Tamil Nadu, which will support its efforts towards the development of a wide range of nano-enabled agro-inputs for plant nutrition and crop protection.

Source: Moneycontrol, Bloomberg Quint, Investing 

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