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

Asian stocks edged higher Friday amid investor caution after Federal Reserve officials warned of more pain ahead as they raise interest rates to fight inflation. The dollar steadied after gains on Thursday. Oil was poised for a weekly loss of almost 8% as concerns over a worsening demand outlook filtered through the crude market. Gold fell 0.7%, while Bitcoin saw marginal rise of 1.1% to $16,859. Indian benchmarks indices snapped their two-day rally as utilities, consumer durables and auto stocks weighed down the market. Rupee closed lower against the U.S. dollar for second day in a row on account of a stronger greenback and muted domestic equities. At 6:15 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — gained 0.05% to 16,383.05.

Economic Calendar:

  • USD : Existing Home Sales (Oct) on 18th November, 2022
  • USD : Core Durable Goods Orders (MoM) (Oct) on 23rd November, 2022
  • INR : Bank Loan Growth on 18th November, 2022
  • INR : GDP Quarterly (YoY) (Q2) on 30th November, 2022

Brokerage Radar:

NOMURA ON EXIDE: Buy, TP Raised to Rs 221; 2Q results in line; Steady growth to continue; plans to invest INR60bn in Liion plant; raise FY23F revenue est. by 10% to factor in higher 1HFY23 runrate; Valuations attractive at 15.1x FY25F core EPS

CLSA ON INFO EDGE: U-P, TP cut to Rs 4100; Steady execution but normalisation in IT demand is a dampener; Demand undercurrents are strong in real-estate & education businesses, However, these businesses remain in investment mode

MS ON INDIAN HOTELS: OW, TP Rs 38; Demand momentum remains strong; G20 Summit in India & wedding season should support demand in Q3; Supply growth to remain slower, which would support a revPAR upcycle; Management sees Ginger, as next driver of growth

International Markets:

U.S & Europe:

Particulars 17th November Chg. Chg.(%)
Nasdaq 11144.96 -38.70 -0.35
Dow 33546.32 -7.51 -0.02
FTSE 7346.54 -4.65 -0.06
CAC 6576.12 -31.10 -0.47
DAX 14266.38 32.35 0.23
Dow Fut.* 33522.20 -24.10 -0.07

Asian markets

Particulars 18th November Chg. Chg.(%)
SGX Nifty 18420.00 45.00 0.24
Nikkei 27978.06 47.49 0.17
Straits Times 3277.84 -8.20 -0.25
Hang Seng 18303.98 258.32 1.43
Shanghai 3111.31 -4.12 -0.13

ADR Watch:

Particulars 17th November  Chg.       Chg.(%)
Dr. Reddy 54.62 -0.43 -0.78
HDFC Bank 67.97 -0.40 -0.59
ICICI Bank 22.75 -0.01 -0.04
Infosys 19.48 -0.21 -1.07
Tata Motor 25.58 -0.27 -1.04
Wipro 4.94 -0.04 -0.80

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.65 0.43
Brent 90.41 -2.64
Gold 1765.40 0.14
Silver 21.130 0.74

FIIs & DIIs:

Particulars 17th November 16th November
FIIs   618.37 -386.06
DIIs 449.22 1437.40

News Update:

Aditya Birla Fashion and Retail: Enteed into a strategic partnership with Galeries Lafayette to open luxury department stores and a dedicated e-commerce platform in India.

Blue Dart Express: Announced opening of 25 retail outlets in Tier I and II cities as part of its expansion plan.

UltraTech Cement: Commenced operations at its third white putty plant in Nathdwara, Rajasthan with a capacity of 4 LMT per annum.

Life Insurance Corporation of India: Reduced its shareholding on Bajaj Auto to 5.2% from 7.2%.

New Delhi Television: The Income Tax Department has again stayed a tax demand of Rs. 59.98 crore against the company for assessment year 2007-08.

Fortis Healthcare: SEBI has advised Malaysia-based IHH Healthcare to proceed with its open offer to acquire additional 26.1% stake in the company after obtaining appropriate order from the Delhi High Court. IHH is now seeking legal counsel for further steps.

Bharat Electronics: Signed an MoU with Advanced Weapons and Equipment India o jointly address domestic and export opportunities in the areas of air defence, artillery gun systems, medium caliber weapons, small arms and related systems. The company has also signed an agreement with Armoured Vehicles Nigam for collaboration in in the areas of combat vehicles, main battle tanks, infaninfantry fighting vehicles, armored fighting vehicles and related systems.

Vedanta: The board of the company will meet on Nov. 22 to consider and approve third interim dividend for the current fiscal.

CSB Bank: Bhama Krishnamurthy appointed part-time chairperson with effect from Nov. 17, 2022, till Sept. 28, 2024.

Ahluwalia Contracts (India): Secured two contracts cumulatively worth Rs 530.05 crore.

Source: Moneycontrol, Bloomberg Quint, Investing

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