Market View 1st December 2022

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

Stocks in Asia extended gains following a sharp rally on Wall Street after Federal Reserve Chair Jerome Powell signaled a slowdown in the pace of rate hikes. Oil surged 2.8% above $80 a barrel after government data showed that U.S. stockpiles declined the most since 2019. Gold futures changed little, while Bitcoin rose 2.2% to trade cross $16,800-level. The Indian benchmark indices continued their rally to touch new record highs, with Sensex touching the 63,000-mark for the first time ever. All 20 sectoral indices compiled by BSE Ltd. closed in green, with BSE Utilities rising the most at 2.52%. Rupee registered gains against the U.S. dollar to close higher as the greenback faltered in the global markets and domestic equities surged. At 7:10 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.30% to 18,973.

Economic Calendar:

• USD : Fed Chair Powell Speaks on 01st December, 2022
• USD : ISM Manufacturing PMI (Nov) 01st December, 2022
• INR : Nikkei S&P Global Manufacturing PMI (Nov) on 01st December, 2022
• INR : M3 Money Supply on 01st  December, 2022

Brokerage Radar:

KOTAK INST EQT ON EICHER MOTORS: Sell, TP Rs 2800; Analysis of RE’s domestic biz suggests 1) core portfolio’s (ex-Hunter 350) performance remains below FY2018 levels, 2) demand trends in key states of Delhi & Kerala remain under pressure, despite new launch

CS ON DELHIVERY: O-P, TP Rs 550; Industry feedback reinforces view of Co’s strongest standing; Funding squeeze reducing volumes may be a key near-term risk; Overall takeaways from Delhivery perspective were +ve as sector is growing at 17-18%

JEFFERIES ON RIL: Buy, TP Rs 3100 ; Note export duty on steel was withdrawn recently when prices fell 24% from the peak; RIL’s FY24E Ebitda will receive a 5% (US$ 1bn) boost if duties are withdrawn

International Markets:

U.S & Europe:

Asian markets

ADR Watch:

Commodities & Currency

FIIs & DIIs:

News Update:

Punjab National Bank: The bank hiked MCLR rates by 5 basis points across tenors, with effect from Dec. 1.

Wipro: The company will support Amazon Security Lake, a cybersecurity data lake by Amazon Web Service. The company also launched Wipro Data Intelligence Suite, a one-stop solution for accelerating cloud modernisation and data monetisation, focused on modernising data estates, including data stores, pipelines and visualisations, running on Amazon Web Services.

MOIL: The company has fixed/revised the prices of different grades of manganese ore and electrolytic manganese dioxide for the three months to December 2022.

Britannia Industries: The company appointed Abhishek Sinha, Chief Business Officer, dairy business, as the chief executive officer of Britannia Bel Foods, its joint ve venture with France-based Bel.

Grasim Industries: Income Tax Appellate Tribunal, Mumbai, quashed the dividend distribution tax demand over the demerger of financial services business.

Tata Consultancy Services: The company has been selected by Rail Delivery Group help create the U.K. government’s Rail Data Marketplace.

KPI Green Energy: The board of the company has recommended issue of bonus shares in the ratio 1:1.

Apollo Hospitals Enterprise: The board approved issue of non-convertible debentures worth Rs 105 crore.

Dynamatic Technologies: The company signed long-term contract with Spirit AeroSystems for detail part manufacturing.

Bank of India: The bank hiked MCLR rates across tenors by 25 basis points, with effect from Dec. 1.

Shilpa Medicare: Company’s facility Unit IV, Jadcherla, Telangana facility has received Health Canada GMP approval.

Source: Moneycontrol, Bloomberg Quint, Investing

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