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

Before a plethora of economic data from South Korea, China, Japan, and other countries were released, share indexes in the Asia-Pacific area were trading in a varied manner. Asian equities benefited from the U.S. indexes’ overnight comeback. China had a rise in shares, while South Korea, Japan, and Australia saw a fall. The PMI numbers for South Korea and Japan will be released in November. Investors await the Caixin PMI from China following the release of official data on Thursday. The benchmark opened higher according to the GIFT Nifty. As of 6:40 a.m., it was up 0.35%, or 70.05 points, at 20,329.5.

Economic Calendar:

  • USD : ISM Manufacturing PMI (Nov) on 01st December, 2023
  • USD : Services PMI (Nov) on 05th December, 2023
  • INR : FX Reserves, USD on 01st December, 2023
  • INR : Interest Rate Decision on 08th December, 2023

Brokerage Radar:

JEFFERIES ON EICHER MOTORS: Buy, TP Rs 4650; Visit to Motoverse, Royal Enfield’s annual biking festival in Goa, & management interaction increased confidence on RE’s brand appeal & community connect; See limited impact on RE from recent competitive launches

MS ON TATA POWER: UW, TP Rs 213; Compared to last analyst meet (F23), F27 rev &PAT guidance lowered by 13% & 17%, respectively, but appears more feasible; Capex guidance also reduced by 20% & appears conservative; Management is bullish on transmission & pump storage

International Markets

U.S & Europe:

Particulars 30th November Chg. Chg.(%)
Nasdaq 14258.11 -23.64 -0.17
Dow 35950.89 520.47 1.47
FTSE 7453.75 30.29 0.41
CAC 7310.77 43.13 0.59
DAX 16215.43 48.98 0.30
Dow Fut.* 35971.36 20.47 0.06

Asian markets:

Particulars 01st  December Chg. Chg.(%)
GIFT Nifty 20342.00 209.00 1.04
Nikkei 33486.89 165.67 0.49
Straits Times 3072.99 -11.71 -0.38
Hang Seng 17042.88 49.44 0.29
Shanghai 3029.67 7.98 0.26

ADR Watch:

Particulars 30th November  Chg.       Chg.(%)
Dr. Reddy 69.92 1.71 2.51
HDFC Bank 60.04 -0.51 -0.84
ICICI Bank 22.16 -0.21 -0.96
Infosys 17.56 -0.06 -0.34
Wipro 4.85 0.06 1.15

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.30 -0.15
Brent 80.49 -0.46
Gold 2042.30 0.21
Silver 25.32 0.09

FIIs & DIIs:

Particulars 30th  November 29th November
FIIs                          8147.85 71.91
DIIs -780.32 2360.81

News Update:

Kesoram Industries: Kesoram Industries announced that its cement business will be merged with UltraTech Cement Ltd. for about Rs 5,379 crore to unlock its value and deleverage its balance sheet. Under the demerger agreement, UltraTech will issue 1 equity share for every 52 equity shares of Kesoram. About 59.74 lakh new equity shares of UltraTech will be issued to the shareholders of Kesoram.

Hindustan Aeronautics: The company received a nod from the Defence Acquisition Council for the procurement of light combat helicopters for the Indian Air Force and Indian Army and light combat aircraft Mk 1A for the Indian Air Force.

Defence stocks: The government accorded initial approval to defence acquisition projects worth Rs 2.23 lakh crore, 98% of which will be sourced from domestic industries.

Infosys: The IT major announced its collaboration with Shell on immersion cooling services to enable sustainability-first data centres.

Wipro: The company announced that it is working with Amazon Web Services to redefine the future of lab processes in the life sciences industry.

JSW Group: The Sajjan Jindal-led JSW Group will buy a 35% stake in MG Motor India, owned by Chinese automobile manufacturer SAIC Motor.

LTIMindtree: The company partnered with Metasphere to deliver smart sewer solutions.

Dixon: Padget Electronics subsidiary inaugurated a new state-of-the-art smartphone manufacturing plant in the Noida district, Uttar Pradesh.

H.G. Infra Engineering: H.G. Varanasi-Kolkata PKG-10 highway, a subsidiary, received an order from the National Highways Authority of India for the construction of the Greenfield Varanasi-Ranchi-Kolkata highway for Rs 1,303.11 crore.

Mahindra and Mahindra: Jade Hybren Pvt. was incorporated as a wholly-owned Mahindra Susten Pvt., which is a subsidiary of Mahindra Holdings, which in turn is a wholly-owned subsidiary of the company.

ITD Cementation: The company bagged a Rs 1,001 crore order for civil and hydro-mechanical work in Andhra Pradesh.

Balrampur Chini: The company received a Rs 33.5 crore income tax notice for AY 2020–21.

Larsen and Toubro: The company incorporated a new wholly-owned subsidiary, L&T Semiconductor Technologies.

Biocon: Biocon Biologics, a subsidiary of the company, has successfully completed the integration of Viatris Biosimilar Business in 31 countries in Europe.

Source: Moneycontrol, Bloomberg Quint, Investing 

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