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

Tuesday’s opening advances in Asian equities were spurred by Wall Street gains as U.S. stocks continued their explosive run and bond investors were drawn to a $16 billion sale of 20-year Treasuries. As the Japanese market fluctuated, shares of Australia and South Korea advanced. Monday saw the Nasdaq 100 reach a 22-month high and the S&P 500 close at its highest level since August. Nvidia Corp. and Microsoft Corp. both reached new highs in the midst of the AI resurgence. The outcomes of the U.S. bond auction on Monday caused the 10-year yield to abruptly reverse course and drop to about 4.4%. In the meanwhile, Bitcoin was trading above $37,000 while the yield on the 10-year US Treasury was trading at 4.41%. While WTI Crude was above the $82-mark, Brent Crude was above $77 per barrel.

Economic Calendar:

  • USD : Existing Home Sales (Oct) on 21st November, 2023
  • USD : FOMC Meeting Minutes on 22nd November, 2023
  • INR : FX Reserves, USD on 24th November, 2023
  • INR : GDP Quarterly (YoY) (Q2) on 30th November, 2023

Brokerage Radar:

JEFFERIES ON TATA STEEL: Expect TATA’s India margins to expand in 3Q, though higher coking coal price poses some risk in 4Q; TSE losses should narrow by 4Q

Cut FY24-26E EBITDA by 6-22% & EPS by 16-45%; Prefer COAL in India metals & mining space

MS ON RIL: RIL exits its fourth investment cycle in 2024 – shortest in 30 years.

Monetisation of these investments as upcycle across verticals picks up remains most underappreciated than at any time in past three investment cycles. 5 catalysts should reverse peak investor skepticism; 1)Significant ramp-up in retail rev; 2)Inventory restocking for chemicals in India; 3)Tightening in global fuel markets; 4)Gas/oil production step up; 5)monetisation of 5G via fixed wireless offering & market share gains

International Markets

U.S & Europe:

Particulars 20th November Chg. Chg.(%)
Nasdaq 14297.13 171.65 1.22
Dow 35151.04 203.76 0.58
FTSE 7496.36 -7.89 -0.11
CAC 7246.93 13.02 0.18
DAX 15901.33 -17.83 -0.11
Dow Fut.* 35173.28 22.24 0.06

Asian markets:

Particulars 21st November Chg. Chg.(%)
GIFT Nifty 19809.00 67.00 0.34
Nikkei 33338.29 -49.74 -0.15
Straits Times 3105.56 -6.02 -0.19
Hang Seng 17930.34 152.27 0.86
Shanghai 3078.26 9.94 0.32

ADR Watch:

Particulars 20th November  Chg.       Chg.(%)
Dr. Reddy 67.50 0.62 0.93
HDFC Bank 58.27 0.13 0.22
ICICI Bank 22.25 0.06 0.27
Infosys 17.54 0.03 0.17
Wipro 4.75 0.03 0.64

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.32 -0.04
Brent 82.16 -0.19
Gold 1992.45 0.61
Silver 23.74 0.59

FIIs & DIIs:

Particulars   20th November   17th November
FIIs                          -645.72 -477.76
DIIs 77.77 -565.48

News Update:

Tata Power: Tata Power Renewable Energy crossed the 1.4-gigawatt capacity of group captive projects in the last seven months, aided by the signing of power delivery agreements with various industries across segments.

Adani Enterprises: Mumbai Travel Retail Pvt., a subsidiary of Adani Enterprises Ltd., has incorporated its wholly-owned subsidiary, MTRPL Macau Ltd., to set up tobacco shops at Macau International Airport.

State Bank of India: The government appointed Vinay Tonse as MD of the bank till Nov. 30, 2025.

Tech Mahindra: Tech Mahindra Americas signed a collaboration deed with Neom Tech for providing digital services. It will incorporate a new subsidiary for provide product and platform development services to Neom Group companies.

ABB India, Titagarh Rail Systems: ABB India has formed a strategic partnership with Titagarh Rail Systems for the supply of propulsion systems for metro rolling stock projects in India.

IRCTC: The company received Railway Ministry permission for long-term tenders for a period of seven years through clustering of trains. The Rail Neer plant has commenced commercial production, and the production capacity of the plant is 72,000 litres per day.

Oberoi Realty: The company announced the launch of ‘Forestville by Oberoi Realty’, the first luxury residential project in Kolshet, Thane. The company launched the first phase of this development, consisting of three towers.

Concor: Container Corp. signed a MoU with Indraprastha Gas for setting up LNG and LCNG infrastructure at the company’s terminals to explore the possibility of transporting LNG through railway rakes from LNG terminals near sea ports like Dahej.

ICICI Lombard General Insurance: The company appointed Sanjeev Mantri as the MD and CEO for a period of five years, effective Dec 1, 2023, to Nov. 30, 2028.

Manappuram Finance: The Reserve Bank of India imposed a monetary penalty on Manappuram Finance of Rs 42.78 lakh for non-compliance with certain provisions of the ‘NBFCs – Systemically Important Non-Deposit-Taking Company and Deposit-Taking Company (Reserve Bank) Directions, 2016’.

Bayer CropScience: The company received a GST demand and a penalty of Rs 85.5 lakh each from the Rajasthan GST authority.

Source: Moneycontrol, Bloomberg Quint, Investing 

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