View on market: Stay Cautious, be with quality business:
Stocks rose in Asia amid fragile sentiment as investors weighed the impact of Covid infections in China and parsed comments from Federal Reserve officials on interest rate hikes. Oil steadied near $80 per barrel following a volatile session Monday after Saudi Arabia denied a report that it is discussing an oil-production increase for the OPEC+ meeting next month. Gold was flat. Bitcoin rose 1.8%to $15,909.33 Indian benchmarks indices ended the week’s first session in the red, falling the most in 11 days as IT, utilities, power and realty stocks weighed down the market. Rupee depreciated further against the U.S. dollar as the greenback got stronger in the overseas market. At 7:30 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.25% to 18,250.
Economic Calendar:
- USD : Building Permits on 23rd November, 2022
- USD : Initial Jobless Claims on 23rd November, 2022
- INR : FX Reserves, USD on 25th November, 2022
- INR : GDP Quarterly (YoY) (Q2) 30th November, 2022
Brokerage Radar:
BERNSTEIN ON ICICI BK: Market-Perform, TP Rs 1000; Turnaround priced in fully, leaving no room for any execution missteps; Further upside will require a sustained profitability/growth gap vs peers — unlikely, in our view
CLSA ON NHPC: Buy, TP Rs 54; Forecast REE growth of 131% over FY22-27CL against 15% growth past 5 yrs; With strong REE growth, forecast a 42% higher EPS, 215bp ROE expansion & a dividend yield of 4.7% by FY25CL
CITI ON JUBILANT FOODWORKS: Buy, TP Rs 714; Another (organic) international foray; Remain +ve on Domino’s & new formats opportunity in India; Given relatively smaller population & per capital Income for Nepal, store expansion in will likely be slow & gradual
International Markets:
U.S & Europe:
| Particulars | 21st November | Chg. | Chg.(%) |
| Nasdaq | 11024.51 | -121.55 | -1.09 |
| Dow | 33700.28 | -45.41 | -0.13 |
| FTSE | 7376.85 | -8.67 | -0.12 |
| CAC | 6634.45 | -10.01 | -0.15 |
| DAX | 14379.93 | -51.93 | -0.36 |
| Dow Fut.* | 33735.40 | 35.10 | 0.10 |
Asian markets
| Particulars | 22nd November | Chg. | Chg.(%) |
| SGX Nifty | 18232.50 | 27.50 | 0.15 |
| Nikkei | 28150.50 | 205.71 | 0.74 |
| Straits Times | 3263.08 | 12.46 | 0.38 |
| Hang Seng | 17432.66 | -223.25 | -1.26 |
| Shanghai | 3079.49 | -5.55 | -0.18 |
ADR Watch:
| Particulars | 21st November | Chg. | Chg.(%) |
| Dr. Reddy | 54.07 | 0.12 | 0.22 |
| HDFC Bank | 67.44 | -0.45 | -0.66 |
| ICICI Bank | 22.76 | 0.03 | 0.13 |
| Infosys | 19.30 | -0.17 | -0.87 |
| Tata Motor | 25.54 | -0.15 | -0.58 |
| Wipro | 4.83 | -0.08 | -1.63 |
Commodities & Currency
| Particulars | Current Price | Chg.(%) |
| USD/INR | 81.84 | 0.19 |
| Brent | 87.78 | 0.08 |
| Gold | 1744.45 | 0.28 |
| Silver | 21.130 | 1.24 |
FIIs & DIIs:
| Particulars | 21st November | 18th November |
| FIIs | -1593.83 | -751.20 |
| DIIs | 1262.91 | 890.45 |
News Update:
Reliance Industries: The NCLT gave its approval to Reliance Jio, the telecom arm of the company, to acquire Reliance Infratel, the holding company for tower and fibre assets of Reliance Communications.
Lupin: The company signed an MoU with Rajasthan government for Collaboration to strengthen healthcare system, reduce prevalence and improve health outcomes for patients diagnosed with cardiovascular disease and chronic obstructive pulmonary disease in Alwar.
Punjab National Bank: The bank appointed Binod Kumar and M Paramasivam as executive directors on its board.
Kirloskar Electric Company: The company’s Govenahalli unit has extended partial lay-off for 36 workmen out of 148 for 60 days, with effect from Nov. 20, 2022. All workmen laid-off at the Bhudihal unit have been recalled from Dec. 01, 2022.
Axis Bank: S&P Global Ratings upgraded the bank’s long-term and short-term issuer credit rating to ‘BBB-/A-3’ from ‘BB+/B’, with stable outlook on the long-term rating. The agency also upgraded the long-term issue rating on the bank’s senior unsecured notes to ‘BBB-‘ from ‘BB+’.
New Delhi Television: Adani group’s open offer to acquire an additional 26% stake in the media firm from the market to start from November 22, and will close on December 5. The price band for the offer has been fixed at Rs 294 per share. Earlier this month, Sebi had granted its approval to the proposed open offer.
FSN E-Commerce Ventures: Private equity firm Lighthouse India will sell stake worth Rs 320 crore in FSN E-Commerce Ventures, the owner of beauty e-retailer Nykaa through a block deal. The shares would be offered at a price of around Rs 180-183.5 apiece. A total of around 1.8 crore shares or 0.65% of Nykaa’s overall stake would be offloaded by Lighthouse through the block trade.
Archean Chemical Industries: Quant Money Managers acquired 6.5 lakh equity shares in the speciality marine chemical manufacturing company at an average price of Rs 452.59 per share.
Source: Moneycontrol, Bloomberg Quint, Investing