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

Asia markets fell as the Federal Reserve’s cautious stance was reaffirmed in the minutes, and the rebound in US benchmarks stopped. Australian equities saw minimal movement, while shares in South Korea and Japan fell. Hong Kong equity index futures and U.S. equity index futures both indicated downward. Tuesday saw a decline in U.S. benchmarks following the S&P 500’s $6 trillion surge driven by the growth of artificial intelligence, the tenacity of Corporate America, and expectations that the Fed will switch to rate cuts in 2019. The index was only 5% short of reaching its peak after the advances. In the meantime, Bitcoin fell below the 36,000 mark and the yield on the 10-year US Treasury was trading at 4.39%. While WTI Crude was above $77 per barrel, Brent Crude was above $82.

Economic Calendar:

  • USD : Initial Jobless Claims on 22nd 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 COAL INDIA: Buy, TP Rs 334; Conference Call Takeaways; Strong emphasis on delivering sustained vol growth amid govt’s high focus on ensuring adequate coal supply for power plants; COAL believes it is on track to produce 780mt in FY24 & is targeting 850mt in FY25

MS ON INDIGO: OW, TP Rs 3217; Near-term demand & airfare trends remain supportive; Maintain that IndiGo will be a beneficiary of industry consolidation; IndiGo’s valuation at 7.3x EV EBITDA against pre-Covid median of 8.5x appears attractive

CLSA ON TATA MOTORS: Buy, TP Rs 841; JLR posted 14.1% YoY improvement in retail vol in Oct, with UK & EU vol up 65% & 29% YoY; Discounts have risen but, not significantly enough in Land Rover; JLR’s net debt declined by £300m & JLR looks set to turn net cash by FY25

International Markets

U.S & Europe:

Particulars 21st November Chg. Chg.(%)
Nasdaq 14191.24 -93.30 -0.65
Dow 35088.29 -62.75 -0.18
FTSE 7481.99 -14.37 -0.19
CAC 7229.45 -17.48 -0.24
DAX 15900.53 -0.80 -0.01
Dow Fut.* 35119.55 31.26 0.09

Asian markets:

Particulars 22nd November Chg. Chg.(%)
GIFT Nifty 19862.50 13.00 0.07
Nikkei 33560.01 205.87 0.61
Straits Times 3101.35 5.01 0.16
Hang Seng 17796.86 62.97 0.36
Shanghai 3064.30 -3.63 -0.12

ADR Watch:

Particulars 21st November  Chg.       Chg.(%)
Dr. Reddy 68.21 0.71 1.05
HDFC Bank 58.85 0.58 1.00
ICICI Bank 22.26 0.01 0.04
Infosys 17.45 -0.10 -0.54
Wipro 4.74 -0.01 -0.21

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.31 -0.04
Brent 82.34 -0.13
Gold 1999.05 -0.13
Silver 23.80 -0.25

FIIs & DIIs:

Particulars   21st November   20th November
FIIs                          -455.59 -645.72
DIIs 721.52 77.77

News Update:

Reliance Industries: Chairman and managing director Mukesh Ambani said the company plans to invest Rs 20,000 crore in West Bengal in the next three years.

TCS: The U.S. Supreme Court rejected the company’s petition to appeal an earlier court verdict. The company will make a $125 million provision in its third-quarter earnings related to a case involving Epic Systems Corp.

Maruti Suzuki India: The company will consider the allotment of 1.23 crore equity shares of the company to Suzuki Motor Corp. on a preferential basis on Nov. 24.

SBI: The government named Vinay M. Tonse as Managing Director until Nov. 30, 2025.

Jio Financial Services: The company denied news reports that it is planning its maiden bond issue. It has no plans to raise money by way of bond issuance or otherwise, and the news circulated is “speculative”, it said.

Adani Enterprises: Unit Adani Defence Systems and Technologies signed a shareholders’ agreement and share subscription agreement with Israel-based Elbit Systems. Pursuant to this, ESL will be subscribing to a 44% stake in Atharva Advanced Systems and Technologies.

KEC International: The company bagged multiple new orders worth Rs 1,005 crore.

Lupin: The pharma major received tentative U.S. FDA approval for its Dapagliflozin tablets. Dapagliflozin is a generic of Farxiga tablets.

Texmaco Rail & Engineering: The board approved the opening of QIP on Nov 21. The floor price of QIP is set at Rs 135.9 apiece.

Life Insurance Corp: The company’s has increased shareholding in Bank of Baroda. The current stake stands at 5.031%.

Bharti Airtel: The Department of Telecommunications, Madhya Pradesh, imposed a penalty of Rs 1.31 lakh for an alleged violation of subscriber verification norms. The company’s OneWeb also received a regulatory nod to launch its commercial satellite broadband services in the country.

BPCL: The board will meet on Nov. 29 to consider the proposal of declaring an interim dividend for FY24 and fixing the record date.

Aurobindo Pharma: The company’s chief operating officer, Sanjeev I. Dani, died on Nov. 21.

Source: Moneycontrol, Bloomberg Quint, Investing 

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