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

Asia stocks are expected to open cautiously. Treasury bonds declined on Thursday following a rise in US stocks and data indicating that US consumers continue to expect inflation to endure. Brent crude dropped to $81.96 per barrel and WTI was trading at roughly $76.70. The 10-year US bond yield was trading at 4.40%, while the price of Bitcoin was above $37,521.88. The GIFT Nifty, a leading gauge of the performance of the Nifty 50 Index in India, was trading unchanged at 20,006 at 5:43 a.m.

Economic Calendar:

  • USD : Services PMI (Nov) on 24th November, 2023
  • USD : New Home Sales (Oct) on 27th November, 2023
  • INR : FX Reserves, USD on 24th November, 2023
  • INR : GDP Quarterly (YoY) (Q2) on 30th November, 2023

Brokerage Radar:

JEFFERIES ON HONASA CONS: Buy, TP Rs 530; Reported a strong 2Q on both topline and margin; While there was a growth deceleration from 1Q, mgmt attributed this to ERP changeover and hence, 1H growth of >35% reflects true picture; Upgrade EPS by 5-6%

MS ON BAJAJ AUTO: Domestic motorcycles: 125CC+ portfolio grew at 50%+ YoY during festive season; total co growth of 20%+ YoY 3W biz has maintained 80%+ market share and is growing well through its focus on CNG & EVs. Exports: Seeing a gradual recovery

CLSA ON JUBILANT FOODWORKS: Sell, TP Rs 503; See its dominance in pizza being challenged by new competitors riding the reach of aggregators; JUBI’s strategy of expanding its store network to deliver more quickly risks increasing fixed costs in a weak demand environment

International Markets

U.S & Europe:

Particulars 22nd November Chg. Chg.(%)
Nasdaq 14270.18 70.20 0.49
Dow 35273.03 184.74 0.53
FTSE 7469.51 -12.48 -0.17
CAC 7260.73 31.28 0.43
DAX 15957.82 57.29 0.36
Dow Fut.* 35244.40 -28.63 -0.08

Asian markets:

Particulars 23rd November Chg. Chg.(%)
GIFT Nifty 19896.00 7.00 0.04
Nikkei 33451.83 97.69 0.29
Straits Times 3114.59 -0.33 -0.01
Hang Seng 17701.27 -33.33 -0.19
Shanghai 3047.38 3.77 0.12

ADR Watch:

Particulars 22nd November  Chg.       Chg.(%)
Dr. Reddy 67.59 -0.68 -1.00
HDFC Bank 58.64 -0.21 -0.36
ICICI Bank 22.11 -0.14 -0.65
Infosys 17.56 0.12 0.69
Wipro 4.75 -0.02 -0.32

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.29 0.02
Brent 80.94 -0.93
Gold 1994.70 0.10
Silver 23.74 0.20

FIIs & DIIs:

Particulars   22nd November   21st November
FIIs                          -306.56 -455.59
DIIs 721.24 721.52

News Update:

TCS: The IT major was ranked first in Spain for customer satisfaction in service delivery among IT and cloud services providers. 

ICICI Bank: The sredit rating company Care Rating has reaffirmed CARE AAA; Stable to ICICI Bank’s infrastructure bonds.

Infosys: The IT giant announced a strategic long-term collaboration with TK Elevator to consolidate, harmonise, and modernise TK Elevator’s digital landscape.

Bharti Airtel: Tamil Nadu DoT imposed a penalty of Rs 2,45,000 for an alleged violation of subscriber verification norms.

ACC: The NSE and BSE imposed a penalty of Rs 47,000 each for delays in the appointment of key managerial personnel.

Tata Steel: The company allotted 7.5 crore shares to Tata Steel Long Products and their shareholders in the scheme of amalgamation.

UPL: The company has incorporated a wholly owned subsidiary, Avanta Seeds, in South Africa.

R Systems: BSE and NSE imposed a fine of Rs 76,000 each on the company for non-compliance with the regulations of SEBI.

InterGlobe Aviation: The company got a tax demand notice of Rs 7,396.76 million and Rs 9270.31 million, for which the company had preferred appeal before CIT-Appeal.

Welspun Corp: The company’s subsidiary, Sintex BAPL, received the Odisha Government’s nod for its proposal to invest Rs 479.47 crore in setting up a manufacturing unit with a capacity of 37,520 MT.

Shalby: The company executed the amendment agreement to the operation and management agreement with the Santacruz Residents Association and Smt. Bhikhubai Chandulal Jalundwala General Hospital (Trust) to enable the company to execute the project at Santacruz, Mumbai.

Power Grid Corp: The company approved a power project worth Rs 142.69 crore in Telangana and a power project worth Rs 224.41 crore in Gujarat.

Adani Enterprises: NSE imposed a fine of Rs 34,000 for delaying approval for the appointment or continuation of a non-executive director who attained the age of 75 years.

TVS Motor: The automaker announced its entry into Vietnam in collaboration with Minh Long Motors, its distribution partner.

Indian Railway Finance Corporation: NSE and BSE imposed a fine on the company of Rs 5,42,800 each for non-compliance with regulatory.

Source: Moneycontrol, Bloomberg Quint, Investing 

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