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View on market: Stay Cautious, be with quality business:

Asian stocks were steady Wednesday and Treasury yields held a climb as traders weighed the prospect of tighter monetary policy to curb inflation. Shares fell in Japan and fluctuated in South Korea and Australia. U.S. futures wavered after energy and financials helped the S&P 500 eke out a gain, while the Nasdaq 100 extended a drop. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.28% to 17,577.50 as of 8:05 a.m. The Treasury yield curve steepened overnight and the dollar ticked higher. Bond market inflation expectations have retreated from mid-November highs on bets the Federal Reserve will speed up the withdrawal of monetary stimulus.

Economic Calendar:

  • INR: FX Reserves, USD on 25th November, 2021.
  • INR: GDP Quarterly (YoY) (Q2) on 30th November, 2021.
  • USD: Core Durable Goods Orders (MoM) (Oct) on 24th November, 2021.
  • USD: GDP (QoQ) (Q3) on 24thNovember, 2021.

Brokerage Radar:

JEFFERIES ON HDFC: Maintain buy at the price of Rs 1516 for the target price of Rs 2070. Bank’s digital strategy addresses need for transformation of legacy platforms. Co to build core tech functions inhouse, but sees huge scope for partnerships. It awaits clarity on RBI’s restriction on new initiatives. Cost/Income to trend to mid-30% over medium term.

UBS ON JUBILANT FOOD: Maintain neutral at the price of Rs 3803 for the target price of Rs 4150. Building out more stores but near-term headwinds persist. Store expansion momentum to be sustained; dine-in yet to recover. Market is pricing in a very healthy revenue/margin recovery in FY23/24.

CLSA ON VEHICLE NBFCS: Greater visibility on ROE normalisation; RBI guidelines impact negligible. New RBI circular will raise GNPL ratio by up to 250 bps. Eventual credit losses will be unchanged. 4-14% correction in stock prices since RBI circular is an attractive entry point. M&M Fin is now top pick on visibility of provision writebacks & inexpensive valuations.

International Markets:

U.S & Europe

Particulars 23rdNov Chg Chg(%)
Nasdaq 15,775.14 -79.62 -0.50
Dow 35,813.80 194.55 0.55
FTSE 7,266.69 11.23 0.15
CAC 7,044.62 -60.38 -0.85
DAX 15,937.00 -178.69 -1.11
Dow Fut.* 35,739.00 -27.00 -0.08

Asian markets:

Particulars 24thNov Chg Chg(%)
SGX Nifty 17,557.50 48.50 0.28
Nikkei 29,437.78 -336.33 -1.13
Straits Times 3,237.20 9.67 0.30
Hang Seng 24,567.74 -83.84 -0.34
Shanghai 3,582.48 -6.61 -0.18

ADR Watch:

Particulars 23rd Nov Chg Chg(%)
Dr Reddy 60.74 -1.60 -2.57
HDFC Bank 68.42 -3.56 -4.95
ICICI Bank 19.30 -1.17 -5.72
Infosys 22.77 -0.82 -3.48
Tata Motor 32.24 -1.21 -3.62
Wipro 8.72 -0.27 -3.00

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.42 0.04
Brent 82.57  0.35
Gold 1795.30 0.64
Silver 23.615 0.77

FIIs & DII

Particulars 23rdNov 22nd Nov
FIIs -4477.06 -3438.76
DIIs 1412.05 2051.18

News Update:

Bharti Airtel: Moody’s Investor Service has changed Bharti Airtel’s outlook to positive from stable. It affirmed Bharti Airtel’s long-term corporate family rating at Ba1. Positive outlook reflects Airtel’s improving operating performance and credit metrics, Moody’s said.

TVS Srichakra: TVS Eurogrip has joined hands with Chennai Super Kings as the Principal Sponsor for the next three years. The partnership will give TVS Eurogrip visibility on the front of Chennai Super Kings’ famed yellow jersey.

ICICI Bank: After gaining market share in retail banking and credit cards, ICICI Bank plans to open its trade platform for use by non-bank customers to gain a bigger chunk of the market. It has launched a new trade platform which will allow exporters and importers to access services like letter of credit, bank guarantee, forex, payment and collections and also value-added services like credit bureaus and shipment booking, a report said.

Balaji Amines: Production in the DMF plant has started after carrying out all the rectifications. On October 6, the DMF plant was shut down because of a minor incident.

Himadri Speciality Chemical: ICRA has downgraded the long-term rating to A+ from AA-, and also downgraded the short term rating to A1 from A1+. The outlook on the long-term rating has also been revised to ‘stable’ from ‘negative’.

SpiceJet: The airline said in a report that it will induct 50 Boeing 737 Max planes by 2023, as it continues to phase out older Boeing 737-800 NG planes.

Vedanta: Two entities, including promoter entity, on Tuesday acquired 3.7 per cent stake in the mining behemoth, Vedanta Ltd through open market transactions. According to bulk deal data available with the NSE, Twin Star Holdings and Vedanta Netherlands Investments together bought 13.78 crore shares, amounting to 3.7 per cent stake, of the company. Individually, Twin Star Holdings and Vedanta Netherlands picked up 8.78 crore shares and 5 crore shares, respectively in the company.

Greaves Cotton: Greaves Electric Mobility Pvt. Ltd., the e-mobility arm of Greaves Cotton Limited, on Tuesday announced the opening of its largest electric vehicles production facility at Ranipet in Tamil Nadu.

ONGC: India’s crude oil production fell 2.15% in October as state-owned firms produced less but, natural gas output rose by a quarter on the back of output from KG-D6 fields of Reliance-BP, government data released on Tuesday showed.Crude oil production dropped to 2.51 million tonnes in October, as output from fields operated by ONGC and Oil India Ltd (OIL) dipped. 

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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