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

Global stocks headed for the highest level in more than two months on Thursday after Federal Reserve meeting minutes showed support for tapering interest-rate increases. Crude dropped in anticipation of a higher-than-expected price cap on Russian oil and a rising in U.S. product stockpiles. Gold rose 0.3%, while Bitcoin rose 1.6% to trade near $16,400-level. Domestic benchmarks indices maintained their upward movement for a second day even after paring gains from early trade. The rise in banking, metals, and oil and gas stocks were offset by decline in information technology and FMCG stocks. Rupee dropped against the U.S. dollar to close at the day’s low, a day after it closed higher. At 6:30 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.25% to 18,300.

Economic Calendar:

  • USD : CB Consumer Confidence (Nov) on 29th November, 2022
  • USD : GDP (QoQ) (Q3) on 30th November, 2022
  • INR : FX Reserves, USD on 25th November, 2022
  • INR : GDP Quarterly (YoY) (Q2) 30th November, 2022

Brokerage Radar:

HSBC ON JUBILANT FOOD: Buy, TP cut to Rs 750; Jubilant is aggressively scaling up its Domino’s network while pursuing a stable margin profile; But market fears margins may slip; Think risk-reward is favourable & valuation appealing

CS ON APOLLO HOSPITALS: O-P, TP Rs 5100; Apollo 24|7 scaling up to leadership position; Co targeting to expand both user base & annual medicine order vols by 5x to 100mn & 50m, respectively; Upside from Amazon partnership would reflect in FY24

JEFFERIES ON DELHIVERY: Buy, TP Rs 700; B2C seeing temporary vs structural slowdown; B2B ramp-up will be with profitability focus; Believe current price factor 6-8% express parcel growth in next 3-5 years vs 25%+ levels in past

International Markets:

U.S & Europe:

Particulars 23rd November Chg. Chg.(%)
Nasdaq 11285.32 110.91 0.99
Dow 34194.06 95.96 0.28
FTSE 7465.24 12.40 0.17
CAC 6679.09 21.56 0.32
DAX 14427.59 5.24 0.04
Dow Fut.* 34252.00 57.90 0.17

Asian markets

Particulars 24th November Chg. Chg.(%)
SGX Nifty 18340.00 86.00 0.47
Nikkei 28448.58 332.84 1.18
Straits Times 3257.93 1.94 0.06
Hang Seng 17600.73 76.92 0.44
Shanghai 3097.42 0.51 0.02

ADR Watch:

Particulars 23rd November  Chg.       Chg.(%)
Dr. Reddy 54.48 0.29 0.54
HDFC Bank 68.72 0.72 1.06
ICICI Bank 22.97 0.11 0.48
Infosys 19.53 0.16 0.83
Tata Motor 25.92 -0.02 -0.08
Wipro 4.81 -0.02 -0.41

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.85 0.22
Brent 85.22 -0.22
Gold 1755.95 0.59
Silver 21.695 1.54

FIIs & DIIs:

Particulars 23rd November 22nd November
FIIs  -789.86 -697.83
DIIs 413.75 636.39

News Update:

Biocon: The company entered a semi-exclusive partnership agreement with European pharmaceutical company Zentiva for the commercialisation of its vertically integrated, complex formulation, Liraglutide, a drug-device combination for the treatment and management of type 2 diabetes and obesity. The company has also issued commercial papers worth Rs 2,250 crore on private placement basis at a coupon of 7.75%.

Tamilnad Mercantile Bank: The bank has entered into corporate agency agreement with Cholamandalam MS General Insurance Company and Max Life Insurance Company for marketing, distribution and selling life and general insurance products.

SBI Cards and Payment Services: Aparna Kuppuswamy, chief risk officer of the company, has tendered her resignation. Her last working day with the company will be Feb. 10, 2023.

Neuland Laboratories: The board appointed Abhijit Majumdar as chief financial officer and key managerial person. The board also approved transfer of company’s property spanning 1.75 lakh square feet in Nanakramguda, Hyderabad to various parties via perpetual lease for an overall consideration of Rs 117.96 crore.

Raj Rayon Industries: The company commenced commercial production of textured yarn at its Silvassa plant.

Fusion MicroFinance: The board will convene on Nov.8 to raise funds by issue of NCDs aggregating up to Rs 145 crore on private placement basis.

Zee Entertainment Enterprises: The company said the petition filed against it by Invesco and OFI before the NCLT has been dismissed.

Can Fin Homes: The company’s board will meet on Nov. 28 to consider an interim dividend for the current fiscal.

Adani Enterprises/Adani Power/Tata Power: Supreme Court upheld Aptel order on Rs 7,000 crore transmission contract awarded by MERC to Adani Electricity Mumbai Infra. Tata Power had challenged this order in April 2021.

Life Insurance Corporation of India: The insurer increased its shareholding in Mahindra & Mahindra Financial Services to 7.02% from 5.01%. It decreased its shareholding in HEG to 4.84% from 6.85%.

Source: Moneycontrol, Bloomberg Quint, Investing

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