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

Friday’s opening of Asian indices was positive after Japan’s inflation data was released. Except for the Kospi in South Korea, all indicators increased. In contrast to the Bank of Japan’s prediction that it will slow down, Japan’s main inflation indicator increased for the first time in four months, which is likely to have reinforced expectations of policy normalization. The headline inflation rate for October was 3.3%, which was higher than the 3% recorded in September, even though the core inflation rate increased to 2.9% in October from 2.8% in September. Concerns about more borrowing as the euro-area economy slows down were heightened by news that Germany will suspend debt restrictions for a fourth year in a row, which caused European bonds to plummet. Trade for Brent crude was down 0.90% at $81.22 a barrel.

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:

MS ON ZOMATO: OW, TP Rs 140; AlphaWise survey on quick delivery highlights

a) large TAM cutting across multiple categories; b) strong growth potential with room to take share from alternate channels; c) Blinkit’s leadership position

INVESTEC ON CIPLA: Buy, TP Rs 1450; Argue sharp price correction should be an opportunity to BUY; a)as there is no impact to est.; b)think Import Alert probability is low; c)even on Import Alert, exemptions/albuterol alternate site could minimise impact to to <5% of FY26E EPS

International Markets

U.S & Europe:

Particulars 23rd November Chg. Chg.(%)
Nasdaq 14265.86 65.88 0.46
Dow 35273.03 184.74 0.53
FTSE 7483.58 14.07 0.19
CAC 7277.93 17.20 0.24
DAX 15994.73 36.91 0.23
Dow Fut.* 35298.31 25.28 0.07

Asian markets:

Particulars 24th November Chg. Chg.(%)
GIFT Nifty 19871.00 -6.50 -0.03
Nikkei 33715.55 263.72 0.78
Straits Times 3103.04 -11.88 -0.38
Hang Seng 17635.27 -275.57 -1.54
Shanghai 3049.40 -12.46 -0.41

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 83.34 -0.01
Brent 81.44 0.02
Gold 1993.25 0.00
Silver 23.72 -0.20

FIIs & DIIs:

Particulars 23rd  November 22nd  November
FIIs                          255.53 -306.56
DIIs 457.39 721.24

News Update:

Lupin: The pharma major has received approval from the U.S. FDA for Bromfenac Ophthalmic Solution, 0.07%, and tentative approval from the U.S. FDA for Canagliflozin Tablets.

LTIMindtree: The global technology consulting and digital solutions company, launched the Quantum-Safe Virtual Private Network (VPN) link in London in collaboration with Quantum Xchange and Fortinet.

Indian Railway Catering and Tourism Corporation: The company’s e-ticket booking and cancellation were temporarily affected today from 11:15 a.m. to 1:52 p.m. due to technical reasons, and the same has been resolved.

Granules: The company received a communication from the GST authorities directing the payment of a tax liability of Rs 43.43 lakh for the tax period July 2017 to March 2021.

Radico Khaitan: The company announced the launch of Magic Moments Remix Pink Vodka to cater to the growing demand for the coloured and flavoured beverage alcohol category.

Bharat Electronics: NSE and BSE imposed a fine of Rs 1,82,900 each on the company for noncompliance with regulations with respect to the composition of the board of directors due to the insufficient number of independent directors.

Karnataka Bank: The bank tied up with Bajaj Allianz Life Insurance Company Limited to distribute life insurance products.

JSW Steel: The steel manufacturer completes the last tranche of its Rs 750 crore investment in JSW Paints, and the company now holds a 12.84% stake in JSW Paints.

Siemens: The company received a GST demand and penalty notice worth Rs 23.7 crore from Belapur’s CGST and Central Excise Commissionerate.

NMDC: The company has set the iron ore price at 5,400 per tonne w.e.f Nov. 23 and the fines price at 4,660 per tonne w.e.f November 23.

Indian Hotels: The company has made an investment of Rs 55 crore in Genness Hospitality Private Ltd. and 35 crore in Qurio Hospitality Private Ltd. by way of subscription to rights issues.

Prestige Estates: The company launched a residential project called “Prestige Glenbrook” in Bangalore, comprising 285 apartments across two high-rise towers with a developable area of 0.7 million sq ft and a revenue potential of Rs 550 crore.

Apar Industries: The company opens QIP for raising up to Rs 1000 crore at a floor price of Rs 5,540.33 per share.

Source: Moneycontrol, Bloomberg Quint, Investing 

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