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

Shares were under downward pressure and the dollar climbed as markets opened Monday to news of growing unrest in China over Covid restrictions. The dollar benefited from haven demand and made some of its biggest early gains against the currencies of Australia and South Africa, both of which are exposed to trade with China.  Last week, the 30-share BSE benchmark Sensex rallied 630.16 points or 1%. On Friday, the Sensex settled at 62,293.64 — its record closing high. The NSE Nifty, too, ended at its lifetime peak of 18,512.75.The markets were supported by favourable triggers like net FII buying and a drop in oil prices. The S&P 500 also posted a weekly gain of 1.5%, which took the index to the highest level since early September. The Nasdaq 100 also eked out a gain for the week, despite dropping on Friday. Most Treasuries erased early losses. Cryptocurrencies continued to trend downwards since the FTX meltdown. At 7:24 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.4% to 18,585.

Economic Calendar:

  • USD : CB Consumer Confidence (Nov) on 29th November, 2022
  • USD : GDP (QoQ) (Q3) on 30th November, 2022
  • INR : Infrastructure Output (YoY) (Oct) on 30th November, 2022
  • INR : GDP Quarterly (YoY) (Q2) 30th November, 2022

Brokerage Radar:


Resume buy, TP Rs 2465; L&T remains well-positioned to capitalize on capex growth in India & in its key markets of Middle East; In addition, focus on new high-tech manuf., improving consolidated RoEs, returning capital to shareholders, & ESG bode well over medium-term


EW,TP Rs 695; RBI asked co to resubmit an application for payment aggregator license within 120 days, after seeking necessary FDI approvals; RBI restricted on-boarding of new online merchants; Co hopeful of getting relevant approvals, & expects no material impact on biz


OW, TP Rs 1100; Monthly spending for industry up 5.5% MoM/28% YoY; For SBIC, it was flat MoM, but up 22% YoY; YTD market share maintained at 18%; Daily spending data from RBI (indicative but not comprehensive) suggests some slowdown MoM due to a higher base in Oct

International Markets:

U.S & Europe:

Particulars 25th November Chg. Chg.(%)
Nasdaq 11226.36 -58.96 -0.52
Dow 34347.03 152.97 0.45
FTSE 7486.67 20.07 0.27
CAC 6712.48 5.16 0.08
DAX 14541.38 1.82 0.01
Dow Fut.* 34187.50 -159.50 -0.46

Asian markets

Particulars 28th November Chg. Chg.(%)
SGX Nifty 18595.00 -66.00 -0.35
Nikkei 28107.79 -175.24 -0.62
Straits Times 3223.38 -21.17 -0.65
Hang Seng 17213.13 -360.45 -2.05
Shanghai 3069.02 -32.67 -1.05

ADR Watch:

Particulars 24th November  Chg.       Chg.(%)
Dr. Reddy 54.66 0.18 0.33
HDFC Bank 69.52 0.80 1.16
ICICI Bank 23.00 0.03 0.13
Infosys 19.92 0.39 2.00
Tata Motor 26.39 0.47 1.81
Wipro 5.00 0.19 3.95

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.69 0.07
Brent 81.72 -2.38
Gold 1749.80 -0.24
Silver 21.265 -0.77

FIIs & DIIs:

Particulars 25th November 24th November
FIIs                           369.08 1231.98
DIIs -295.92 -235.66

News Update:

Emami Paper Mills: The company will consider appointment of an Interim Chief Financial Officer on Nov. 28.

Indian Energy Exchange: Indian Energy Exchange to buyback upto 49 lakh shares representing 0.55% of the paid-up share capital via open market. Buyback price is Rs 200 apiece.

L&T Financial Holding: Received Rs 3,484 crores ($425 million) as consideration along with Rs 764 crores cash for the sale of L&T Investment Management to HSBC Asset Management.

Life Insurance Corporation: Decreased its shareholding from 6.29% to 4.21% in DCM Ltd.

VA Tech Wabag: Signed an agreement with Asian Development Bank towards raising Rs. 200 crores through unlisted Non-Convertible Debentures.

One 97 Communications (Paytm):

RBI asks Paytm Payments Services to reapply for online payment aggregator license. PPSL must seek necessary approval for past downward investment from Paytm in to PPSL, to comply with FDI guidelines. PPSL must also not onboard new online merchants. Reapplication must be completed within 120 days.

Hero MotoCorp:

Decided to raise the ex-showroom prices of its motorcycles and scooters from December 1. The price increase will be up to Rs 1,500 and the quantum will vary by specific models and markets. This will help the company offset any further cost impact and drive improvement in


Bags contract from State Water & Sanitation Mission, Lucknow aggregating to Rs 1,770 crore for providing EPC services.The project will be executed by the Company with JWIL Infra Limited as a consortium partner. Bajaj Finance: Entered into a share-purchase agreement to acquire up to 40% stake in Snapwork Technologies.

Source: Moneycontrol, Bloomberg Quint, Investing

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