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

Asian equities were trading mixed, mirroring the overnight losses of Wall Street counterparts and the drop in crude oil prices due to expectations that the Organization of Petroleum Exporting Countries would continue to reduce production. In a session abbreviated by holidays, U.S. treasuries under pressure as the explosive global bond advance this month appeared to be coming to an end, according to Bloomberg. On Monday, the Nasdaq 100 and S&P 500 indexes dropped by 0.27% and 0.20%, respectively. The decline in the Dow Jones Industrial Average was 0.16%. A glut of oil on hand ahead of the OPEC meeting on Thursday caused investors to fear that the cartel might decide to further curtail production. At $79.98 a barrel, Brent crude was up 0.74% from its last trade. An ounce of gold was trading at $2,017.33, up 0.16%.

Economic Calendar:

  • USD : CB Consumer Confidence (Nov) on 28th November, 2023
  • USD : GDP (QoQ) (Q3) on 29th November, 2023
  • INR : M3 Money Supply on 29th November, 2023
  • INR : GDP Quarterly (YoY) (Q2) on 30th November, 2023

Brokerage Radar:

JEFFERIES ON BSE: BSE can leverage macro-tailwinds along with headway into derivatives to deliver 150% earnings jump in FY24E & double it over FY24-26E; Risk is from regulations & competition

BSE’s derivatives mkt share jumped to 14% (from <1%) in last 6 mth led by new launches

MS ON HPCL: OW, TP Rs 364; HPCL’s target by 2027, nearly equals current market ca p and is more than doubling the 2021 level. As US$9bn of investments mature, think path to more than doubling EBITDA is highly under-recognized; “The New HPCL” thesis keeps us OW

International Markets

U.S & Europe:

Particulars 27th November Chg. Chg.(%)
Nasdaq 14241.02 -9.83 -0.07
Dow 35333.47 -56.68 -0.16
FTSE 7460.70 -27.50 -0.37
CAC 7265.49 -27.31 -0.38
DAX 15966.37 -63.12 -0.40
Dow Fut.* 35362.15 28.68 0.08

Asian markets:

Particulars 28th November Chg. Chg.(%)
GIFT Nifty 19875.00 2.00 0.01
Nikkei 33370.40 -77.27 -0.23
Straits Times 3075.54 -10.88 -0.35
Hang Seng 17454.93 -70.13 -0.40
Shanghai 3033.64 1.94 0.06

ADR Watch:

Particulars 27th November  Chg.       Chg.(%)
Dr. Reddy 67.70 -0.53 -0.78
HDFC Bank 58.89 -0.61 -1.03
ICICI Bank 22.25 -0.10 -0.43
Infosys 17.38 -0.09 -0.52
Wipro 4.69 -0.02 -0.32

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.36 0.00
Brent 80.07 0.01
Gold 2015.95 0.18
Silver 24.65 -0.13

FIIs & DIIs:

Particulars 24th  November 23rd November
FIIs                          2625.21 255.53
DIIs 134.46 457.39

News Update:

IRB Infrastructure Developers: The company’s SPV, IRB Lalitpur Tollway Pvt., signed a concession agreement with NHAI for the Lalitpur Lakhnadon TOT Project in the state of Madhya Pradesh. The project will pay an upfront of Rs 4,428 crores to the NHAI for tolling and O&M of a 316-km stretch of NH44 for a revenue-linked concession period of 20 years.

SJVN: The company’s first unit of 30 MW capacity for the 60 MW Naitwar Mori hydroelectric project in Uttarakhand has achieved the commercial operation date, and now its total generation capacity is 2,122 MW from 2,091.50 MW.

Eicher Motors: The company launched a new Himalayan at an introductory price of Rs 2.69 to 2.84 lakh, ex-showroom India, and launched the Royal Enfield Shotgun 650, which is available at an ex-showroom price of Rs 4,25,000.

KPI Green Energy: The company’s subsidiary, M/s. Sun Drops Energeia Pvt., got an order of 4.66 MW for solar projects from M/s GVM Woven and M/s Radhika Silk Mills.

Fortis Healthcare: The company’s subsidiaries entered into definitive agreements with MGM Healthcare Pvt. for the sale and divestment of Fortis Malar Hospital and related assets to MGM for an aggregate consideration of Rs 128 crore.

PB Fintech: The company has made an investment of Rs 350 crore in Policy Bazaar Insurance Brokers Pvt., a wholly owned subsidiary of the company.

Bandhan Bank: The lender’s board approved the re-appointment of Chandra Shekhar Ghosh as the Managing Director and Chief Executive Officer of the bank for a period of three years, with effect from July 10, 2024, subject to approval of the Reserve Bank of India.  

Jindal Stainless: The company’s board approved the proposal to liquidate their subsidiary, PT Jindal Stainless Indonesia.

Indraprastha Gas: The company announced its association with IndusInd Bank to facilitate the acceptance of the digital rupee, which is the Central Bank Digital Currency launched by the Reserve Bank of India in 2022.

Syrma SGS Technology: The company incorporated a wholly-owned subsidiary company named Syrma Semicon Pvt.

Welspun India: The company announced its participation in the United Nations Global Compact (UNGC) initiative, aligning its operations and strategies with the Ten Principles of UNGC.

Source: Moneycontrol, Bloomberg Quint, Investing 

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