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

Asian stocks followed US equities lower as investors weighed Covid developments in China and awaited a speech from Federal Reserve Chair Jerome Powell later Wednesday. Shares fell in Japan, South Korea and Australia while futures contracts for Hong Kong slid, indicating a pause in the optimism that drove a gauge of the region’s shares higher on Tuesday. The weakness in Japan followed data showing a sharper-than-expected decrease in industrial production. Meanwhile, U.S. stocks dropped, with largest technology companies in the world leading losses. S&P 500 declined 0.4%, while the tech-heavy. Nasdaq fell 0.7%. Yield on 10-year Treasuries rose four basis points to 3.72%. Oil was up 1.2% after shedding gains on reports that OPEC+ with maintain its output. Gold futures rose 0.5%, while Bitcoin increased 1.1% to trade near $16,400-level.The Indian benchmark indices Sensex and Nifty continued their journey upwards for the sixth session in a row and closed at fresh new highs. Gains in FMCG stocks led the rally as domestic markets favoured the bears.Rupee reversed its gains from the day to close lower against the U.S. dollar as rising oil prices took a toll on the forex market sentiment. At 7:07 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — lost 0.08% to 18,743.5.

Economic Calendar:

  • USD : GDP (QoQ) (Q3) on 30th November, 2022
  • USD : JOLTs Job Openings (Oct) on 30th November, 2022
  • INR : Infrastructure Output (YoY) (Oct) on 30th November, 2022
  • INR : GDP Quarterly (YoY) (Q2) 30th November, 2022

Brokerage Radar:

MACQUARIE ON SUN PHARMA: BO-P, TP Raised to Rs 1275 (add to Marquee buy list); Catalysts: Growth in specialty biz, Successful completion of clinical trials for innovation portfolio, In-licensing of additional innovation molecules

MS ON DELHIVERY: Upgrade to OW, TP Cut to Rs 450; See competitive moats around integrated logistics network & low cost structure to be intact

Notwithstanding near-term volatility due to lock-up expiry for pre-IPO investors, risk reward favourable

GS ON GLAND PHARMA: Buy, TP Rs 2530; Announces acquisition of Cenexi; as per management acquisition will help to expand Gland’s CDMO offerings in EU market; Buy on Pickup in RoW & India sales improvement in US/core markets, increasing production/utilisations at its key facilities.

International Markets:

U.S & Europe:

Particulars 29th November Chg. Chg.(%)
Nasdaq 10983.78 -65.72 -0.59
Dow 33852.53 3.07 0.01
FTSE 7512.00 37.98 0.51
CAC 6668.97 3.77 0.06
DAX 14355.45 -27.91 -0.19
Dow Fut.* 33873.70 24.20 0.07

Asian markets

Particulars 30th November Chg. Chg.(%)
SGX Nifty 18757.00 -1.50 -0.01
Nikkei 27858.16 -169.68 -0.61
Straits Times 3276.33 -0.03 0.00
Hang Seng 18205.26 0.58 0.00
Shanghai 3151.54 1.79 0.06

ADR Watch:

Particulars 29th November  Chg.       Chg.(%)
Dr. Reddy 55.29 0.73 1.34
HDFC Bank 69.24 0.65 0.95
ICICI Bank 23.48 0.31 1.34
Infosys 19.71 0.08 0.41
Tata Motor 26.39 0.13 0.50
Wipro 4.95 0.00 0.00

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.72 0.06
Brent 85.14 1.06
Gold 1750.50 0.12
Silver 21.227 0.11

FIIs & DIIs:

Particulars 29th November 28th November
FIIs  1241.57 935.88
DIIs -744.42 87.93

News Update:

New Delhi Television: Founders Prannoy Roy and Radhika Roy resigned from the board of the company’s promoter group RRPR Holding.

Gland Pharma: The company entered into a put option agreement to acquire 100% stake in France-based Phixen SAS, doing business under the brand name Cenexi, for 210 million euros (Rs 1,775.37 crore).

Biocon: The company’s subsidiary Biocon Biologics completed the acquisition of the biosimilars businesses and assets of Viatris.

SBI/ HDFC Bank/ICICI Bank/Yes Bank/IDFC First Bank/Bank of Baroda/Union Bank of India/Kotak Mahindra Bank: The Reserve Bank of India will start the pilot of for retail digital rupee on Dec. 01 through these eight banks.

IDFC: SEBI has approved handing over control of IDFC Mutual Fund to a consortium led by Bandhan Financial Holdings.

Inox Wind/Inox Green Energy Services: The companies have started the process of deleveraging their balance sheets, reducing a total debt of Rs 411 crore.

Krishna Institute of Medical Sciences: The company raised its shareholding in subsidiary Arunodaya Hospitals to 65.62% by acquiring additional 7.79% stake.

Dhanlaxmi Bank: MS Param Value Investments picks 0.6% stake in Dhanlaxmi Bank. MS Param Value Investments acquired 15 lakh equity shares or 0.6% stake in the lender at an average price of Rs 15.96 per share. The stock surged nearly 9% to close at Rs 16.25 on Tuesday.

Source: Moneycontrol, Bloomberg Quint, Investing

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