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

Ahead of China’s publication of important economic statistics, Asian markets declined, and bond prices increased further on expectations that the US Federal Reserve will decrease interest rates. Later in the day, China is anticipated to issue its purchasing manager’s index statistics for the month of November. In the meantime, mainland China and Hong Kong saw a decline in equity indices. Hang Seng was down 2.08% at 16,993,44 at 06:32 a.m. On Thursday, shares in South Korea, Australia, and Japan all decreased. As of 06:37, the Nikkei was down 0.16% at 32,272.37. As of Wednesday, the Nasdaq 100 and S&P 500 Index had dropped by 0.14% and 0.09%, respectively. 0.04% was added to the Dow Jones Industrial Average. A barrel of Brent crude was priced at $83.10, up 1.74%.

Economic Calendar:

  • USD : Initial Jobless Claims on 30th November, 2023
  • USD : Pending Home Sales (MoM) (Oct) on 30th November, 2023
  • INR : RBI Monetary and Credit Information Review on 30th November, 2023
  • INR : GDP Quarterly (YoY) (Q2) on 30th November, 2023

Brokerage Radar:

JEFFERIES ON EICHER MOTORS: Buy, TP Rs 4650; Visit to Motoverse, Royal Enfield’s annual biking festival in Goa, & management interaction increased confidence on RE’s brand appeal & community connect; See limited impact on RE from recent competitive launches

MS ON TATA POWER: UW, TP Rs 213; Compared to last analyst meet (F23), F27 rev &PAT guidance lowered by 13% & 17%, respectively, but appears more feasible; Capex guidance also reduced by 20% & appears conservative; Management is bullish on transmission & pump storage

International Markets

U.S & Europe:

Particulars 29th November Chg. Chg.(%)
Nasdaq 14258.11 -23.64 -0.17
Dow 35430.42 13.44 0.04
FTSE 7423.46 -31.78 -0.43
CAC 7267.64 17.51 0.24
DAX 16166.45 173.78 1.07
Dow Fut.* 35556.09 125.67 0.35

Asian markets:

Particulars 30th November Chg. Chg.(%)
GIFT Nifty 20146.50 5.00 0.02
Nikkei 33255.37 -65.85 -0.20
Straits Times 3073.92 -10.78 -0.35
Hang Seng 16990.40 -3.04 -0.02
Shanghai 3023.41 1.72 0.06

ADR Watch:

Particulars 29th November  Chg.       Chg.(%)
Dr. Reddy 68.22 0.36 0.53
HDFC Bank 60.54 1.19 2.01
ICICI Bank 22.39 0.20 0.92
Infosys 17.63 0.00 0.00
Wipro 4.80 0.07 1.37

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.32 -0.03
Brent 82.77 0.12
Gold 2043.90 -0.16
Silver 25.09 0.05

FIIs & DIIs:

Particulars 29th  November 28th November
FIIs                          71.91 783.82
DIIs 2360.81 1324.98

News Update:

Metro Brands: The company has signed a trademark licence agreement with Foot Locker Retail, Inc., granting exclusive rights for opening and operating athletic and casual footwear and apparel stores under the brand names “Foot Locker” and “Kids Foot Locker” through brick-and-mortar stores in India.

ICICI Bank: The board approved the draft scheme of arrangement for the delisting of equity shares of ICICI Securities, thereby making ICICI Securities a wholly-owned subsidiary of the bank.

Ultratech Cement: The cement manufacturer acquired the 0.54 MTPA cement grinding assets of Burnpur Cement for Rs 170 crore.

FSN E-Commerce Ventures: Foot Locker announced the signing of a long-term licencing agreement with Metro Brands and Nykaa Fashion. Nykaa Fashion will serve as the exclusive e-commerce partner and operate Foot Locker’s India website.

Thomas Cook (India): The company’s promoter, Fairbridge Capital (Mauritius), proposed an offer for sale to sell up to 32 lakh equity shares, representing 6.8% of the total paid-up equity share capital of the company. In the event of oversubscription, an additional 80 lakh shares, representing a 1.7% stake, will be available. The floor price of the offer is set at Rs 125 per equity share.

Shivalik Bimetal Controls: The company signed a MoU with Metalor Technologies International SA (Metalor) to explore the feasibility of setting up a joint venture in India to produce electrical contacts.

Dixon Technologies (India): ICRA reaffirmed the company’s ratings and revised the outlook on the long-term rating from stable to positive.

Man Infraconstruction: The company approved a Rs 550 crore fund raise through a preferential issue. The funds will be raised through the issue and allotment of up to 3.55 crore warrants, each warrant convertible into one equity share of the face value of Rs 2 each on a preferential basis at an issue price of Rs 155, including a premium of Rs 153 per warrant.

Max Estates: Max Estates Gurgaon, a wholly owned subsidiary, proposed to develop a group housing project on the land measuring 11.80 acres in Gurugram, Haryana.

Rajoo Engineers: The company’s board approved a Rs 19.79 crore buyback at Rs 210 per share.

Zee Entertainment Enterprises: The company called reports indicating risks to its merger plan with Sony “factually incorrect.”

Source: Moneycontrol, Bloomberg Quint, Investing 

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