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

Indexes across Asia were uneven, with Hong Kong and Japan’s trading down and Australia’s S&P/ASX 200 and South Korea’s Kospi rising. According to Bloomberg, Jerome Powell stated that the policy rate is “well into restrictive territory” on Friday, although he did not rule out more hikes. This caused U.S. stocks to rise and bond yields to decrease. At $79.25 a barrel, Brent crude was up 0.47% from its last trade. An ounce of gold was trading at $2,092.08, up 0.96%. For the fifth week in a row and the fourth session in a row, India’s key stock indices closed higher on Friday.

Economic Calendar:

  • USD : Services PMI (Nov) on 05th December, 2023
  • USD : JOLTs Job Openings (Oct) on 05th December, 2023
  • INR : Nikkei Services PMI (Nov) on 05th December, 2023
  • INR : Interest Rate Decision on 08th December, 2023

Brokerage Radar:

JEFFERIES ON NEWGEN SOFTWARE: Buy, TP Raised to Rs 1740; Annual meet takeaways; Management highlighted a strong growth outlook, driven by India and Middle East. India is witnessing strong traction and deal sizes have increased by 40% over the last yr

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 01st December Chg. Chg.(%)
Nasdaq 14291.15 64.93 0.46
Dow 36245.50 294.61 0.82
FTSE 7529.35 75.60 1.00
CAC 7346.15 35.38 0.48
DAX 16397.52 182.09 1.11
Dow Fut.* 36217.87 -27.63 -0.08

Asian markets:

Particulars 04th  December Chg. Chg.(%)
GIFT Nifty 20627.00 274.00 1.35
Nikkei 33216.05 -215.46 -0.65
Straits Times 3100.45 10.14 0.33
Hang Seng 16770.69 -59.61 -0.35
Shanghai 3027.81 -3.83 -0.13

ADR Watch:

Particulars 01st December  Chg.       Chg.(%)
Dr. Reddy 69.60 -0.30 -0.43
HDFC Bank 60.72 0.68 1.13
ICICI Bank 22.98 0.81 3.63
Infosys 17.72 0.17 0.97
Wipro 4.88 0.03 0.52

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.23 0.01
Brent 78.46 -0.53
Gold 2108.70 0.91
Silver 25.95 0.36

FIIs & DIIs:

Particulars 01st December 30th November
FIIs                          1589.61 8147.85
DIIs 1448.08 -780.32

News Update:

Hindustan Unilever: The company decided to split its beauty and personal care business into two separate divisions in an effort to increase focus on these high-growth segments amid rising competition from new-age brands.

GAIL: The company filed a claim over the non-supply of LNG cargoes by SEFE Marketing and Trading Singapore worth $1.817 billion in the London Court of International Arbitration.

Adani Group stocks: The conglomerate will spend Rs 7 lakh crore in capital expenditure over the next 10 years, its CFO said. Six infra businesses—from power and ports to airports—will be tapping the bond market to raise funds.

Tata Power: The company acquired the Bikaner-Neemrana transmission project in Rajasthan for Rs 1,544 crore to boost renewable energy evacuation.

Siemens: German parent Siemens AG will acquire an 18% stake in its India unit at Rs 2,952.86 apiece, which represents a discount of 21% to its closing price on Friday.

Salasar Techno Engineering: The company secured an engineering, procurement, and construction contract valued at Rs 364 crore from Tamil Nadu Generation and Distribution Corp.

Brigade Enterprise: The company launched the Brigade Sanctuary commercial residential project in Bangalore, which has a gross revenue potential of Rs 2,000 crore.

Lupin: The pharma major received USFDA approval for the launch of Turqoz Tablets USP, 0.3 mg/0.03 mg.

Maruti Suzuki: The company’s November volume output was down 3.29% year-on-year, at 1.48 lakh units.

Eicher Motors: The company’s November motorcycle sales were up 13% year-on-year at 80,251 units. Motorcycle exports were up 2.2% year-on-year, at 5,114 units.

Hero MotoCorp: The company’s November sales rose 25.6% year-on-year to 4.91 lakh units. Domestic sales grew 25.4% to 4.76 lakh units.

Alkem Laboratories: A U.S. FDA inspection at the company’s API manufacturing facility in Mandva ends with three observations.

Bajaj Healthcare: The company’s CFO, Rupesh Nikam, resigned from the position on Dec 1.

Syngene: The company completed the acquisition of a biologics manufacturing facility from Stelis Biopharma.

Strides Pharma: The company launched Icosapent Ethyl Acid Soft Gel Capsules in partnership with Amneal.

Source: Moneycontrol, Bloomberg Quint, Investing 

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