Share Market Highlights 16 November 2023: Sensex gains 307 pts, Nifty closes above 19,750; IT stocks shine

The rupee declined by 14 paise to settle at 83.23 (provisional) against the US dollar on Thursday due to foreign fund outflows and a firm greenback in the overseas markets.

Losses in crude oil prices, however, helped the rupee restrict the fall, forex dealers said.

At the interbank foreign exchange market, the rupee opened lower at 83.18 against the US currency. The local unit remained under pressure in the day trade moving in a range of 83.17 to 83.25. Read more.

Cressanda Solutions has participated in the Train Communications Systems Conference organised on the topic “WiFi on Trains” in London. The participation in the conference is in furtherance of the Eastern Railway Agreement for provision of Concierge Services, the company said in its exchange filing.

Benchmark equity indices ended with gains on Thursday as sentiments turned buoyant amid fresh foreign inflows and buying in IT counters.

Softer-than-expected US inflation data and easing bond yields have bought optimism in equities.

Rising for the second session in a row, the 30-share BSE Sensex climbed 306.55 points or 0.47 per cent to settle at 65,982.48. During the day, it jumped 682.44 points or 1 per cent to 66,358.37.

The Nifty gained 89.75 points or 0.46 per cent to 19,765.20. Read more.

The stock trades at ₹520 on the NSE, down by 0.55%.

Glenmark (2.98%)

Glaxo (2.47%)

Dr Reddy’s (2.27%)

Lupin (2.11%)

Natco Pharma (1.97%)

Hero Motocorp (3.47%); Tech Mahindra (3.40%); TCS (3.37%); HCL Tech (3.15%); Infosys (3%)

Major losers:

Coal India (-1.18%); Tata Consumers (-0.80%); Axis Bank(-0.79%); Adani Enterprises (-0.38%); Cipla (-0.33%)

AstraZeneca Pharma India Limited intends to exit the manufacturing site in Bangalore, in due course, as a part of AstraZeneca’s ongoing strategic review of its Global Manufacturing and Supply Network. x

Jio Financial Services Limited informed the exchange that RBI has accorded its approval for the appointment of Isha Mukesh Ambani, Anshuman Thakur and Hitesh Kumar Sethia as Directors of the Company. The stock trades at ₹225.50 on the NSE, up by 0.60%.

Nerivio is an USFDA approved wearable therapy device for drug-free management of migraine. Dr Reddy’s stock rises by 2.67% on the NSE, trading at ₹5,564.70.

During Thursday’s trading session, the Indian benchmark indices initially faltered in response to weaker Asian markets but swiftly rebounded, gaining momentum to shift into positive territory. By 1:35 p.m., the 30-share BSE Sensex surged by 447.96 points, reaching 66,123.89, while the Nifty climbed 124.55 points to touch 19,800. This resurgence was driven by optimism stemming from fresh foreign fund inflows, effectively offsetting the early losses.

Out of 2,447 stocks traded, 1,333 saw gains, 997 experienced declines, and 177 remained unchanged. Among these, 109 stocks hit upper circuit limits, while 45 touched lower circuit limits. Additionally, 168 stocks reached their 52-week highs, while only 6 reached their 52-week lows.

Coforge led the gainers among Nifty IT stocks with a surge of 5.15%, followed by Mphasis at 3.72%, TCS at 2.97%, Tech Mahindra at 2.66%, and Infosys at 2.52%.

Coforge (5.15%)

Mphasis (3.72%)

TCS (2.97%)

Tech Mahindra (2.66%)

Infosys (2.52%)

Ramkrishna Forgings stock is up by 0.16% on the NSE, trading at ₹712.05. The company had provided corporate guarantee upto an amount of ₹50 crore for RKFL Engineering Industry Private Limited (REIPL), wholly owned subsidiary company, to secure the credit facilities to be availed by REIPL.

Bain Capital-backed 360 ONE Asset Management has received an overwhelming response to its private credit fund. In an interview with businessline, Aakash Desai, CIO & Head, Private Credit at 360 ONE Asset, throws some light on the industry.

Commerce and Industry Minister Piyush Goyal met Micron Technology CEO and President Sanjay Mehrotra in the US and discussed business opportunities in the growing semiconductor sector in India.

The minister is in San Francisco for the Indo-Pacific Economic Framework (IPEF) meeting.

US-based semiconductor company Micron is setting up India’s first chip facility in Gujarat, which will create 5,000 direct and 15,000 indirect jobs in the coming years.

A key change that prompted the rejig in plans and indeed opting for a ramp-up was the introduction of the infrastructure investment trusts (Invits), Mahindra and Mahindra’s managing director and chief executive Anish Shah said.

The company further informed that about reciept of two new projects with Samrat Construction: providing additional source under Retrofitting of Ramnad CWSS covering 5 Municipalities, 11 Town Panchayats and 3163 Rural Habitations in Ramanathapuram, Sivagangai and Pudukottai Districts for the Construction Period of 12 Months and operation and maintenance for 60 Months for the Value of ₹29.75 crore( Incl GST) and Operation and Maintenance of the CWSS in 3 Nos. of Thiruvarur District including repair and rectification works and supply of chemicals for three years period from 07-07-2023 to 31-03-2026 for the value of ₹22.88 crore (Incl GST).

The stock trades at ₹96.30 on the NSE, up by 0.05%.

The board of ​Izmo Limited​ has allotted 22,200 equity shares of face value ₹10 each towards the exercise of vested Employee Stock Options. The stock trades at ₹267.90 on the BSE, up by 3.38%.

The Finance Ministry on Thursday lowered the Special Additional Excise Duty (SAED), better known as windfall gain levy on domestically produced crude, to ₹6300 per tonne from ₹9800. The change has been made effective from Thursday, November 16.

This decision has been taken as crude prices saw some moderation earlier. This will likely impact oil exploration companies such as ONGC and Oil India.

SAED or duty on the export of diesel will decrease to ₹1 per litre from ₹2 per litre currently. The duty on jet fuel or ATF and petrol, bound for export, will continue to be NIL, according to a Finance Ministry notification. Product prices have come down, so windfall gain tax has been revised downward. Cutting the windfall levy on diesel and ATF for export will impact Reliance Industries and Rosneft-backed Nayara Energy as primary fuel exporters.

India first imposed windfall profit taxes on July 1, 2022. joining several nations that tax supernormal profits of energy companies. At that time, export duty of ₹6 per litre ($12/bbl) was levied on petrol and ATF, and ₹13 a litre ($26/bbl) on diesel. A ₹23,250 per tonne ($40/bbl) windfall profit tax on domestic crude production was also levied.

Today, Nifty crossed the 19,800 mark, and the Sensex surged by 450 points, benefiting from positive sentiments in global markets, all thanks to a dip in global inflation numbers for October.

On the weekly expiry day, should the Nifty maintain its positive momentum and remain above 19,650, there is potential for a move to 19,840. According to options data, there is a battle between call and put writers centered around the 19,450 level. The 19,550-19,600 range is expected to provide robust support, and as long as this level is sustained, there is the likelihood that the Index could ascend to 19,810-19,850 in the upcoming sessions.

During Thursday’s trading, Indian benchmark indices initially dipped following weaker Asian markets but swiftly rebounded, gaining traction to enter positive territory. By 12:13 p.m., the 30-share BSE Sensex surged by 438.36 points, reaching 66,114.29, while the Nifty climbed 119.65 points to hit 19,795.10. The surge was fueled by optimism from fresh foreign fund inflows, countering early losses.

By noon on November 16, 2023, 2,149 stocks advanced on the BSE, with 1,421 stocks declining, and 158 remaining unchanged, totaling 3,728 stocks traded. Among these, 300 stocks marked a 52-week high, while 19 touched a 52-week low.

Notable gainers on the NSE at 12:05 pm included TCS (3.49%), Tech Mahindra (2.57%), Infosys (1.95%), BPCL (1.80%), and HCL Tech (1.76%). On the other hand, major losers comprised Hindalco (-0.67%), Axis Bank (-0.60%), Adani Enterprises (-0.60%), Coal India (-0.57%), and UPL (-0.51%).

During the same period, notable stocks hitting a 52-week high were The Hi-Tech Gears (20%), Pritish Nandy Communications (19.93%), Bang Overseas (12.21%), Vishnu Prakash R Punglia (11.96%), and KPI Green Energy (10%).

TCS (3.49%); Tech Mahindra (2.57%); Infosys (1.95%); BPCL (1.80%); HCL Tech (1.76%)

Major losers:

Hindalco (-0.67%); Axis Bank (-0.60%); Adani Enterprises (-0.60%); Coal India (-0.57%); UPL (-0.51%)

Stocks advanced on BSE at 12 noon on November 16, 2023, were 2,149 against 1,421 stocks that declined; 158 stocks remain unchanged. Total stocks traded were 3,728. The number of stocks that recorded a 52-week high was 300, and those that hit a 52-week low was 19.

The stock is up by 2.44% on the NSE, trading at ₹303.95.

​Alok Industries ​stock surges by 7.47% on the NSE, trading at ₹20.85. The company recently entered into facility agreements with Axis Bank Limited for availing : i) a term loan of ₹1,750 crore for the purpose of repayment of existing term loans from banks as a part of financial restructuring; and ii) working capital facility of ₹100 crore for the purpose of meeting working capital requirements of the Company.

The board of Hindustan Oil Exploration has approved appointment of Sivalai Senthilnathan as the Chief Financial Officer with effect from November 15, 2023. The stock trades at ₹173.60 on the NSE, up by 0.09%.

​Divi’s Laboratories​ has received order from Office of the Commissioner of Central Tax, Ranga Reddy GST Commissionerate, Hyderabad. The company gets GST demand of ₹82 crore. The stock trades at ₹3,545.85 on the NSE, up by 0.25%.

The Hi-Tech Gears (20%)

Pritish Nandy Communications (19.93%)

Bang Overseas (12.21%)

Vishnu Prakash R Punglia (11.96%)

KPI Green Energy (10%)

The stock tumbles by 9.83% on the BSE, trading at ₹42.64.

Major gainers on the BSE at 11 am:

KPI Green (10%); General Insurance Corp. (8.70%); Alok (8.51%); Dish TV (8.36%); Sterlite Tech (6.79%)

Major losers:

Kalyan Jewellers (-4.25%); KPIL (-2.71%); Welspun (-2.64%); Elecon (-2.24%); Fairchem Organics (-2.05%)

Bank Nifty index is trading marginally higher. The index is currently trading at 44,250, up 0.1 per cent. The advance/decline ratio is at 10:2, indicating bullishness.

At 9.52 am on Thursday, January Brent oil futures were at $80.43, down by 0.92 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $76.08, down by 0.76 per cent.

Reliance’s entertainment unit has signed a deal with The Pokemon Company to show children’s shows and movies on its platform, Reuters reported citing sources

​Puravankara Ltd​ has secured redevelopment rights for two housing societies in Mumbai, with a revenue potential of Rs 1,500 crore. The stock is down over 2% at Rs 157 on the ​NSE​.

The benchmark equity indices declined in early trade on Thursday amid weak trends in the Asian markets, but soon bounced back to quote in positive territory.

The 30-share BSE Sensex fell 168.91 points to 65,507.02 in early deals. The Nifty dipped 48.45 points to 19,627.

But, later, both the benchmark equity indices bounced back to quote in the green amid optimism due to fresh foreign fund inflows.

The Sensex traded 101.16 points up at 65,777.64, while the Nifty quoted with a gain of 23 points at 19,698.45.

Among the Sensex firms, Bajaj Finance, Power Grid, Bajaj Finserv, JSW Steel, Titan and Tata Steel were the major laggards.

NTPC, Tata Consultancy Services, Tata Motors and HCL Technologies were among the gainers.

Major gainers of Nifty Pharma stocks:

Suzlon Energy stock rises by 3.58% on the NSE, trading at ₹41.95 following the company announcing the RLMM listing of its S144 – 3 MW series of wind turbines, which are extendable to 3.15 MW.

Rategain Travel Technologies stock declines by 1.93% on the NSE, trading at ₹698.15, after its board approved adoption of the preliminary placement document and authorisation of the opening of the issue on November 15.

Early in Thursday’s trading session, benchmark equity indices initially dipped following a weaker trend in Asian markets but swiftly recovered to register gains. At 10.10 a.m., the 30-share BSE Sensex rose by 148.43 points to reach 65,824.36, while the Nifty climbed 40.45 points to 19,715.90.

Subsequently, both indices rebounded, entering positive territory, fueled by optimism stemming from fresh foreign fund inflows. Within the Sensex, Bajaj Finance, Power Grid, Bajaj Finserv, JSW Steel, Titan, and Tata Steel experienced notable declines, while NTPC, Tata Consultancy Services, Tata Motors, and HCL Technologies emerged as gainers.

Across Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong recorded lower trades. Meanwhile, the US markets closed with gains on Wednesday. Brent crude, the global oil benchmark, saw a 0.75% decline, resting at USD 80.57 per barrel.

On Wednesday, Foreign Institutional Investors reversed their trend, turning buyers and purchasing equities worth Rs 550.19 crore following a continuous selling spree, as indicated by exchange data.

BANK NIFTY continued its positive stance; there is a minor resistance at 44,500 levels, if it is surpassed can extend the move to 44,800 levels.

The previous top range of 43,800 levels would act as strong support and being the gap area after the past one week up move.

The key technical indicators remain bullish on the daily time frame chart and the hourly charts look little overbought so a minor consolidation cannot be ruled out.

Bank Nifty 44,500 CE has the highest OI while on the downside it has moved higher to 44,000 for the put options OI - Vikas Jain of Reliance Securities.

NIFTY-50 surpassed the 50 day average of 19,580 and closed at one month high with positive momentum across sectors and stocks.

We continue to believe on the higher side the up move can be extended to 19,800 from current levels, while the support is at 19,400 levels.

RSI has moved higher above the median neckline and expect some volatility in today’s trade with respect to the weekly expiry

Highest call OI has moved to 19,800 strike while on the downside the highest put OI has moved higher to 19,600 for the weekly expiry. - Vikas Jain of Reliance Securities.

Gold – Gold erased gains as investors assessed the latest data on retail sales and inflation for clues on the Federal Reserve’s interest-rate path. Gold slipped 0.5% to $1955/ounce - Vikas Jain of Reliance Securities.

Oil – Brent Crude declined 2% to $81/bbl for the first time in five days as a rise in US inventories pointed to a soft demand outlook in the largest economy. - Vikas Jain of Reliance Securities.

Expects rally on Dalal Street to be continued on account of cooling global inflation print during the month of October. Yesterday, UK inflation tumbled to the lowest level in two years at 0.0% against 0.5% previous month and US October PPI (Wholesale Price Index) fell to over 3-year low.

As a result, the US market yesterday gained quarter percent and the S & P 500 Index ended above 4500 technical level to close to a 3-month high. Cooling inflation data across the globe from Asia to Europe to US are indicating that the central bankers may cut interest rates as early as possible to focus on growth in the economy. On the domestic front, FIIs turned into net buyers yesterday, for the first time during the month of October and FIIs bought Index futures yesterday after a long time. Short covering may not be ruled out ahead of Nifty weekly expiry today. Gift Nifty is up 36 points or 0.2%.

Expectedly, beaten down IT, metal and financial stocks will be positive on account of favorable risk reward ratio and fall in US Dollar Index. US Fed officials statement, Housing data and IIP data in the US will be in focus today. Impressive IIP data and stimulus hope by China will be positive for metal stocks.

Deficiencies (as against the digital lending guidelines) identified by the RBI are more operational in nature (with regards to KFS) and do not raise any questions on BAF’s processes or the structures of the various products in these two sourcing channels. BAF shared that it does expect any material financial impact from this event.

 This action from the RBI definitely shows that it is stringently auditing the lending institutions (including banks) and is ensuring compliance with its guidelines by imposing penalties or restrictions on new customer/loan acquisitions in certain products or through certain channels.

 We have not made any changes in our estimates as yet, even though we acknowledge that there will be an impact on both AUM growth as well as fee income in 2HFY24. However, our long-term thesis for this franchise remains intact. BAF will take corrective action, and once successful in satisfying the RBI, its momentum will only get stronger ahead with the digital ecosystem – app,

web platform and full-stack payment offerings – in place. Reiterate BUY – any significant correction in the stock price purely because of this event should be used as an opportunity to accumulate.

Rating: BUY | CMP: Rs1,133 | TP: Rs1,250

Q2FY24 Result Update – Strong show; earnings upgrade continues

Narayana Hrudayalaya (NARH) reported healthy EBITDA at Rs3.1bn (up 26% YoY), 11% beat to our estimate. Both India (Rs1.9bn; up 28% YoY) and Cayman ($14.6mn; up 20% YoY) reported healthy profitability. We expect this growth momentum to sustain. The company reiterates its aggressive capex plan mainly towards its core and high performing regions such as Bangalore, Kolkata and Cayman which enhances growth visibility. Despite capex intensity going up, RoE/ RoCE will remain healthy at ~25%. Our FY24E and FY25E EBITDA stands increased by 7% and 4%.; respectively. We maintain ‘BUY’ rating with a revised TP of Rs. 1,250/share (earlier at 1,110/share), based on 22x Sept2025E EV/EBITDA for India business and 12x EV/EBITDA for Cayman hospitals. At CMP, stock is trading at attractive valuations of 18x EV/EBITDA (adj for IND AS). Faster ramp up in new Cayman unit (operationalize from H1FY25) will be a key

ONGC’s reported EBITDA stood at INR183.6b (down 2% YoY), 6% below our estimate, due to higher-than-expected SAED at USD11.8/bbl (vs. our est. of USD8.1/bbl).

- Management expects the commencement of oil production from KG-DWN-98/2 as early as Nov’23. The projected peak oil production is estimated to reach ~45kbopd by FY25. Additionally, gas production from the basin is poised to escalate to 10mmscmd by FY25.

- The government has adjusted windfall taxes in line with crude oil fluctuations and our estimate suggests that the government is allowing a post-windfall realization of ~USD75/bbl. We model the same at ~USD73/bbl from 3QFY24 onwards.

- Under the new gas pricing policy, gas produced from new APM fields or intervention in existing fields will attract 20% premium over APM prices. Every year, around 6-8% of ONGC’s gas production comes from new wells. We build in gas price assumptions of USD6.5/mmBtu from 3QFY24 onwards.

- We raise our standalone EPS estimates by 5% for FY24 and FY25; however, we have cut consolidated EBITDA/PAT estimates by 7%/9% for FY24 and by 4/8% for FY25 due to ONGC’s stake in MRPL and weaker-than-expected performance in OVL during 1HFY24.

- We value the standalone business at 6x FY25E adj. EPS of INR32.4 and add the value of investments to arrive at our TP of INR235, implying 18% potential upside. We reiterate our BUY rating on the stock

The all-time high goods trade deficit in October (USD31.5bn) was driven by a whopping broad-based sequential increase in imports, led by oil, gold and core imports. Festive demand and price effect may have attributed to this increase. Exports, on the other hand, continued to decline sequentially. Services surplus further improved, supporting the overall trade balance. We maintain FY24E CAD/GDP at 1.4%. Average commodity prices are likely to stay lower than those in FY23, implying that FY24E goods trade deficit/GDP is likely to clock ~6.7% of GDP vs 7.8% in FY23.

Major gainers on the NSE at 9:30 am:

BPCL (1.90%); NTPC (1.72%); ONGC (1.45%); Coal India (0.87%); Hero Motocorp (0.60%)

Major losers:

Bajaj Finance (-2%); Grasim(-1.30%); Bajaj Finserv (-1.15%); JSW Steel (-1.13%); Hindalco (-1.12%)

Jefferies on Bajaj Fin

Buy Call, Target Rs 9,470

In A Surprise Move, RBI Asks Co To Stop Sanction & Disbursal Under 2 Digital Loan Pdts

While This Is Negative & Speed Of Correction Will Be Key To Reinstate Products

See Limited Financial Impact As Insta EMI Card Base Is 5% Of Total Clients

Est Insta EMI Card Base To Be 0.2% Of Disbursals

Bajaj Finance: Global brokerages:

MS on Bajaj Fin

Overweight Call, Target Rs 10,300

Co Does Not Expect The Financial Impact To Be Material

Prima Facie, It Appears That New Digital EMI Card Acquisition Is Not Affected

Stock Could Be Under Pressure In The Near Term

Issue Looks To Be One That Can Be Resolved Soon, Thus Mitigating EPS Impact

CITI on Bajaj Fin

Neutral, TP Rs 8375

RBI imposes embargo on incremental loan sanction/disbursal under ‘eCOM’&‘Insta EMI Card’

Co will undertake a detailed review of KFS & implement requisite corrective actions to RBI’s satisfaction at the earliest

Of 41.9mn Active EMI CIF franchise as of Sep’23, active Insta EMI CIF was 4.2mn (10.1% of Active CIF)

In H1FY24, 13.4mn Insta EMI Cards were acquired digitally (monthly issuance run-rate of ~220k)

CLSA on Bajaj Fin

Buy, TP Rs 9500

RBI has mandated Co to immediately cease disbursals of 2 lending products, eCOM & Insta EMI Card

View this as more of an operational breach rather than a major violation

While ban is in effect, calculates that it will impact profits by 6%

The benchmark Sensex and Nifty indices are expected to open marginally higher on November 16, with indications from the GIFT Nifty suggesting a positive start for the broader index, projecting a gain of 70 points.

Analyzing the daily chart, Nifty displayed a gap-up opening, followed by a sustained upward movement, forming a hammer candlestick pattern with substantial volume. This pattern signals a bullish momentum in the index. Presently, the 19,500 level serves as immediate support for Nifty. On the higher side, resistance levels are identified at 19,850 and 19,900.

Contrastingly, on the Bank Nifty, a bearish candle was formed after a gap-up opening. The key support is identified at 44,000, while on the flip side, 19,600 and 19,700 act as resistance levels, suggesting that the price is likely to remain sideways within this range.

In terms of institutional activities, foreign institutional investors net bought shares worth Rs 550.19 crore, while domestic institutional investors purchased Rs 609.82 crore worth of stocks on November 15. This indicates a positive sentiment and participation from both foreign and domestic investors in the market.

Mandar Bhojane

Research Analyst

Choice Broking

Cyient stock inches up by 0.58% on the NSE, trading ₹1,687.40.

Gensol stock rises by 2.99% on the NSE, trading at ₹811.

Crude oil futures traded lower on Thursday morning as the official data showed more-than-expected crude oil inventory build in the US. At 9.13 am on Thursday, January Brent oil futures were at $80.58, down by 0.74 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $76.08, down by 0.76 per cent. December crude oil futures were trading at ₹6365 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹6450, down by 1.32 per cent; and November futures were trading at ₹6333 as against the previous close of ₹6424, down by 1.42 per cent.

The Indian benchmark equity indices, Sensex and Nifty, opened weak on Thursday. The BSE Sensex, comprising 30 shares, dropped by 106.65 points to 65,569.28 during early trade, while the NSE Nifty saw a 26.85-point decrease to 19,648.60.

In the Nifty portfolio, ONGC, BPCL, TCS, Dr Reddy’s, and Hero MotoCorp showed gains. Conversely, Bajaj Finance, Bajaj Finserve, JSW Steel, Titan, and Bajaj Auto faced declines.

Despite a robust closure in the US markets, most Asian stocks are currently on a downward trend.

Analysts expect the market to remain in consolidation mode, given the valuation. They expect long-term investors to accumulate stocks at lower levels that will protect the market from any sharp downside. According to analysts, with the inflation coming down in India and the US, the market is ready for further up-move.

Vinay Paharia, CIO at PGIM India Mutual Fund, strikes a cautiously optimistic tone for the medium term. He notes the market’s premium trading status compared to its fair value, yet anticipates robust growth in this valuation ahead, fostering optimism for the medium to long term.

Ajit Mishra, SVP of Technical Research at Religare Broking, observes Nifty’s successful breach of the trend line barrier, projecting a potential move toward 19850. Notably, key players like Reliance, Infosys, and TCS, previously inactive, significantly propelled this advancement. Mishra advocates continuing a “buy on dips” strategy, emphasizing strategic stock selection amidst this market momentum.

Foreign institutional investors ended a 15-session selling streak by purchasing shares worth Rs 550 crore on a net basis on Wednesday. Meanwhile, domestic institutional investors continued their buying streak for the 20th consecutive session, acquiring shares worth a net Rs 610 crore.

Gold prices were flat in early Asian hours on Thursday as the dollar firmed after strong U.S. retail sales data, offsetting support from hopes that the Federal Reserve had come to the end of its tightening cycle.

Spot gold was little changed at $1,958.79 per ounce, as of 0128 GMT. U.S. gold futures edged 0.1% lower to $1,961.70. A stronger dollar makes gold more expensive for overseas buyers.

Spot silver fell 0.2% to $23.39 per ounce, while platinum dipped 0.3% to $893.37. Palladium was flat at $1,031.40 per ounce. - Reuters

Oil prices dropped on Thursday, extending losses from the previous session, as signals of higher supply from the United States met worries about lacklustre energy demand from Asia.

Brent futures fell 28 cents to $80.90 a barrel. U.S. West Texas Intermediate crude (WTI) lost 31 cents to $76.35 a barrel.

Both benchmarks fell over 1.5% in the prior session. - Reuters

The recent rise in yields presents a good opportunity for investors to increase allocation to fixed income: Puneet Pal, Head-Fixed Income, PGIM India Mutual Fund.

October saw yields continuing their upward trajectory as RBI stuck a hawkish tone in the MPC meeting on October 6, as the RBI governor emphatically reiterated that the inflation target remains 4% which RBI is determined to achieve and it will not be satisfied merely with inflation falling below 6% which is the upper threshold of the inflation targeting framework. Apart from the hawkish tone, RBI also announced that they will be conducting open market sales (OMO) of government securities for liquidity management. Though the bond markets were positioned for a hawkish policy from RBI, the announcement of OMO sales caught the market on the wrong foot and yields went higher across the curve. The benchmark 10yr bond yield went up by 13bps on the day of the policy to touch a recent high of 7.38%. Bond markets stabilised thereafter as the interbank liquidity tightened, which negated any immediate need for RBI to conduct OMO sale of government securities. The benchmark 10yr bond yield ended the month at 7.36%

19:00 U.S. Unemployment Claims (Expected: 221k versus Previous: 217K)

19:45 U.S. Industrial Production m/m (Expected: -0.4% versus Previous: 0.3%)

19:55 U.S. FOMC Member Williams Speaks

21.00 U.S. FOMC Member Waller Speaks

Walmart Inc. (Pre market) (Sector- Retail)

Alibaba Group Holding Limited (Pre market) (Sector- Financial)

NetEase, Inc. (Pre market) (Sector- Technology)

Warner Music Group Corp. (Pre market) (Sector- Media)

NICE Ltd (Pre market) (Sector- Technology)

Williams-Sonoma, Inc. (Pre market) (Sector- Retail)

Applied Materials, Inc. (Post market) (Sector- Technology)

Copart, Inc. (Post market) (Sector- Automobile)

Ross Stores, Inc. (Post market) (Sector- Retail)

ZTO Express (Cayman) Inc. (Post market) (Sector- Logistic)

Johnson Controls International plc (TENT) (Sector- Capital Goods)

Buyback Price : 4,150 ₹

Last Closing Price : 3,404 ₹

Buyback Size ₹ : 17,000 Crore

Buyback Size in Shares : 4,09,63,855 Shares

Retail Quota : 61,44,579 Shares

Record Date : Saturday, 25th Novembe

Current: -0.1%

Expected: -0.3%

Previous: 0.7%

(Data seen marginally better than estimates)

Current: -0.5%

Expected: 0.1%

Previous: 0.5%

(Data seen inline with estimates, neutral to negative for US Dollar)

FIIS : BUY +550 (15,621-15,071)

DIIS : BUY +610 (8,165-7,555)

*Researchbytes Analyst App *

https://play.google.com/store/apps/details?id=com.intelegain.rb

Caplin Point Lab: Vivek Partheeban, COO

Base Business Is Doing Well, Focussed On Completion Of Oncology Facility: Caplin Point

https://www.youtube.com/watch?v=FW8gNg3sm6o

Kalyan Jewellers: Ramesh Kalyanaraman, ED

Studded Ratio Has Increased Due To Expansion In Non-South Market: Kalyan Jewellers

https://www.youtube.com/watch?v=yM5DydIO_DE

NCC: Neerad Sharma, Hd-Strategy

Company Is In Consultation With The Legal Team W.r.t. Sembcorp Case: NCC

https://www.youtube.com/watch?v=CEfHNscyfHQ

Narayana Hruda: Sandhya J, Chief Financial Officer

Doubling Down On Capacity And Will Look At Inorganic Opportunities Too: Narayana Health

https://www.youtube.com/watch?v=7Vgpdp1SBzk

PNB Housing Fin: Girish Kousgi, MD

Gross NPA Ratio In Next Few Quarters Will Be Comparable To Best In The Industry: PNB Housing Finance

https://www.youtube.com/watch?v=87OMPbncIBE

Uflex: Rajesh Bhatia, CFO

Q4 Should Be Better Than Q2 & Q3 For The Company: UFlex

https://www.youtube.com/watch?v=gE78kWHWUTE

BEML: Shantanu Roy, CMD

Beml Q2 Results: Eye On Export Opportunities | FY24 Orderbook Outlook | Shantanu Roy

https://www.youtube.com/watch?v=RKhn5LEwseE

EID Parry: Muthiah Murugappan, CEO

Refinery Has Been Facing Operational Issues: EID Parry

https://www.youtube.com/watch?v=wWrev6CzYU4

eClerx Services: Srinivasan Nadadhur, CFO

Headcount Has Increased Due To Growth In Offshore Business: eClerx

https://www.youtube.com/watch?v=LjZdS6fzZyk

Fortis Health: Ashutosh Raghuvanshi, MD&CEO

Have Seen A Steady Growth In Avg Realisation Per Bed For The Past 6-7 Quarters: Fortis Healthcare

https://www.youtube.com/watch?v=5JZdfAsuqHI

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

1 DELTACORP

2 HINDCOPPER

3 IBULHSGFIN

4 MCX

5 SAIL

6 ZEEL

Price band revised from 10% to 5%: EMS

Price band revised from 20% to 10%: Bliss GVS Pharma

Ex/record date Interim dividend: Bayer Cropscience, Cigniti Technologies, Container Corp. of India, MSTC, Power Grid, Saksoft, and Sundram Fasteners.

Move into a short-term ASM framework: Centrum Capital.

Sasken Technologies: Promoter Arti Mody bought 8,952 shares on Nov. 12.

*Som Distilleries & Breweries:*Promoter Jagdish Kumar Arora bought 11 thousand shares on Nov.13.

Usha Martin: Promoter Nidhi Rajgarhia sold 3000 shares from Nov. 12. to Nov. 13.

ASK Automotive: Goldman Sachs India Equity Portfolio bought 23.20 lakh shares (1.17%) at Rs 310.05.

TCS: The IT major has set Nov. 25 as the record date for its Rs 17,000 crore buyback. The company will buy back up to 4.09 crore shares for Rs 4,150 apiece.

Giving an insight into the all-round government support during a special address at the Indo-Pacific Regional Dialogue (IPRD-2023), the Finance Minister said that as many as 31 projects have been identified at nine major ports for the national monetisation pipeline launched in 2022 with a total estimated capex of Rs 14,483 crore for 2022-25.

“LME tin price rallied somewhat this (last) week, approaching $24,800 after a sharp drop to a six-month low at the end of October, amid broader bearish sentiment across base metals,” said Tom Langston, Senior Market Intelligence Analyst, International Tin Association (ITA).

As Artificial Intelligence (AI) and Generative Artificial Intelligence (Gen AI) are ruling the IT industry, top IT vendors are investing huge amounts in the sector and also ensuring that employees are skilled in the domain rather than looking outside for skilled personnel. Wipro is investing $1 billion in AI in the next 3 years, while Cognizant will invest $1 billion in three years in Gen AI.

The trade deficit touched a record high of $31.46 billion in October as gold imports surged on account of festive demands, government data released on Wednesday showed. Meanwhile, India‘s merchandise exports rose 6.21 per cent to $33.57 billion in October.

This is due to non-adherence by the NBFC to the RBI’s digital lending guidelines, particularly the non-issuance of Key Fact Statements (KFS) to the borrowers

In FY23, the microfinance industry saw growth in portfolio outstanding as well as improvement in portfolio quality

The government, through the Food Corporation of India (FCI), sold 2.84 lakh tonnes (lt) of wheat in the open market sale scheme through e-auction on November 15, which is about 95 per cent of 3 lt of total quantity offered for sales to the processors. After raising the offered quantity in the auction, the government has been able to lower the selling rates of wheat.

The short-term outlook is bullish for Brigade Enterprises. The stock surged over 4 per cent on Wednesday. It has also taken the share price well above ₹720 – an intermediate resistance. Strong support is in the ₹700-685 region.

Asia’s stock markets opened Thursday with a slight downward trend, despite the ongoing rise in US stocks. Simultaneously, Treasury bonds saw a decline as investors evaluated fresh indicators of strength in the global economy.

The Japanese Nikkei 225 index traded 0.11% lower at 33,476.99, down by 42.71 points, while the TOPIX increased by 0.043%, gaining 1.03 points, reaching 2,374.25.

Australia’s S&P/ASX 200 index experienced a 0.30% decline, dropping by 21.40 points to 7,084.60.

U.S. stocks closed slightly higher on Wednesday, as fresh inflation data reinforced investor hopes that the Federal Reserve is done raising interest rates, while retail stocks were boosted by an upbeat forecast from Target

Also on Wednesday, retail sales data showed a smaller-than-expected decline of 0.1% in October, against forecasts of a 0.3% fall, according to economists polled by Reuters.

The Dow Jones Industrial Average rose 163.51 points, or 0.47%, to 34,991.21, the S&P 500 gained 7.18 points, or 0.16%, at 4,502.88 and the Nasdaq Composite added 9.46 points, or 0.07%, at 14,103.84.

The benchmark S&P 500 and tech-heavy Nasdaq had posted their biggest daily percentage gains in more than six months on Tuesday, after the consumer prices data. - Reuters